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 1. Home
 2. Investments
 3. By Asset Class
 4. Private markets
 5. Current: Private Markets Outlook


PRIVATE MARKETS OUTLOOK

STRONG TAILWINDS PROPEL PRIVATE MARKET INVESTOR DEMAND

In our first Mackenzie Northleaf Private Markets Outlook, Northleaf experts
share their views on where they see opportunities and growth in the near future.



Private equity
Private credit
Private infrastructure

To read the full private markets outlook, along with insights into how these
investments may fit into an investor portfolio, please click the download button
below.

Download the PDF

Private markets have long been a source of enhanced alpha, uncorrelated returns
and diversification. Yet they remain a largely untapped opportunity for
individual investors. With an increasing number of private companies and a
shrinking public market, Northleaf expects to see continued need for capital in
private markets and an exciting time for investors to play a part in the growing
opportunity.




PRIVATE EQUITY




INVESTOR APPETITE FOR MID-MARKET SECONDARIES CONTINUES TO GROW

 * 2x asset class growth – global private equity AUM has grown significantly
   over the past decade from about US$5 trillion in 2013 to approximately US$10
   trillion today.
 * Secondaries as liquidity solution – as many PE Funds are holding their
   private equity investments for longer, investors are increasingly looking to
   the secondary market to help manage portfolios, freeing up cash flow to
   pursue new opportunities, rebalance exposures and manage risks.
 * 278% increase in transactions1 – the expected growth in secondary deal flow
   through the end of 2024 from 2016.  As private market assets grew over the
   last decade by about 15% annually, Northleaf expects the secondary
   transaction volumes to continue that trend upwards.


PRIVATE CREDIT




PRIVATE CREDIT TO BENEFIT FROM ATTRACTIVE YIELDS

 * Capitalizing on tightening bank regulations – between the outcomes of the
   global financial crisis in 2007 and the more recent regional banking
   challenges in the US, stricter banking regulations are fueling demand for
   more private credit lending deals as borrowers still need capital to grow
   their businesses. 
 * Attractive returns – with base rates currently above 5%, senior secured loans
   to high-quality mid-market companies are generating a considerable return
   premium, strong capital preservation and lower volatility compared to public
   fixed-income options.2
 * 275% asset class growth3 – of private credit assets under management over the
   last decade.  Northleaf expects this to continue and will top US$2.7 trillion
   by 2028, highlighting significant opportunity.


PRIVATE INFRASTRUCTURE


DEMAND FOR INFRASTRUCTURE ASSETS SET TO SOAR

 * US$3.3 trillion4 – the estimated annual capital required globally to upgrade
   critical infrastructure needed for societal advancement, and governments are
   increasingly providing incentives to facilitate this through private
   partnerships.

 * Growing diversity of investment opportunities - the breadth of infrastructure
   assets is growing, ranging from roads and ports to green energy and broadband
   access, spurring significant investment demand.

 * Essential to society –  Northleaf sees continued demand strength and return
   potential in part due to quasi-monopolistic pricing power, low demand
   elasticity, long-term contracts, high barriers to entry, consistent long-term
   cash flows and overall low correlation to the broader market.



To read the full private markets outlook, along with insights into how these
investments may fit into an investor portfolio, please click the download button
below.

Download the PDF


EXPLORE OUR PRIVATE MARKETS OFFERINGS AND RESOURCE CENTRE


MACKENZIE NORTHLEAF PRIVATE MARKET FUNDS


MACKENZIE PRIVATE MARKETS EDUCATION CENTRE

 

1Source: Evercore H1 2024 Secondary Market Review. Estimated FY 2024 transaction
volume annualized based on H1 2024 stated volume.

2As of December 31, 2023. Source: Cliffwater Direct Lending Index: Senior Only
(CDLI-S); Pitchbook/LCD. USD. Senior secured loans: Cliffwater Senior Direct
Lending Loan Index (11.8%), Broadly syndicated loans index: Morningstar LSTA US
Leveraged Loan Index (10.1%), High yield bonds index: S&P U.S. High Yield
Corporate Bond Index (7.9%).

3Source:
https://www.preqin.com/insights/research/reports/future-of-alternatives-2028

4Source: Source: McKinsey analysis; McKinsey Global Institute analysis,
https://www.mckinsey.com/capabilities/operations/our-insights/bridging-global-infrastructure-gaps

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Financial Corporation (“Mackenzie”).

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