The last decade was a goldilocks period for investors—while low interest rates depressed fixed income returns, both public equities and private markets delivered steady performance against a low-inflation backdrop. This calm world has suddenly become more turbulent. Inflation is at record levels, and might stay elevated for longer. Supply chain disruptions, geopolitical risks and labor shortages threaten economic growth, and any wrong move by central banks might create a recession or period of stagflation. At the same time, social security is still projected to be insolvent by 2033, long-term care and healthcare costs are rising rapidly, and pensions will be expected to deliver high net-of-inflation returns to make up the shortfalls.

How are long-term investors expected to navigate those rapids, and deliver on their mandate? In this new world, what is the right balance between public and private markets? What paradigms for portfolio construction need to be revisited? What are the best strategies to drive returns and mitigate an ever-evolving landscape of risks?