Upside scenarios forecast private markets to reach 10 percent of global AUM by 2025, and it remains one of the biggest opportunities in asset management. Yet, despite this $14 trillion target, 2023 recorded lackluster returns for private equity as private credit exposure continued to grow. Investors have had to diversify allocations across multi-asset class alternatives to drive returns and differentiate themselves from their peers. What are the mega-forces reshaping private market asset classes today? Will the headwinds of continued elevated interest rates, changing institutional capital requirements, and buoyant public markets impede subsectors in the industry, or will they present new opportunities? As memories of the ‘08 financial crisis and the 2020 pandemic linger, how can the history of decision-making help bring to the fore present-day opportunities?