Alternatives at Scale: Institutional Portfolios in the Private Capital Era

As insurance companies, pensions, endowments, SWF, and multi strategy platforms expand their exposure to private markets, alternatives are moving from satellite allocations to core portfolio pillars. This session examines how large allocators integrate private equity, private credit, real assets, and multi strategy strategies into long term policy portfolios, with asset liability management, capital charges, and risk budgeting shaping allocation decisions. The focus is on portfolio outcomes rather than specific liquidity tools, including diversification under stress, drawdown management, factor exposure, and capital efficiency across regimes. Panelists discuss how institutions evaluate correlation assumptions, manage valuation opacity, and define resilience when alternatives represent a significant share of total assets. As alternatives scale, what distinguishes disciplined portfolio construction from simple allocation growth?