On the surface not much has changed since our last review two years ago: top quartile buyout and venture funds continue to outperform public markets while median funds tread water in relative terms; diversified hedge fund portfolios still outperform risk-adjusted benchmarks; and private credit funds deliver higher returns than broadly syndicated leveraged loans. That said, many alternative investment managers are swimming in the deep end of the pool: buyout and venture portfolios are full of unmonetized companies dating back to the middle of the prior decade; hedge funds maintain record levels of crowding, concentration and high beta exposure; and private credit funds have loosened underwriting standards after a deluge of committed capital.

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