Quarterly Report

PMA Quarterly Outlook: 2025 Capital Market Assumptions

31 Jan 2025

by Brian Payne, Chief Strategist

Asset class expectations show mixed shifts from 2024, with Real Estate seeing substantial upgrades and Private Equity benefiting from Venture Capital improvements. Private Credit return expectations decline from 2024 but remain relatively attractive. Infrastructure shows varied dynamics across sub-strategies, with Value-Add offering strong return potential. Within Hedge Funds, Long-Short Equity shows higher tactical returns while Multi-Strategy leads strategic projections.

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