WEBINAR SIGN-UP

Tax-Efficient Investment Strategies: QOZ Overview and Legislative Insights & Tax Aware Portfolio Optimization

CFP Continuing Education: 1 Hour

Tuesday, December 9, 2025

4:00 – 5:00 pm (ET)

Course Description:

Investors with tax considerations have access to specialized strategies that strive to optimize portfolio outcomes and manage tax liabilities. This webinar will explore two key approaches: Qualified Opportunity Zone (QOZ) investments and Tax-Aware Portfolio Optimization Strategies—each designed to align investment decisions with a client’s unique tax situation.

Join Keith McRedmond, Head of AI National Accounts, as he moderates an in-depth discussion featuring:

Nick Rosenthal, Co-Chief Executive Officer, Griffin Capital, will provide a legislative update and overview of Qualified Opportunity Zones, including how recent changes may impact investor strategy.
Brian Kelly, Global Head of Platforms, Millennium Management LLC, who will present on tax-aware portfolio optimization—an investment strategy that systematically integrates tax-efficiency into portfolio management and construction to maximize after-tax returns.

This session will cover:

Sources of capital gains eligible deferral or elimination
Strategic use of IRS tax codes in investment planning
Legislative changes to tax-efficient strategies in 2025
Portfolio construction techniques that prioritize after-tax wealth retention

Whether you’re advising clients with significant capital gains or seeking to deepen your understanding of tax-efficient investing, this webinar offers actionable insights to support financial planning, tax strategy, and portfolio diversification.

The topics discussed in this session should not be construed as tax advice. Certain exceptions may apply. Investors should always be encouraged to consult with their own tax advisors.

Our Speakers

Keith McRedmond

Head AI National Accounts, iCapital

VIEW BIO

Nick Rosenthal

Co-Chief Executive Officer, Griffin Capital

VIEW BIO

Brian Kelly

Global Head of Platforms, Millennium Management LLC

VIEW BIO

For more information, contact:
[email protected] | 212.994.7344

IMPORTANT INFORMATION

The material herein has been provided to you for informational purposes only by Institutional Capital Network, Inc. (“iCapital Network”) or one of its affiliates (iCapital Network together with its affiliates, “iCapital”). This material is the property of iCapital and may not be shared without the written permission of iCapital. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital.

This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, financial product or instrument, or otherwise to participate in any particular trading strategy. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation.

ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative Investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment

iCapital Markets LLC operates a platform that makes available financial products to financial professionals. In operating this platform, iCapital Markets LLC generally earns revenue based on the volume of transactions that take place in these products and would benefit by an increase in sales for these products.

The information contained herein is an opinion only, as of the date indicated, and should not be relied upon as the only important information available. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. The information contained herein is subject to change, incomplete, and may include information and/or data obtained from third party sources that iCapital believes, but does not guarantee, to be accurate. iCapital considers this third-party data reliable, but does not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. iCapital makes no representation as to the accuracy or completeness of this material and accepts no liability for losses arising from the use of the material presented. No representation or warranty is made by iCapital as to the reasonableness or completeness of such forward-looking statements or to any other financial information contained herein.

Securities products and services are offered by iCapital Markets LLC, an SEC-registered broker-dealer, member FINRA and SIPC, and an affiliate of iCapital, Inc. and Institutional Capital Network, Inc. These registrations and memberships in no way imply that the SEC, FINRA, or SIPC have endorsed any of the entities, products, or services discussed herein. Annuities and insurance services are provided by iCapital Annuities and Insurance Services LLC, an affiliate of iCapital, Inc. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc. Additional information is available upon request.

NEW YORK — Brookfield today announced its private wealth platform has partnered with iCapital¹ to launch a new interactive asset allocation tool for financial advisors and their clients. Powered by iCapital Architect, “Alts Allocator” utilizes three research-based high-net-worth investor profiles to illustrate how adding alternative investments to a traditional 60/40 portfolio can enhance diversification and improve potential investment outcomes.

The “Alts Allocator” model analysis is built upon three alts investor personalities: Traditionalist, Emerging Adopter, and Alts Champion, which were developed through proprietary data from Brookfield’s 2024 Alts Institute Alternative Investing Survey. Users can then opt to create custom portfolios from asset classes, including infrastructure, real estate, private equity, and private credit, and compare them to the benchmark of their choice.

This launch comes at a time when advisor interest in alternatives is surging. According to iCapital’s 2025 Global Advisor Survey, 96% of advisors plan to maintain or increase their allocation to alternatives this year. “Alts Allocator” is designed to meet this demand by helping advisors model the potential impact of alternatives in client portfolios with greater clarity and confidence.

John Sweeney, CEO of Brookfield’s private wealth business, said, “Equipping advisors with the resources they need to meaningfully engage clients around alternative investing is critical. Our Alts Institute research study revealed that investors increasingly view alternatives as an essential part of a portfolio strategy and believe that having an alternatives allocation may contribute to long-term outcomes compared to a traditional portfolio. ‘Alts Allocator’ gives advisors a powerful way to demonstrate the benefits of alternatives while meeting clients where they are.”

iCapital Architect—the portfolio construction tool powering “Alts Allocator”—is part of iCapital’s modular suite of solutions built to simplify the integration of alternative investments. Architect reflects iCapital’s commitment to delivering scalable, data-driven tools that elevate the advisor experience and foster meaningful client engagement. Through its collaboration with Brookfield, iCapital continues to help wealth managers navigate complexity, educate their clients, and support the integration of alternatives in client portfolios.

“Our collaboration with Brookfield is focused on helping address some of the real-world challenges advisors face in portfolio construction,” said Dan Vene, Co-Founder and Co-Head of iCapital Solutions at iCapital. “Powered by Architect, ‘Alts Allocator’ helps advisors evaluate the impact of allocating to alternatives in client portfolios—enabling them to assess asset performance with greater precision, make confident recommendations, and engage in more personalized, insight-driven conversations that build trust and drive better outcomes.”

The launch of “Alts Allocator” is part of a broader initiative by The Alts Institute to arm advisors with the tools and resources needed to take advantage of the opportunities in alternatives. The Alts Institute houses a readily accessible, action-oriented library of foundational alternatives content, marketplace insights and original research from Brookfield. It is designed to help advisors build client confidence in alternatives and deepen conversations around investing needs and motivations. To learn more about “Alts Allocator,” please explore the tool.

To learn more about how Architect delivers institutional-grade intelligence to wealth managers, visit the latest resources and insights here.

About Brookfield Asset Management:

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.bam.brookfield.com.

About iCapital:

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes² for all participants in the ecosystem.

With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unrivaled access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has $999.7³ billion of assets serviced globally on its platform, including $272.1 billion in alternative platform assets, $214.9 billion in structured investments and annuities outstanding, and $512.7 billion in client assets reported on, and serves over 3,000 wealth management firms and 118,000 active financial professionals.

Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World Top Fintech Companies), The Wealthiest Alts Investment Platform of the Year, and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

Brookfield Media Contact:
Rachel Wood
Tel: (212) 613-3490
Email: [email protected]

iCapital Media Contact:
The Neibart Group
Tel:(919) 602-2806
Email: [email protected]

iCapital, Inc., together with its affiliates "iCapital"
iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
As of August 31, 2025

IMPORTANT INFORMATION
This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital and may not be shared without its written permission. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Security products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital Hong Kong Limited and iCapital SG Pte. Ltd. may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

The 2025 iCapital GCC Advisor Survey reveals a growing appetite for alternative investments among wealth managers in the Gulf region, as they navigate operational challenges to meet evolving client demands.

The iCapital Advisor Survey 2025 reveals a notable shift in investment practices across the Gulf Cooperation Council (GCC), where advisors are increasingly integrating alternative investments into client portfolios. Drawing on responses from 50 senior financial professionals in Kuwait, Qatar, Saudi Arabia, and United Arab Emirates, each managing at least $400 million in assets and primarily serving individual and family clients, the survey offers a focused view into a market both ambitious and nuanced in its approach to private market investing.

Client interest in alternatives has grown steadily over the past two years, with a particular emphasis on private equity, private credit, and real estate. Respondents cited return potential, inflation hedging, and portfolio diversification, particularly into emerging sectors such as clean energy and infrastructure, as the primary motivations driving this trend. Nearly all advisors reported being either “very” or “somewhat” knowledgeable about alternatives, and three-quarters expect clients to hold 11–15% of their portfolios in evergreen strategies over the next two years.

Client Interest in Alternatives Holds Strong—With Signs of Growth

Compared to two years ago, has client interest increased in alternative investments?

iCapital pie chart showing Client Interest in Alternatives Holding Strong—With Signs of Growth in the 2025 GCC Advisor Survey

Nearly half of GCC advisors (46%) report increased client interest in alternatives compared to two years ago, while another 46% say interest has held steady. Only 8% see a decline, reinforcing that alternatives remain a core focus. This stability—paired with growth signals—suggests alternatives are moving from opportunistic plays to a permanent fixture in client portfolios, challenging firms to rethink how they deliver access and education at scale.

Yet while the enthusiasm is clear, structural and operational constraints persist. The most significant challenges to integrating alternatives include limited access to institutional-grade products, compliance and regulatory hurdles, and a lack of accessible model portfolios tailored to alternatives. These concerns are compounded by frustrations with due diligence and the high capital commitment often required for private assets; factors that have led some advisors to scale back in areas like real estate.

Portfolio construction practices across the region are varied and hybrid in nature. Many firms combine in-house research with investment team-led model portfolios or third-party offerings, reflecting the need for adaptable tools and workflows. Advisors also highlighted risk management, macroeconomic factors, and the pursuit of stable income as playing key roles in shaping portfolio design.

Looking ahead, the survey highlighted that advisors in the GCC are calling out for greater operational efficiency and improved data infrastructure. Standardized performance reporting, enhanced risk analytics, and automated onboarding processes are seen as essential improvements. The need for better education, particularly around implementation and regulation, remains an ongoing theme.

The survey suggests a region well-positioned for growth in alternative investing, but one that requires targeted support to overcome persistent operational friction. Firms that invest in flexible, scalable technology or partner with financial technology providers offering such solutions—and proactively address key advisor pain points—will be best equipped to serve a maturing, and increasingly sophisticated client base.

In certain jurisdictions, iCapital operates a platform that makes available financial products to financial professionals. In operating this platform, iCapital generally earns revenue based on the volume of transactions that take place in these products and would benefit by an increase in sales for these products.

Certain products and services can only be offered by the appropriate entities and only in jurisdictions where they may be lawfully offered. Security products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, SFC or MAS have endorsed any of the entities, products or services discussed herein. Subject to certain exceptions, iCapital Canada acts as the investment fund manager and portfolio manager of the funds domiciled in Canada and is registered as a portfolio manager, exempt market dealer and investment fund manager where required in the applicable Provinces and Territories of Canada. Additional information is available upon request.

The Hassle Factor

While many RIAs acknowledge the benefits of adding alternatives to client portfolios, this is often overshadowed by the complexity of implementation and portfolio fit.

Time-consuming process
80% of time spent on 10-20% of a client’s portfolio.

Complex investment decisions
Fulfilling fiduciary responsibility through ongoing due diligence, monitoring and selecting the right investments.

Operational challenges
Managing disparate systems, manual workflows, and custom reporting.

hassel-factor - diligence, fiduciary obligation, product selection, monitoring, review

The Value-Creation Opportunity

Alternatives can reduce portfolio volatility while maintaining — or even increasing — return potential. By introducing strategies that are less correlated to traditional stocks and bonds, they can help smooth performance through market cycles. In doing so, you can offer your clients new ways to capture growth without being overly reliant on a single asset mix.

Alternatives have offered higher returns and lower volatility vs. a traditional 60/40 portfolio

To find out more about iCapital’s Alternatives Decoded interactive chartbook, which helps RIAs take a deeper dive into private market data, please visit: https://icapital.com/alternatives-decoded/

Breaking Down the Hassle Factor

Pre-Investment

From delivering materials to conducting eligibility checks and managing client communications, incorporating alternatives into a portfolios is layered and time consuming.

Key Pain points:

Portfolio fit and risk-reward analysis.
Delivering offering materials.
Eligibility checks and compliance tracking.
Managing communications with clients.

“Every part of the alternatives investing lifecycle can be a hassle. How do you confirm client eligibility? Ensure compliance oversight? Provide evidence to regulators? The iCapital platform is designed to track and document each step so advisors don’t have to.”

– Binoy Talati, Managing Director, Enterprise RIA

Investment Process:

Key Pain points:

Lengthy, manual subscription process up to 100 pages.
Occasionally digital, typical disconnected point solutions.
Lacking critical partner connectivity with major custodians or reporting platforms.

“The subscription process is a well-known pain point for RIAs. Our platform simplifies it by turning a signed document into a transparent, step-by-step workflow — whether it needs to go to an admin or legal review.

It also automates the handoff to custodians. Without a platform, RIAs typically need to generate a Letter of Agreement (LOA), get it signed separately, create an order ticket, and manually upload both to the custodian — what we call the ‘swivel chair‘ process.

With our system, once the order is approved, it’s sent directly to the custodian via API — no separate documents, no manual order tickets.”

– Binoy Talati

Investment Lifecycle:

Key Pain points:

Managing investments with long-dated time horizons.
Wide range of reporting and client communication obligations including capital calls, K1s, 1099s.
Balancing books with custodians.

“Post-investment reporting is critical. Our operating system has a range of tools and capabilities built in that work as one cohesive workflow. Once invested, it’s simple to generate client-end adviser and home office reporting. This covers capital calls, distribution notices, K1s and
statements, all done through our document center.

We also take the data associated with those investments and pipe it downstream into reporting platforms.”

– Binoy Talati

How iCapital Can Help

iCapital eliminates the hassle with cutting-edge technology, deep research expertise and a seamless operating system, allowing RIAs to focus on what matters most – delivering for your clients.

Key questions to address:

How do you balance liquidity, fees and risk?
What’s the right allocation to alternative investments?
What products should be offered to your clients?
How do the products fit into a portfolio?
How do you manage continuous review and portfolio optimization?

Investment solutions: iCapital helps RIAs focus on what matters most — your clients, not administrative headaches.

Model Portfolios – Growth, Balanced and Income models designed to assist with asset allocation.
Due Diligence – In-house research team for research, due diligence, thought leadership or custom in-depth solutions as required.
Architect Portfolio Analytics – Award-winning² portfolio construction tool that can help design portfolios and illustrate the impact of alts.

Operational solutions: iCapital simplifies every stage
of the alternatives investing process, reducing friction and freeing up advisor capacity.

Pre-Investment – Access to education, due diligence reports, offering materials and compliance tracking.
Investment Process – Digital fund profiles, robust product search engine, integrated digital workflows for subscription documents.
Investment Lifecycle – Saved client profiles, streamlined reporting, data reconciliation, document management, custodian and third party integrations.

For illustrative purposes only. Platform functionality subject to change.

Let iCapital eliminate the hassle so your team can focus on what truly matters: delivering value for clients and growing your practice. Contact Us

1. Bloomberg Index Services Limited, Cliffwater Direct Lending Index, FTSE Russell, Hedge Fund Research (HFR), MSCI, NCREIF, Preqin, iCapital Investment Strategy, with data based on availability as of Oct. 31, 2024. Note: Data as of June 2024 and is subject to change based on potential updates to source(s) database. Return and volatility is annualized and is based on quarterly data. Buyout proxied by Preqin Private Equity Buyout Index. Growth proxied by Preqin Growth Equity Index. Venture proxied by Preqin Venture Capital Index. Secondaries proxied by Preqin Secondaries Index. Direct Lending proxied by Cliffwater Direct Lending Index. Distressed proxied by Preqin Distressed Private Debt Index. Real Estate proxied by NCREIF NFI-ODCE Index. Infrastructure proxied by Preqin Infrastructure Index. Private Timber proxied by NCREIF Timberland Property Index. Private Farmland proxied by NCREIF Farmland Property Index. Macro HFs proxied by HFRI Macro Total Index. Multi Strat HFs proxied by HFRI RV: Multi-Strategy Index. Event Driven HFs proxied by HFRI Event-Driven Total Index. Equity Hedge HFs proxied by HFRI Equity Hedge Total Index. Global 60/40 proxied by 60% MSCI ACWI Net Total Return USD Index and 40% Bloomberg Global Aggregate Index. Cash proxied by the FTSE 3 Month US T Bill Index. Annualized risk and returns above are based on indices that are meant to estimate the asset class performance, hypothetically creating a return if one had access to all active funds. Not all the above indices are practically investable. See disclosure section for further index definitions, disclosures, and source attributions. For illustrative purposes only. Past performance is not indicative of future results. Future results are not guaranteed.

2. Awards, rankings and/or recognition by una liated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he or she will experience a certain level of results if Institutional Capital Network Inc. (“iCapital”) is engaged, nor should it be construed as a current or past endorsement of iCapital by any of its clients.

IMPORTANT INFORMATION

This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, situation, or specific financial situation, financial product or instrument, or otherwise to participate in any particular trading strategy. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation.

ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative Investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment.

STRUCTURED INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Please note that there is no public secondary market for structured investments. Although the issuer may from time to time make a market in certain structured investments, the issuer does not have any obligation to do so and market making may be discontinued at any time. Accordingly, an investor must be prepared to hold such investments until maturity. Any or all payments are subject to the creditworthiness of the issuer. Before investing in any product, an investor should review the prospectus or other offering documents, which contain important information, including the product’s investment objectives or goals, its strategies for achieving those goals, the principal risks of investing in the product, the product’s fees and expenses, and its past performance.

ANNUITIES ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

The information is not intended as investment advice and is not a recommendation about managing or investing retirement savings. Actual annuity contracts may differ materially from the general overview provided. Prior to making any decision with respect to an annuity contract, purchasers must review, as applicable, the offering document, the disclosure document, and the buyer’s guide which contain detailed and additional information about the annuity. Any annuity contract is subject in its entirety is to the terms and conditions imposed by the carrier under the contract. Withdrawals or surrenders may be subject to surrender charges, and/or market value adjustments, which can reduce the owner’s contract value or the actual withdrawal amount received. Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59½, may be subject to an additional 10% federal income tax penalty. Annuities are not FDIC-insured. All references to guarantees arising under an annuity contract are subject to the financial strength and claims-paying ability of the carrier. iCapital Markets LLC operates a platform that makes available financial products to financial professionals. In operating this platform, iCapital Markets LLC generally earns revenue based on the volume of transactions that take place in these products and would benefit by an increase in sales for these products.

Preqin Private Equity Buyout Index — A benchmark measuring the performance of global private growth equity funds, as tracked by Preqin.
Preqin Growth Equity Index — A benchmark measuring the performance of global private growth equity funds, as tracked by Preqin.
Preqin Venture Capital Index — A benchmark measuring the performance of global private venture capital funds, as tracked by Preqin.
Preqin Secondaries Index — A benchmark measuring the performance of global secondaries funds, as tracked by Preqin.
Cliffwater Direct Lending Index (CDLI) — An index reflecting the performance of U.S. middle market corporate loans, constructed from actual loan portfolios of business development companies (BDCs).
Preqin Distressed Private Debt Index — A benchmark measuring the performance of distressed private debt funds, as tracked by Preqin.
NCREIF Fund Index — Open End Diversified Core Equity (NFI-ODCE) — An index of open-end, diversified, core equity real estate funds investing in U.S. properties, reported by NCREIF.
Preqin Infrastructure Index — A benchmark measuring the performance of global infrastructure funds, as tracked by Preqin.
NCREIF Timberland Property Index — Measures investment performance of a pool of private timberland properties in the U.S., reported by NCREIF.
NCREIF Farmland Property Index — Measures investment performance of a pool of private farmland properties in the U.S., reported by NCREIF.
HFRI Macro (Total) Index — A composite index representing hedge funds with macro strategies, published by Hedge Fund Research (HFRI).
HFRI Relative Value (Multi-Strategy) Index — A composite index tracking hedge funds employing multiple relative value strategies, published by HFRI.
HFRI Event-Driven (Total) Index — A composite index representing hedge funds employing event-driven strategies, published by HFRI.
HFRI Equity Hedge (Total) Index — A composite index representing hedge funds employing equity hedge strategies, published by HFRI.
MSCI ACWI Net Total Return USD Index / Bloomberg Global Aggregate Index (60/40 Blend) — A blended benchmark with 60% allocated to the MSCI All Country World Index (ACWI) Net Total Return USD Index (global equities) and 40% allocated to the Bloomberg Global Aggregate Bond Index (global investment grade fixed income).
FTSE 3-Month U.S. Treasury Bill Index — An index representing the performance of U.S. dollar-denominated three-month Treasury bills, published by FTSE Russell.

WEBINAR SIGN-UP

Ares & Unlocking Private Infrastructure Investing

12:00 PM CST | November 19, 2025 | Live Virtual Session

You’re invited to join iCapital and Ares for a CE-eligible webinar exploring the evolving landscape of infrastructure investing. Tyler McConnell, Managing Director at Ares, will share his perspective on how infrastructure is shaping opportunities for advisors and their clients in today’s investment environment. Infrastructure is increasingly viewed as a resilient and essential asset class, offering long-term value and portfolio diversification aligned with advisor and client needs.

This webinar qualifies for 1 CFP and 1 CIMA CE credit.

What You’ll Learn

The current landscape and outlook for infrastructure investing
How infrastructure fits into client portfolios across market cycles
Insights from Ares on sourcing, structuring, and managing infrastructure assets

Speakers

Tyler McConnell

Managing Director in the Ares Global Client Solutions Group, where he focuses on real assets relationship management in the Americas. Prior to joining Ares in 2019, Mr. McConnell was a Director at BlackRock, where he focused on product development, business development and investor relations for the firm’s Real Assets platform. Mr. McConnell holds a B.A., magna cum laude, from Dickinson College in International Business and Management.

Nathan Mazzapica

Managing Director, overseeing the Southwest territory at iCapital. In this role, he partners with RIAs, Family Offices, Independent Broker Dealers, and Ultra High Net Worth Investors to deliver innovative investment solutions and strategic guidance.

Prior to iCapital, Nathan served at Axcelus Financial (formerly Lombard International), the global leader in Private Placement Life Insurance and Variable Annuities. Before that, he was a Managing Director at Republic Capital Group, one of the nation’s premier investment banking firms focused on the RIA space. His career in financial services began at Salient Partners, a $17 billion RIA based in Houston, Texas.

Outside of work, Nathan enjoys quality time with his wife Megan and their son Judah. He is also an active volunteer at Houston’s First Baptist Church, where he finds fulfillment in serving his community.

FOR INVESTMENT PROFESSIONAL USE ONLY

This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, financial product or instrument, or otherwise to participate in any particular trading strategy. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax, and legal advisors to understand the implications of any investment specific to your personal financial situation.

ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment.

The information contained herein is an opinion only, as of the date indicated, and should not be relied upon as the only important information available. Any prediction, projection or forecast on the economy, stock market, bond market, or the economic trends of the markets is not necessarily indicative of the future or likely performance. The information contained herein is subject to change, incomplete, and may include information and/or data obtained from third-party sources that iCapital believes, but does not guarantee, to be accurate. iCapital considers this third-party data reliable, but does not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. iCapital makes no representation as to the accuracy or completeness of this material and accepts no liability for losses arising from the use of the material presented. No representation or warranty is made by iCapital as to the reasonableness or completeness of such forward-looking statements or to any other financial information contained herein.

Securities products and services are offered by iCapital Markets, an SEC-registered broker-dealer, member FINRA and SIPC, and an affiliate of iCapital, Inc. and Institutional Capital Network, Inc. These registrations and memberships in no way imply that the SEC, FINRA, or SIPC have endorsed any of the entities, products, or services discussed herein. Annuities and insurance services are provided by iCapital Annuities and Insurance Services LLC, an affiliate of iCapital, Inc. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc. Additional information is available upon request.

NEW YORK — iCapital¹ , the global fintech company shaping the future of investing, announced a strategic investment in and partnership with LYNK Markets, a leading fintech platform empowering private market distribution in LATAM. This partnership delivers a scalable cross-border investment solution through Private ETNs—registered securities that expand access to alternative investments across the Latin American wealth channel.

“Latin America is undergoing a transformative shift as alternative investments transition from being the domain of institutional investors to becoming increasingly embraced by mainstream market participants. iCapital is helping wealth advisors and their clients gain access to the right alternatives for their needs,” said Lawrence Calcano, Chairman and CEO of iCapital. “Through our partnership with LYNK Markets, Private Alternative Investment Fund Notes offer a scalable, structured solution that provides advisors with simplified access to alternatives—enhancing asset allocation and portfolio flexibility. For asset managers, these Private ETNs reduce barriers to entry, accelerate fund launches, and streamline distribution—driving greater transparency and efficiency across the alternative investment ecosystem.”

Through this partnership, asset managers can efficiently embrace alternative fund strategies, simplifying investment processes, due diligence, reporting, and settlement via major international settlement platforms. Each Private ETN carries a unique ISIN for global distribution, accelerating time to market, strengthening offshore channels, and reducing operational complexity while preserving client confidentiality. Wealth managers benefit from broader exposure to alternatives with lower investment thresholds, simplified onboarding, real-time insights, and built-in regulatory confidence via iCapital Marketplace. This new solution is set to be integrated by January 2026.

“Partnering with iCapital brings together two fintech leaders committed to redefining private market investing,” said Mario Rivero, CEO of LYNK Markets. “By combining LYNK Markets’ technology-enabled Private ETNs solutions with iCapital’s advanced distribution and platform capabilities, we’re equipping financial advisors with a new tool to simplify alternative allocations and expand cross-border access for their clients.”

Terms of the agreement were not disclosed.

About iCapital:
iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes² for all participants in the ecosystem.

Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World Top Fintech Companies), The Wealthies Alts Investment Platform of the Year, and Forbes Fintech 50.

For more information, visit https://icapital.com | Twitter (X): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

About LYNK Markets:
LYNK Markets is a leading fintech issuer and administrator of Exchange Traded Notes (ETNs), committed to enhancing global investor access through innovative technology and strategic partnerships.
For more information, visit https://lynkcm.com/

For media inquiries, please contact:
iCapital
[email protected]
+41 43 547 19 61

iCapital, Inc., together with its affiliates "iCapital"
iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
As of August 31, 2025

Discover how to adjust client portfolios faster using alternative investments like private credit, real assets, and secondaries — with practical models and implementation tips inside.

Key Takeaways

Today’s market is shaped by structural volatility
Understand where a traditional 60/40 portfolio may break down
Explore tactical roles for private market strategies
View sample allocations + digital implementation tools
Learn how portfolio construction tools like Architect can help scale your pivot

Who should read this:

Anyone looking to use alternatives and tech to stay nimble in 2025

Financial Advisors

LPs

Wealth Managers

Preview what’s in the guide:

Portfolio Analysis: Sample 60/40 Portfolio vs. Sample 60/40 with Alternatives

20-year analysis: December 2004 – December 2024

Traditional 60/40 Portfolio

Expanded Portfolio with Alternatives

icapital pie chart showing Portfolio Analysis Sample of a 60/40 Portfolio

60% Equities

40% Fixed Income

icapital pie chart showing Portfolio Analysis Sample of 60/40 with Alternatives

50% Equities

25% Fixed Income

15% Private Equity

5% Private Credit

5% Hedge Fund

	Annualized Return	Annualized Volatility	Max Drawdown	Sharpe Ratio
Traditional 60/40 Portfolio	6.8%	10.1%	28.7%	0.52
Expanded Portfolio with Alternatives	Download the full guide to see the full expanded portfolio with alternatives

Source: iCapital. Portfolio analysis is based on iCapital propriety models with data based on availability as of April 30, 2025. Equity performance is represented by the SPDR S&P 500 ETF Trust SPY (domestic) and iShares MSCI EAFE ETF EFA (all). Fixed Income performance is represented by the iShares Core U.S. Aggregate AGG. Private Equity performance is represented by the Generic Private Equity Fund GPEF. Private Credit performance is represented by the Generic Private Credit Fund GPCF. Hedge Fund performance is represented by Generic Multi-Strategy Hedge Fund- GMSHF. Please see “Index Definitions” in the “Important Information” section of this presentation for additional information. For illustrative purposes only. Portfolio analysis does not reflect an actual trading program and no investor actually achieved the performance shown. Past performance is not indicative of future results. Future results are not guaranteed.

Ready to learn how alternatives can help advisors stay nimble

Get the full report and discover how to pivoting portfolios during volatile markets

iCapital The 2025 Advisor’s Guide to Pivoting Portfolios in Volatile Markets downloadable PDF

IMPORTANT INFORMATION

iCapital and its affiliates provide various services through a number of affiliated entities – please refer to Certain iCapital Entities for a full list of entities. iCapital entities are collectively referred to as “iCapital”, and they all are affiliated with iCapital, Inc. and Institutional Capital Network, Inc. Among these affiliates, iCapital Markets LLC (“iCapital Markets”), an SEC-registered broker-dealer, member FINRA and SIPC, offers securities products and services. The registrations and memberships listed in Certain iCapital Entities in no way imply that the SEC, FINRA, or SIPC have endorsed any of the entities, products, or services provided by iCapital. Additional information is available upon request.

This website is for informational purposes only. This website is the property of iCapital and may not be shared, reproduced in any form, or referred to in any other publication, without express written permission of iCapital.

This website and any information included on it are not intended, and may not be relied on in any manner, as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security. Financial products, including investment funds and structured investments, are complex and may be speculative and are not suitable for all investors. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation. This website and the information contained on it is not intended to, and does not, address the financial objectives, situation or specific needs of any specific investor.

Key Takeaways

Secondaries can provide liquidity for existing investors and new access points for buyers into seasoned private market assets.
Secondaries are increasingly used by GPs as a tool to actively manage and rebalance portfolios.
Secondaries can provide a mitigated J-curve, limit blind pool risk and offer a faster return of capital.
The private secondaries market has grown quickly and should follow the path of primary private markets capital formation.

Private markets secondary funds—known as “secondaries”—help enable the buying and selling of pre-existing stakes in private market funds. These transactions can be initiated by investors (LP-led) or asset managers (GP-led) and may involve direct or brokered deals. For buyers, secondaries offer access to more mature investments and the potential for faster returns.

How Secondaries Work

Growth in the secondaries market is a natural evolution of the growth in primary private market assets. Secondaries transactions provide liquidity for investors and allow asset managers to tactically rebalance their portfolios. Secondaries funds are dedicated investment funds that purchase these pre-existing commitments from limited partners (LPs) seeking to exit primary private equity funds before they are fully liquidated

Secondaries are characterized through two main transaction types:

LP-led transactions (limited partner): The most traditional type of secondary has been the LP-led transaction, where an LP in a fund seeks an early exit and sells its interests. Buyers are typically other existing LPs in the fund, new investors, or dedicated secondary funds.
GP-led transactions (general partner): These transactions involve a GP transferring a single or a few companies to a new investment fund (a continuation fund). In a GP-led transaction, the current LPs of the original fund are given the option to cash out or roll over their interests into a new vehicle, which typically also admits new LPs. This effectively extends the timeline the GP owns the interests, allowing more time for asset appreciation.

These transactions can be complex and involve different vehicles including continuation funds, dedicated secondaries funds or fund-to-fund transfers.

Benefits of Secondary Funds

Quicker Returns & J-Curve Mitigation: Secondary strategies deploy capital faster and distributions typically begin quickly, mitigating the private market J-curve.
Discounted Pricing: Secondary stakes often trade at a discount to net asset value (NAV) offering potential upside.
Greater Diversification: Investors can gain exposure across multiple funds, vintages, sectors, geographies, and managers.
Reduced Blind Pool Risk: Buyers know the fund’s underlying assets ahead of investment, allowing for more informed decisions.

Implementation Insight: A secondary fund can deploy capital faster and offer access to more mature assets and faster distribution ideal for shorter investment horizons.

Key Risk Considerations

Liquidity & Market Conditions: Secondaries may still be less liquid than the public markets where deal activity can be influenced by broader capital market trends.
Pricing Dynamics: The ability to exit private markets investments early has historically come at a price to sellers as secondary fund managers aim to buy pre-existing interests in funds at a discount to their net asset value (NAV). Discounts may not always exist.
Continuation Fund Complexity: GP-led continuation deals may involve conflicts of interest or be used to prolong underperforming assets. Close due diligence is essential.

Implementation Insight: Not all discounts are created equal—some reflect opportunity, others can signal stress in the market. Understanding the underlying assets is key.

Secondaries: Myth vs. Fact

Myth	Fact
Secondaries always trade at a real discount	The ability to access private market exposure at a discount is a benefit to buyers. It’s important to note that discounts may not always exist and vary by asset class.
Secondary investing lacks transparency	Buyers can gain more visibility into the portfolio or individual investment—in contrast to blind pool risk of a primary fund.
Only LPs sell secondaries	GP-led continuation and recapitalization deals are common as portfolio rebalancing tools.

IMPORTANT INFORMATION

ACA#791930 08/25

Key Takeaways

Infrastructure funds aim to provide investors with stable, consistent income with the potential for capital appreciation.
Infrastructure’s ability to pass through cost increases offers potential inflation protection and low correlation to traditional equities and bonds.
Long-term demand is fueled by growing public deficits, digital transformation, energy transition and advancing energy independence.
Private infrastructure spans sectors and themes like transportation, utilities, energy, climate transition and digital networks.
The asset class presents a high-coupon inflation-protected long duration investment with limited downside.

Private infrastructure funds aim to provide investors with a mix of cash income and capital appreciation and can play a role in complementing a fixed income or real asset allocation.

Infrastructure assets are broadly defined as the basic physical structures and facilities (buildings, roads, and power supplies) needed for the operation of a society or enterprise. Major subsectors include social infrastructure (schools and hospitals); utilities (gas and water systems); transportation (toll roads and airports); and energy infrastructure (power generation).

Infrastructure is one of the few asset classes with characteristics that allow it to not only mitigate the effects of inflation, but also to potentially benefit from increases in prices and interest rates.

How Infrastructure Works

Infrastructure projects have long lifespans involving multiple stages from project identification, design and development, implementation and construction, operations and maintenance, exit and divestment.

Investments vary in structure, strategy, and risk level and are typically classified by project development stage.

Greenfield – Projects that do not currently exist but are in development or under construction. Capital costs include the building of the infrastructure asset as well as costs to maintain it once it is operational.
Brownfield – Projects that are already operating on a standalone basis or undergoing expansion.

They’re also classified by risk/return profile, ranging from income-generating, stable assets to higher-risk opportunities focused on growth or repositioning. Geography also matters, with different return expectations and regulatory dynamics in developed vs. emerging markets.

Common Infrastructure Categories

Private credit comes in different forms, each with its own level of risk and return. Here’s a quick look at some of the most common strategies:

Strategy	Profile	Example Sectors	Structure and Revenue Drivers
Core	Most stable, income-focused, lower risk	Regulated utilities, mature toll roads	Long-term contracts with government entities. Regulated rates
Core Plus	Moderate risk due to some variability to cash floes. Returns driven by income with some potential for capital appreciation	Midstream energy, transportation (e.g., toll roads, airports) digital infrastructure	Long-term contracts with creditworthy private entities. Additional revenue arrangements tied to volume.
Value Add	Higher risk; returns tied more to capital-appreciation.	Transportation with revenue tied to volume, early-stage midstream energy, assets repositioning for newfound growth.	A mix of long-term contracts on greenfield and/or short-term contracts with less creditworthy entities. Revenue reliant on greenfield or GDP growth.
Opportunistic	Highest risk/return	Infrastructure in developing markets, renewables or new technology	Could include contracts in non-OECD countries or unsecured future contracts. Revenue visibility could be less predictable and erratic.

Benefits of Infrastructure

Yield – Many assets generate reliable, contract-based income.
Diversification – Low correlation to equities and bonds can improve overall portfolio resilience.
Capital Appreciation – Operational improvements and asset expansion can drive long-term value.
Inflation Protection – Costs are often passed through, offering protection in an inflationary environment. In addition, infrastructure assets are typically large projects with costly new-construction expenses that increase in lockstep with supplies and labor, increasing replacement cost.

Implementation Insight:
Infrastructure may provide useful diversification as part of a fixed income and/or real assets allocation, especially in volatile or rising-rate environments.

Key Risk Considerations

Duration – infrastructure projects often have high initial capital costs and long payback periods, presenting duration risk.
Complexity – Regulatory oversight, project execution, tax implications and jurisdictional risk can impact outcomes.
Manager Selection – Experience, sector specialization, sourcing capabilities, and operating expertise vary widely across managers.

Implementation Insight:
Investors should be prepared to commit capital for 10-plus years and evaluate manager track records carefully, especially in niche or emerging sectors.

Infrastructure: Myth vs. Fact

Myth	Fact
Infrastructure is only about roads and bridge	It includes renewables, data centers, utilities, and social infrastructure.
It’s too risky for conservative portfolios	Core strategies offer stable, regulated cash flows with downside protection.
Only governments invest in infrastructure	Private capital plays a growing role across sectors and geographies.
Infrastructure doesn’t offer growth	Value-add and opportunistic strategies target capital appreciation through development and operational upside.

IMPORTANT INFORMATION

ACA#791952 08/25

Key Takeaways

Direct lending is a core strategy of private credit, focused on loans to private companies—primarily in the middle market.
Loans are typically senior secured, offering strong downside protection.
Floating-rate structures help manage interest rate risk.
Direct relationships and deep due diligence allow for greater access and control over terms and structure.
Investors benefit from enhanced yield, downside protection, and portfolio diversification.

Direct lending is a form of private credit where non-bank lenders provide loans directly to private companies. In most cases, lenders focus companies seeking a tailored financing solution that is not accessible to them in the public credit markets or through bank lenders.

This type of lending is distinct from the traditional sources of debt capital for corporate borrowers, namely bank loans and broadly syndicated loans. Like syndicated loans (but unlike most high-yield bonds), these private loans typically feature interest payments at a spread above a floating reference rate and a floor on the minimum rate, reducing interest-rate risk for investors and providing protection in an inflationary environment.

Borrowers value the speed and flexibility. Investors benefit from higher yields, downside protection, and low correlation to public markets—making it a compelling fixed income strategy.

How Direct Lending Works

Direct lending is a relationship-based lending model focused on middle market companies. The process typically includes:

Capital Raise – Funds are raised from institutional and high-net-worth investors.
Deal Sourcing – Managers find lending opportunities, often from private equity sponsors needing debt for acquisitions.
Due Diligence & Negotiation – Managers research borrowers and negotiate terms, including protections like covenants and collateral.
Loan Management – The lender holds the loan, monitors performance, and works directly with the borrower.

This direct approach offers speed, flexibility, and control—benefiting both borrowers and investors.

Private credit offers more lender protections than public credit. Unlike public loans, which often have fewer restrictions, private loans typically include stronger terms, more direct oversight, and tighter controls—helping reduce risk for investors.

Public vs. Private Credit Structures

Public			Private
	Investment Grade	High Yield	Broadly Syndicated Loans (BSL)	Direct Lending
Borrower Size	Mega	Large	Large	Typically, Middle Market
Default Risk	Low	High	Medium	Typically, Low to Moderate
Interest Rate Risk	Medium/High (Fixed Rate)	Medium/High (Fixed Rate)	Low (Floating Rate)	Low (Floating Rate)
Due Diligence	Limited	Limited	Limited	Extensive
Covenants	Strong	Weak	Weak	Strong
Monitoring Rights	Weak	Weak	Limited	Strong

Source: iCapital. For illustrative purposes only.

Benefits of Direct Lending

Enhanced Yield: Investors often earn a 300–500 bps premium over public credit due to leverage, illiquidity and demand.¹
Downside Protection: Senior secured structure, strong covenants, and hands-on monitoring support lower default rates and higher recoveries.
Inflation Protection: Floating-rate loans adjust with interest rates, preserving real returns.
Diversification: Low correlation to stocks and bonds improves portfolio resilience.
Private Market Access: Exposure to a much broader universe of private companies not accessible through public markets
Implementation Insight: Institutional investors seeking to compliment traditional fixed income allocations may use direct lending to enhance yield and reduce volatility.

Key Risk Considerations

Illiquidity: Direct lending investments are less liquid than publicly traded investments.
Manager Selection: Not all managers are the same—thorough due diligence is essential.
Cyclical Risk: The direct lending market, at it’s current size, has not experienced a prolonged period of credit stress.
Regulatory Risk: Policy changes could impact borrower demand or fund structures.

Implementation Insight: Because direct lending vehicles are less liquid than their public counterparts, investors should align these allocations with longer-term investment horizons.

Direct Lending: Myth vs. Fact

Myth	Fact
Direct lending is too risky	Most loans are senior secured with strong covenants and due diligence.
Only institutions can invest	Access is expanding via feeder funds and private vehicles for high-net-worth investors.
It’s illiquid	Direct lending is less liquid than public investments but may be offered through business development companies (“BDCs”) and interval fund structures
It’s just like high-yield bonds	Direct lending is typically senior, directly negotiated, and covenant-rich.

1. Bloomberg Index Services Limited, Cliffwater Direct Lending Index, Morningstar, iCapital Alternatives Decoded

IMPORTANT INFORMATION

ACA#791944 08/25