WELCOME TO OUR MONTHLY NEWSLETTER.
The source for navigating the world of alternative investments
Since the announcement and delay in the implementation of reciprocal tariffs by the Trump administration, global markets have experienced significant volatility. While the full impact is still unfolding, we will draw on our experience serving our partners and clients through periods of uncertainty to be a stabilizing force.
Market crises are challenging, but they can also create opportunities for long-term investors. We believe patience is required, especially in times of public market uncertainty. In the meantime, an alternative investments allocation, whether to private equity, private credit, hedge funds or the protection offered by structured investments, is often appreciated during times of market stress, and can provide a buffer against the downside market movements and volatility frequently associated with public markets.
We recently discussed the market volatility, and how to help clients and position portfolios. For those that missed it, you can listen to the webinar replay here.
The iCapital team is ready to assist you in any way possible. Please do not hesitate to contact us during these uncertain times by reaching out to our sales team ([email protected]), a relationship manager or visit iCapital Marketplace.
Dan Vene
Co-Founder and Managing Partner,
Co-Head of iCapital Solutions
CHART OF THE MONTH
Lower volatility, high income led to more consistently positive results for private credit
NAVIGATING THE MARKETS
Webinar Replay
What to do in times of uncertainty?
We recently discussed the market volatility, the impact of tariffs, the impact throughout the private markets and how to position portfolios.
NEW FROM iCAPITAL
2024 Structured Investments Insights Report: Decoding the Drivers of Record Issuance
Structured investment sales volumes on iCapital hit $84.5B in 2024, up 42% YoY. Explore what’s fueling demand—and the rising role of structured investments as cornerstone portfolio solutions.
2024 Annuity Insights Report: Decoding the Drivers of Record Issuance
The annual report reveals a growing demand from baby boomers for protection and investment growth, fueling interest in fixed, indexed, and structured annuities. Discover why 2025 is poised to be another record-breaking year for annuities.
THE 19th HOLE
Beyond the Green: Michael Arougheti
Private credit and Major League Baseball have more in common than you think—leadership, strategy, and playing the long game. In this episode of The 19th Hole, Michael Arougheti joins Lawrence Calcano to discuss the evolution of private credit, owning an MLB team, and the power of culture in business and sports.
MONTHLY MARKET ROUNDUP
As the private credit market continues to grow and mature, asset-based finance (ABF) represents its next frontier. This multi-trillion-dollar market, which may be poised for significant growth in the coming years, provides essential funding across the real economy—touching everything from residential mortgages and consumer loans to small business financing and mission-critical equipment leasing. In this article Sean Connor, President & CEO of Global Private Wealth at Blue Owl Capital, is joined by Ivan Zinn, Head of Alternative Credit, to explore the evolution of ABF as a key opportunity for investors seeking diversification, attractive current income, and downside protection through the strategy’s secured nature and contractual cash flows.
In The New Joule Order, Jeff Currie, Chief Strategy Officer of Energy Pathways at Carlyle, reframes the global energy transition through the lens of security, not climate. He argues that nations are prioritizing energy independence by building diversified, local energy mixes—favoring nuclear and renewables, but still requiring fossil fuels—creating a security-driven shift that may accelerate returns and speed up the transition.
Jonathan Epstein, founder of DCALTA, and Tony Davidow, Senior Alternatives Investment Strategist, Franklin Templeton Institute, discuss DCALTA’s mission to educate stakeholders on the benefits of including alternative investments in defined contribution plans, which have historically lagged behind defined benefit plans in this area.
IN CASE YOU MISSED IT
Euromoney names iCapital as The World’s Best Technology Provider for Wealth Management
iCapital is honored to be named The World’s Best Technology Provider for Wealth Management at Euromoney’s Private Banking Awards!
This global recognition reinforces our commitment to powering private markets access for wealth managers and their clients by bringing tech-enabled accessibility, transparency and education in alternative investing.
We want to thank all our clients and partners for their trust and our global team for their dedication. We’re excited for what’s ahead!
Webinar Replay: Unlock the Power of AI
Catch the replay of the webinar Modern Advisor: The Future of Client Relationships Meets the Power of AI, brought to you by FIDx and iCapital—the innovative minds behind Insurance Exchange.
IMPORTANT INFORMATION
Bloomberg U.S. Corporate High Yield Index: Measures the U.S. Dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Morningstar LSTA U.S. Leveraged Loan Index: An Index designed to deliver comprehensive, precise coverage of the US leveraged loan market. Underpinned by PitchBook and LCD data, the index serves as the market standard for the US leveraged loan asset class and tracks the performance of more than 1,400 USD denominated loans.
Cliffwater Direct Lending Index (CDLI): An asset-weighted index of over 11,000 directly originated middle market loans totaling $264B. It seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements.
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, 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.
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