WELCOME TO OUR MONTHLY NEWSLETTER.
Our monthly newsletter is designed to serve as your primary source for navigating the world of alternative investments.
This year, we called our market outlook 
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Historically, many of the best private equity vintage years occur after a correction in valuations. As we see valuations reset in the buyout market, investors should have an attractive entry point into private equity investments.
Distressed private credit and opportunistic real estate funds also present a compelling opportunity for investors in our view, as companies and property owners face higher borrowing costs and weaker operating fundamentals.
We also believe macro hedge funds will continue to post strong returns in 2023, given the uncertainty around interest rates, inflation, economic growth, and geopolitics.
And lastly, investors have the potential to lock in more attractive structured investment terms, as we anticipate elevated short-term rates and volatility to persist in the first half of the year.
While we patiently wait for a market rebound, we see a silver lining for alternative investments in the current market backdrop – and our view is now is the time to commit.
Steve Houston
Managing Director,
Head of Investment Products
MONTHLY MARKET ROUNDUP
Read why Bridgewater believes the major story this year is likely to be the impact of higher rates as the tightening flows through to economic conditions.
Get answers to the top questions of 2023 with Carlyle’s Head of Global Research Jason Thomas.
In his latest memo, Howard Marks, Co-Chairman of Oaktree Capital Management, writes that the investment world may be experiencing the third major sea change of the last 50 years.
Discover how the world’s macro and market challenges may create a host of opportunities for alternative investment allocations.
WEEKLY MARKET PULSE
The 2023 market outlooks are out and most everyone is bearish, anticipating weak growth to start the year. But amid the gloom, we see a path for risk assets to recover. Discover our four reasons to be optimistic about deploying capital into public and private market opportunities throughout this year in Chief Investment Strategist 
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CHART OF THE MONTH
Past cycles have shown that recessionary periods offer an opportunity for private equity managers to acquire strong businesses at lower valuations. As valuations begin to reset in the buyout market, we believe 2023 is positioned to become one of the better vintages that we have seen in recent years, and an attractive time to deploy capital.
IN CASE YOU MISSED IT
Discover current opportunities in the public and private markets and why now is the time to commit, in iCapital’s 2023 Market Outlook. 
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Our research team rated 19 different alternative investment strategies. Find out which two were upgraded, the eight that were downgraded, and the nine that held steady. 
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Before making a private market investment, investors and financial professionals should consider five key questions. 
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NEW AT iCAPITAL
Did you know that AI Insight by iCapital added over 360 funds to its alternative investment education platform in 2022? See why more than 40,000 financial professionals turn to iCapital for all their alternative investment education and training compliance needs. 
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PODCAST: FOR ADVISORS BY ADVISORS
Catch Managing Director Jillian Altamura on the For Advisors By Advisors podcast. She joins host Evan Mayer to discuss how iCapital’s integrated platform for alternative investments and structured investments will change the game for financial professionals.
SPOTLIGHT: INVESTOR EDUCATION
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The material herein has been provided to you for informational purposes only by Institutional Capital Network, Inc. (“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 to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation. This material does not intend to address the financial objectives, situation or specific needs of any individual investor. Alternative investments are complex, speculative investment vehicles and are not suitable for all investors.
This material may contain forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Due to various risks and uncertainties, actual results may vary materially from the results contained herein. 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.
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Products offered by iCapital are typically private placements that are sold only to qualified clients of iCapital through transactions that are exempt from registration under the Securities Act of 1933 pursuant to Rule 506(b) of Regulation D promulgated thereunder (“Private Placements”). An investment in any product issued pursuant to a Private Placement, such as the funds described, entails a high degree of risk and no assurance can be given that any alternative investment fund’s investment objectives will be achieved or that investors will receive a return of their capital. Further, such investments are not subject to the same levels of regulatory scrutiny as publicly listed investments, and as a result, investors may have access to significantly less information than they can access with respect to publicly listed investments. Prospective investors should also note that investments in the products described involve long lock-ups and do not provide investors with liquidity.
Alternative investment products and services may be offered through iCapital Securities, LLC. Structured investment products and services may be offered through Axio Financial LLC and/or SIMON Markets LLC. iCapital Securities LLC, Axio Financial LLC, and SIMON Markets LLC are each a registered broker/dealer, member FINRA and SIPC, and an affiliate of Institutional Capital Network, Inc. (“iCapital”). Annuities and insurance services provided by SIMON Annuities and Insurance Services LLC, an affiliate of iCapital. iCapital Advisors, LLC, a subsidiary of iCapital, is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Outcome Driven Strategies, LLC and Cornerstone Advisory, each an investment adviser registered with the SEC, provide investment advisory services for the structured investment separately managed accounts described herein. Outcome Driven Strategies, LLC is jointly owned by Axio Advisors LLC and Cornerstone Advisory (not affiliated with iCapital). Alaia Capital LLC, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), acts as a portfolio consultant to m+ funds and is an affiliate of iCapital. These registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed the entities, products or services discussed herein. iCapital and iCapital Network are registered trademarks of Institutional Capital Network, Inc. Additional information is available upon request.
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