J.P. Morgan Wealth Management

“Most of these fund managers in the private market evergreen space, there's still less than 500 of them that exist today. Hold anywhere between 15 to 25% in liquid securities, and they do charge higher fees.”

“Same thing in growth and venture over the last two to three years. We were still making sure it was 20 to 25% of the portfolio, even though a lot of folks were digesting what they'd done in 2020 and 20 21.”

“Credit side, we definitely have. Even over the last three years, we've probably seen about 25 basis points lower on the management fee side, and on the carry, maybe down two and a half to five percent.”

“They use a little bit less leverage, maybe two turns less on average. They have more exit opportunities. They can potentially buy cheaper depending on what their skill set is.”

“In the private markets, we think about allocating our portfolios half to 70% of it every year is in core private equity. 20 to 25% is in growth equity and venture. Mostly growth equity, although we've been leaning into venture the last couple years. 15 to 25% …”

“So in places like direct lending, core plus real estate, and even value-add a little bit, and in infrastructure investment, the core core plus space, we prefer a lot of the evergreen strategies. And then in the more directional private equity, definitely growt…”