Global Investors Signal End of Old Private Market Playbook (2)

Global pension funds and state-backed investors converged at the Milken Forum in Singapore with a sobering message: the era of easy gains in private markets is over.

From Singapore’s Temasek Holdings Pte to the Texas Municipal Retirement System, asset allocators are reassessing how they deploy capital across private markets.

Yup Kim

Photographer: Edwin Koo/Bloomberg

After a 15-year stretch of outsized returns, the path ahead looks far more complex, said Yup Kim, chief investment officer of TMRS. He warned that investors will need fresh strategies and sharper execution to keep performance afloat.

“Using yesterday’s playbook for tomorrow is not going to get you ...