Private market assets
Private market assets refer to investments in equity (shares) and/or debt issued by private companies, as opposed to publicly listed companies. These markets include private equity, venture capital, real estate, infrastructure, farmland, and forestry.[1][2] The CFA Institute describes private markets and alternative investments, spanning private equity, private credit, real estate, infrastructure, commodities, and hedge funds, as one of the faster-growing segments of the finance industry.[3]
Private Market Assets Matrix (PMAM)
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The Private Market Assets Matrix (PMAM), also called Infrastructure and Private Markets Investment Matrix, is an original strategic assessment tool developed by M. Nicolas Firzli, World Pensions Council and Joshua Franzel, MissionSquare Research Institute, International City/County Management Association.[4] The matrix maps out the evolution of "institutional investment by visualizing dynamically the proportion of assets allocated to infrastructure (Y axis) and private-market assets overall (X axis) for a cross-section of pension funds perceived as highly representative" [of future trends]. Pension fund infrastructure allocations grew from an average of 2.4 percent of assets in 2007 to 4.1 percent in 2018, a trend broadly consistent with the shift the PMAM was designed to visualize.[5] Insurer Aviva said in 2025 it was doubling private markets exposure in its default pension portfolios, to 20–25 percent of holdings.[6]
References
[edit]- ↑ Firzli, M. Nicolas (July 2014). "The New Drivers of Pension and SWF Investment in Private Equity". Revue Analyse Financière. No. 52. pp. 34–37. SSRN 3878871. Retrieved 2 July 2021.
- ↑ "Five drivers of natural capital as an asset class". Environmental Finance. 2025. Retrieved 11 August 2026.
- ↑ "CFA Institute Launches New Private Markets and Alternative Investments Certificate". CFA Institute. October 2023. Retrieved 11 August 2026.
- ↑ Nicolas Firzli & Joshua Franzel (December 2014). "Infrastructure Investment: Harnessing LT Capital" (PDF). Public Management, pp. 18-21. Retrieved 2 July 2021.
- ↑ Carlo, Alexander; Eichholtz, Piet (2023-09-01). "Pension fund investments in infrastructure" (PDF). Journal of Asset Management. 24 (5): 329–345. ISSN 1479-179X. Archived from the original on 2024-09-11.
- ↑ "Aviva Ratchets Up Private Markets Exposure in Default Pensions". Bloomberg News. 30 September 2025. Retrieved 11 August 2026.
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