U.S. Alternative Investments 2022
Delivering Alternative Capabilities to Retail Investors
Drive Demand in New Channels
- Discover the latest trends in retail and institutional alternative investment market sizing, investment strategy, size, vehicle, distribution, and new product innovation
- Track the growth of major alternative investment platforms
- Explore enhanced coverage of cryptocurrency, including its potential to simplify alternative investment access
- Take a deep dive into rollout and advisor use of enhanced liquidity offerings
- Understand the potential for use of alternatives via the retirement channel
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Examine the retail and institutional alternative investment landscape, including market sizing, investment strategy, size, vehicle, distribution, and new product innovation. This report includes sizing and coverage of the widest variety of products used to access alternative investments, from daily liquidity offerings to convergence zone products, as well as illiquid private equity and hedge fund products. This year’s report will continue to focus on the democratization of alternatives theme as both traditional and alternative investment managers seek to provide such allocations to retail clients and consider options including internal development acquisition of capabilities.
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A Note from the Author
Intermittent Liquidity Products Record “Hockey Stick” Growth
Daniil Shapiro, CFA
Daniil is part of Cerulli’s Product Development practice, where he works on the identification, analysis, and reporting of asset management industry trends with a focus on exchange-traded funds (ETFs) and alternative investments.
Prior to joining Cerulli Associates, Daniil was part of the Product Management and Business Intelligence teams with the MainStay Funds, part of New York Life Investment Management. At MainStay, Daniil supported sales efforts via fund and ETF competitive analysis, product research, and development of marketing materials, as well as performance reporting. Before New York Life, Daniil was part of the risk management practice at Accenture, and held risk and compliance roles at HSBC’s investment bank.
Full biography here.
Intermittent liquidity products are continuing to gather assets as managers’ initiatives aimed at accessing retail assets, the provision of more attractive product (based on brand, lower cost, better liquidity, and 1099 tax reporting), and home-office comfort converge to create “hockey stick” growth. Exposures have logged a five-year compound annual growth rate (CAGR) of 17.6% through 2021, reaching $345 billion in assets. Structures such as non-traded REITs (NTRs), business development companies (BDCs), interval funds, and tender offer fund assets have seen significant growth as brand name managers launch a wave of product to meet advisor demand.
Asset managers need to decide whether they have a competitive advantage in offering intermittent liquidity exposure from both a product development and distribution perspective. In this capacity, Cerulli identifies five key product development opportunities:
- Diversified exposures
- Risk-on exposures
- Niche strategies
- Price competition
- Platform product development approach
Carefully evaluate key drivers of intermittent liquidity growth, assess broader alternative product demand, and consider the retail distribution possibilities with our latest research, Alternative Investments 2022: Delivering Alternative Capabilities to Retail Investors.
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