Research
Research library
Research worth an advisor's time from research firms, asset managers, regulators, central banks, academics and think tanks, each with a short summary in our own words, plus AdvisorIQ's own analysis.
As of Oct 8, 2026, the library lists 11 pieces on alternatives.
Titles marked with an arrow open on the publisher's site. How we choose.
Alternatives
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The Window Narrows: Evergreen Funds and the Choice Before the Industry (opens caia.org)
CAIA examines the rapid growth of evergreen private market funds sold through wealth channels, which held $534.6 billion at the end of 2025. It finds redemption terms work as written but get simplified on the way to clients, and urges clearer language, such as capped liquidity, and more adviser diligence while markets are calm.
Topic: Alternativescaia.org
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Inflation Redux? (opens aqr.com)
AQR revisits how exposed typical portfolios are to an inflation shock now that stock and bond correlations have reached multi-decade highs. Its review of more than 50 years of data finds that commodities and trend-following strategies have tended to do well when inflation rises, including in 2022, while private assets are unlikely to be immune.
Topic: Alternativesaqr.com
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Private Credit Funds and the Retail Shift: Structural Vulnerabilities and Policy Responses (opens rpc.cfainstitute.org)
CFA Institute analyzes what changes when private credit is sold to individual investors through semiliquid and nontraded vehicles. The report argues retail access reshapes rather than removes the asset class's risks, pointing to redemption mismatches, model-based valuations, leverage and weaker loan covenants, and sets out possible safeguards.
Topic: Alternativesrpc.cfainstitute.org
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Private Credit and Leveraged Loan Markets: Similarities, Differences, and Substitution (opens federalreserve.gov)
Fed Board economists compare private credit with the leveraged loan market, each about $1.4 trillion at the end of 2025. The two serve similar borrowers but are funded and traded very differently, and larger companies can switch between them while smaller ones would bear more of any private credit pullback.
Topic: Alternativesfederalreserve.gov
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Early Warning Signals in Private Credit? What BDC Portfolios Reveal about Emerging Risks (opens bostonfed.org)
Boston Fed researchers use public filings from business development companies as a window into private credit. The share of loans paying interest in kind rose from about 6% to about 10% by early 2026, a sign of cash strain at borrowers, while narrowing spreads suggest competition is squeezing pricing.
Topic: Alternativesbostonfed.org
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Private Markets Set to Add $2 Trillion in Advisor-Intermediated Assets Over Next Five Years (opens cerulli.com)
Cerulli estimates advisors hold about $2.2 trillion in less-than-fully-liquid private capital products and expects that to grow by $2 trillion over five years. Interval funds, other semi-liquid vehicles and alternative allocation models drive the outlook, with client demand for income cited as a main reason.
Topic: Alternativescerulli.com
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The power of private real assets (opens nuveen.com)
Nuveen researchers use more than 30 years of data to assess farmland, timberland, infrastructure and commercial real estate in diversified portfolios. They find these private real assets showed low correlations to stocks and bonds and better risk-adjusted returns than public real asset proxies, while noting illiquidity and access hurdles.
Topic: Alternativesnuveen.com
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The cost of being too liquid (opens franklintempleton.com)
Franklin Templeton Institute strategists explain the illiquidity premium in private markets and how large institutions budget for it. They propose that advisors set aside an illiquidity bucket for money a client can lock up for seven to 10 years, suggesting 10% to 20% may suit many high-net-worth investors.
Topic: Alternativesfranklintempleton.com
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Asset Managers Face Distribution Challenges as Alternatives Demand Accelerates (opens cerulli.com)
Cerulli surveys how asset managers support advisors who use alternatives. Advisors managing at least $500 million allocate 4.4% to illiquid alternatives and expect 5.7% by 2027, and three-quarters of managers say advisor education is the biggest obstacle to wider use.
Topic: Alternativescerulli.com
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Right-sizing private equity in a portfolio (opens corporate.vanguard.com)
Vanguard offers a framework for deciding whether and how much private equity belongs in a portfolio. It finds the diversification benefit is often overstated by smoothed valuations, and that a sensible allocation ranges from 0% to 40% of total equity depending on liquidity needs, tolerance for active risk and access to skilled managers.
Topic: Alternativescorporate.vanguard.com
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Should Trend Follow Carry: Lessons from Bonds, Gold, and 2022 (opens syzygyassetmanagement.com)
Researchers at the firm formerly known as Research Affiliates test whether trend-following strategies should trade only in the direction of an asset's carry. Using 83 futures and forward markets since 1989, they find carry filtering has generally helped but backfired in 2022, and that it adds the most in bond markets.
Topic: Alternativessyzygyassetmanagement.com
From AdvisorIQ
We have not published any articles of our own yet. When we do, they will be listed here, newest first, with the author and date on every piece.
Editorial
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