GEM 2023 Outlook: A New Investor Playbook

February 03, 2023

Looking Beyond ‘23

Our framework identifies three primary portfolio implications for navigating a new market environment:

1. Balanced Asset Allocation: Balanced asset allocation will be critical. The era of simple stock/ bond diversification is likely over.

2. Higher Real Assets Correlation: Commodity demand, US dollar weakness, and pressure on long-duration sectors will shift investor focus toward emerging markets and other market segments with higher real asset correlation. 

3. Strong Governance & Risk Management: More inflation and geopolitical volatility will put a premium on a dynamic approach to risk management and strong governance norms. 

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Recent Insights

GEM Raises $450M Fund to Back Independent Sponsors

Jay Ripley, Head of Investments, spoke with FundFire about the recent close of GEM’s inaugural independent sponsors fund and shared the importance of manager diligence in establishing long-term GP-LP relationships.

Elite Universities in Trump’s Crosshairs Are Drumming Up Cash

Potential policy changes have led many universities to consider shoring up cash reserves. Co-CIO Matt Bank spoke to the Wall Street Journal about the heightened uncertainty these schools are facing relative to previous economic downturns.

GEM Collects $450 Million to Back Fundless Private-Equity Managers

In an exclusive interview with WSJ Pro Private Equity, Jay Ripley, Head of Investments, discussed the firm’s approach to investing with independent sponsors following the close of GEM’s $450M inaugural fund dedicated to backing pre-fund managers.

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