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.
As the pipeline of emerging managers continues to grow, Caroline Dallas, a Director in GEM’s Investment Research Group explained to the Wall Street Journal Pro Private Equity why growing investor interest in this cohort could create meaningful tailwinds for the next generation of women-led firms.
Head of Venture Capital, Kate Simpson, joined David Weisburd on the How I Invest podcast to share how GEM evaluates venture managers and builds conviction through disciplined sourcing, rigorous reference work, and thoughtful fund-level underwriting in an increasingly bifurcated market.
In our 2026 Outlook, the GEM team explores the key forces driving today’s evolving market cycle, from AI-led capital spending to shifting dynamics in private markets, biotech, and real estate, and what they mean for positioning in the year ahead.
Let’s start a conversation about how we can help.
