Alternative assets like private equity, private debt and direct real estate have unique characteristics, which means they can offer diversification benefits. They also have the potential to generate more attractive risk-adjusted returns than might typically be found in public market assets. The movement towards alternatives has accelerated over the last few years, particularly as investors have adapted to lower forecast return assumptions from equities and bonds. This is shown through Invesco’s capital market assumptions, which provide long-term estimates for the behaviour of major asset classes globally.