investments are seeing the benefits of adding alternatives into a complete portfolio. you know, forever it's been the 60/40 model. now it's moving to the 50/30/20 for -- 20 is alternative investments, primarily private markets. >> expand on that a little bit. because you think that's going to be a lasting change, that as you try and help democratize, if you will, alternative investments, that more retail investors are going to be able to add exposure and invest alongside some of the largest names in the institutional investment world in ways they were never able to do. >> that's exactly right. when you look at the allocations that in many cases financial advisors have been limited to what they've been able to do for their end clients, with this democratization alternative investments and some of the biggest alternative asset managers actually serving the wealth community and focusing on them, now of course we're making alternative investments more available to financial advisers and then to their end clients. the reason for that is that the performance and the impact of alternatives in a portfolio over long periods of time has been proving out. >> it speaks to something you announced today, called cais advi

segment where we cover unique challenges and opportunities facing the world of alternative investments , shift away from the market, and bring in lisa abramowicz. lisa: i'm very excited for this guest. sarah samuels, partner at a consulting firm that advises endowments, foundations, retirement plans, and more which managed 1.7 trillion dollars. basically she is the one that takes the money and matches it with the investments and really understands where the opportunities are at. thank you for being with us. i want to start with a narrative dominating the discussion in markets which is the election, causing people to remain on the sidelines are you seeing the same kind of hesitancy in private markets as well? sarah: we certainly have seen some disruption in private market commitments. when we think about the three major things that i would like to impart today, one is that there is a lack of liquidity. that is a challenge in private markets. two, public markets alone will not get you where you need to be as a public institution. three, a chief investment officer mindset is required in today's markets. to your point

alternative investments. we heard from citadel securities and jp morgan's jamie dimon about the roadblocks for the ipo market. >> the negative side effects of being a public company as a result of regulations like the ones you are mentioning happening now are giving people longer and longer pauses. it probably also means, next time when you try to ask me -- not try, when you ask me, whether we are going ipo are not the answer will continue to be no. jamie: under the u.s. we made it harder to go public. we eliminated research into smaller companies. the costs are higher. litigation expenses are higher. filing with the sec is higher. i think we need to make it easier and cheaper to go public. sonali: jamie dimon also said it's partly private companies hope for higher valuations than the market will give them. it raises a question about how private equity can become appealing again without a robust market for exits. bloomberg surveillance anchor lisa abramowicz joins us with a guest on the issue. lisa: i am here with andrea auerbach the global head of private investments at cambridge associates serving around 58

sonali: this is bloomberg markets and i am sonali bostick -- bassak, and now it is time for monday undercover. and now we talk about alternatives facing investments the bloomberg rela tour -- regulatory forum the sec, vote -- voice concerns boyd --. they warned about a lack of transparency as the market has ballooned in size but interest rates have remained high. we are joined by barrings head of consumer acs. you think about all these rising warnings and this is because they do not have oversight over the system. when you think about what is being done outside of the purview, what is working and what is of concern? yulia: the most concerning area is the emergence of new asset types as it pertains to collateral and when you say asset-based financed it means different things to different people. historically it has been a plane market dominated by credit like auto loans and credit card receivables. over the last decade it has evolved to more esoteric types of lending. and it involves things like solar, receivable, music warranties and more asset classes that emerged over the last year. i think there is opaqueness pertaining to evaluation of some o

market activity, realizations, et cetera. and my colleague and i had the chance to meet with a couple alternative investment managers in the lastouple of weeks. and you can tell that there are some urgency to get out there and monetize those assets with the markets opening up. in terms of the elections getting done and the fed easing policy. so there's a couple of catalysts, i think that will weigh into '25 and provide a better environment. and the banks, as facilitators of those transactions, both advisory and capital markets are well positioned to take advantage of those trends. >> mccray, thank you very much for being with us today. leslie picker, always good to see you. thank you. >>> former president donald trump speaking in chicago today. that discussion wrapping up. it was at the economics club of chicago. an event collaborated with by bloomberg. give us the details. >> yeah, that's right, tyler. it was bloomberg editor in chief at the economic club of chicago sitting down with the former president here just over an hour of conversation. in it, a number of economic items i want to bring to you, including the fact that th

market. and guess in widely distribution and invest marked as a few on and off of that. one reason the alternatives are so sought after can be seen right here. the popular robust is increasingly being attacked by past due to big changes in the climate stick border on this type this another busta. ok. so one of this i have those 3 florida is you see colors one on one side of the the young's to barracka is already being blended with other types of coffee and sales are increasing for the farmer. this means he can continue to pay the school fees for his 8 children with the ad on the sell pests and diseases must be. thank you. i've seen a profile monday. you did our stomped out problem, david. anything but you see nowadays the broker trick brought up being so who was this? why not produce the spit? i kind stuff like, but it was those when we visited, you might have for today's as what i look like if the benefit of this one. so we funded and, and her team want to document and substantiate the farmer's experiences in a project that will run over several years. they're comparing 800 farms that grow differe

market. and guess in widely distribution and invest marked as a few on and off the top of yes. okay. one reason the alternatives are so sought after can be seen right here. the popular robust is increasingly being attacked by past due to big changes in the climate thing bought out on this side of this. and although busta ok, so one of this i have those 3 bought out is you see colors one on one side of the the young's to barracka is already being blended with other types of coffee and sales are increasing for the farmer. this means he can continue to pay the school fees for his 8 children with the other on the style, pests, and diseases most a thank you. i've seen a profile of money today that was stamped, i was prone david. anything but you see now the, the, the broker trick brought up speak. so who is this? why not list the spit icons stuff like, but it was those when we visited myself, which support our lives as what that look like if the benefit of this one. so we funded and, and her team want to document and substantiate the farmers experiences in a project that will run over several years. are there compar

alternative investments. lisa abramowicz joins us for that. lisa: i am here with somebody who has been in this market a very long time, ken kencel, president and chief executive officer of churchill asset management who has money under management at affiliate capital and is the manager of nuveen. we have been talking about it in terms of public debt markets and a 50 basis point cut that changes everything. how much have you seen a turbocharging of the activity that has already been going on in private credit? ken: great to see you in great to be back again chatting about private credit. the decline in rates and the normalization as we head into the new rate environment has been a real spur for economic activity, certainly deal activity in the private credit market. we had about $33 billion of activity in the second quarter. that is the most active quarter in private credit we have seen the last three years. as a firm error activity is up over double in the past year. i think rates coming back and more normalized rate dynamics is good news for private credit. it is certainly good news for companies tr

type of hosting to the global market and gets it and why the distribution and invest marked unfulfilling off the top of that. yeah, so can you please one reason the alternatives are so sought after can be seen right here. the popular robust is increasingly being attacked by past due to big changes in the climate thing bought out on this side this and although busta ok, so one of this i have those 2 florida is you see collaboration on one side of the young still the barracka is already being blended with other types of coffee and sales are increasing for the farmer. this means he can continue to pay the school fees for his 8 children with the other on the style, pests and diseases must be thank you. i've seen a profile of money today that was stamped, i was prone david. anything but you see nowadays the broker trick brought up being so who was this one address the spit, i kind stuff like, but it was those when we visited much outputs to put our lives as what, how much like if the benefit of this one? so we funded and, and her team want to document and substantiate the farmers experiences in a project that will run over several years. so they're comparing 800 f

market. and guess and why the distribution and invest marked as a few on on off button. yes. so can you please one reason the alternatives are so sought after can be seen right here. the popular robust is increasingly being attacked by past due to big changes in the climate thing bought out on this side, this an auto busta. ok. so one of this i have those 3 florida is you see collaboration on one side of the young still the barracka is already being blended with other types of coffee and sales are increasing for the former. this means he can continue to pay the school fees for his 8 children. with the other on the se, sending use is mostly like you. i've seen, i've provided money to do that was stamped, i was prone david's thing. but to you see now to the broker trick brought i think so who is this? why not produce the spit? i kind stuff like, but it was those when we visited myself, which is what our lives as what i look like. if the benefit of this one, so we funded and and her team want to document and substantiate the farmer's experiences in a project that will run over several years. are there comparing 800 farms th

alternative investments . we have grown our firm at 25% since the financial crisis. a lot of the reasons for the growth was a lot of the lending has been pushed out of their regulated financial markets into the nonregulated markets to firms like monroe. we went on a search to find what we thought would be the ideal partner. we wanted somebody that we thought was very limited partner focused, investor focused, somebody that had a significant balance sheet that could help us grow the business, yet, somebody that would allow us to have investments and operational independence. we found a 320-year-old firm, french investment firm in wendel. they have been around since 1720. they survived two revolutions. they have about 1300 family members and they agreed to make a valuable -- available about $13 million of seed capital so we can grow our business and attract institutional and high net worth investors into what has become a very, very stable, consistent, and investor friendly asset class. sonali: we were talking about pressures in the regional banking system. since 2008 a lot of activity has moved into private credit. i am curious how that extension works now. when i had gone around and

markets," time for bloomberg money undercover. our weekly segment where we cover the unique challenges and opportunities facing alternative investmentssa abramowicz joins us now with a special guest. lisa? lisa: we talk a lot about private credit living in a golden era and the money seems to ratify that. you interviewed john gray earlier, once known as a private equity behemoth, but the credit union is now the biggest by asset so the question is, how much longer can the golden era continue and how much room is therefore growth? joining us now to discuss, vivek matthew. thank you so much for being here. i want to start there. you estimate the private credit market is something like $1.7 trillion. how big could it get? vivek: that number is a big number, 1.7 trillion, but we think that the market is even bigger than that, bigger than most people think. that's ok, the growth the market has seen and the growth that we expect the market to continue to have is really healthy overall to the u.s. economy. i will give you a couple of examples. larger companies that use public credit markets for financing, the private credit market has actuall

market, they are the gainers and losers. stocks themselves are getting pricey at these levels but long before that he was always interested in alternatives, rogue investments, big believer in things like gold, silver, platinum, bitcoin, the company cofounder joins us now. great to have you. what do you think of bitcoin right now? seems to be closing in on $70,000 a coin. a lot of people get excited when the market goes south, usually those investments go up. it has not worked out that way but what do you think? >> i'm a hard-core -- it took me a while, i am an old guy. give me some stats. the s&p is up 24%. gold is up 32%. silver is up 43% because india is buying silver like crazy right now. out of the dollar into alternative assets. neil: how will this affect bitcoin? if i remember correctly this could easily go to one hundred thousand dollars, next year may be a million dollars and i thought you were on to something at the time or maybe you were getting onto something at the time so tell me what you see in it that others might be missing. >> the biggest issue is america is now the biggest debtor nation in history. our interest payments on our debt is $1

alternatives, there's three reasons. the first one is given they don't mark to market on a daily basis, they put the emotional side of investingthe side. the second thing is that the investable universe in the private space is larger than it is in the public space so if you look over the last 25 years, the number of companies that are public has gone down but the number of private equity private backed companies has increased six fold. additionally, given the amount of money that is coming into private markets, they're able to stay private longer and have a tremendous amount of value creation before they go public. that being said, we recommend that we've led into alternatives for cliengts. while i've said 25%, we get there over a 5 to 6-year time period so our clients aren't geared towards anyone vintage. >> as more money goes into things like private credit. it only increases the duration that a company would, you know, remain private for longer because they just don't need to tap the public market for liquidity. >> yeah. the no, absolutely. the private credit, we do see that market is going to continue to expand and if you

that we will apply a 50% relief in all circumstances on inheritance tax for shares on the alternative investment market, setting the effective rate of tax at 20%. taken together, these measures raise over £2 billion by the final year of the forecast. next,