NYAIR Episode 13
Key Trends Impacting Hedge Funds, Private Equity & Real Assets
Hedge funds and private capital face a transformed landscape—where performance expectations, allocation trends, and risk paradigms are under review. In this episode, industry authority Dr. Keith Black joins seasoned market moderator Robert Akeson to dissect what’s driving outflows, explore how global allocators are shifting assets, and reveal what tomorrow’s successful fund looks like. If you manage capital or advise clients in alternatives, this conversation is your edge in a market that refuses to stand still.
Featured Guests
Dr. Keith Black
Managing Director, Formerly CAIA Association
Dr. Keith Black is one of the world’s premier educators and strategists in alternative investments. With over 30 years of combined experience in academia and industry, Keith has served as Managing Director of Content Strategy at the CAIA Association and consulted for premier institutions on hedge funds, private equity, real assets, and manager research. He is a highly published author, textbook co-author for CAIA exams, and recipient of Institutional Investor magazine’s “Rising Stars of Hedge Funds” award. Keith’s work bridges the technical and practical, empowering global allocators and fund managers to stay ahead in fast-evolving alternatives.
Robert Akeson
Managing Director Investment Banking at Riverside Management Group
Robert Akeson is a veteran executive with deep expertise in brokerage, prime brokerage, agency execution, and financial technology. As former COO and Co-Head of Prime Brokerage at Mirae Asset Securities (USA), he built best-in-class solutions for hedge funds and institutional investors, and is widely regarded as an innovation leader across capital markets. Now Managing Director at Riverside Management Group, Robert guides fintechs, asset managers, and professional investor platforms, while drawing on years of speaking and teaching at New York’s top financial forums.
Key Insights From This Episode
Asset Allocation Flows Are Shifting Rapidly
Institutions and endowments are moving away from hedge funds—driven by performance disappointment and fee scrutiny—toward private debt, real estate, and infrastructure.
Scale and Due Diligence Dominate Fund Survival
The era of small funds is ending: institutional allocators demand robust external administration, risk management, and due diligence—the cost of doing business in alternatives.
Global Trends: China Surges as a Venture Capital Hotspot
While US and European venture activity slows, China sees explosive growth, positioning itself as the next major destination for capital and innovation.
Liquidity and Private Market Returns—The Rebalancing Dilemma
Private equity, venture capital, and natural resources offer higher returns over time, but with unique liquidity and exit challenges—forcing investors to rethink portfolio construction.
Private Debt: The Hot New Allocation
With tighter bank regulation and risk aversion, private debt is surging. Institutional investors are aggressively rotating allocations to exploit yield opportunities in the direct lending and mezzanine spaces.
The “Unicorn Quandary”: High Valuations, Few Exits
A glut of billion-dollar private firms—unicorns—with negative cash flows is causing founders to delay IPOs, challenging traditional exit timelines for venture capital.
Access the Full Conversation
Don’t miss Keith Black’s in-depth answers on performance measurement, fee compression, and finding value in today’s competitive capital environment. Access the full audio and download an exclusive insights deck to power your next investment committee or client meeting. These actionable resources are designed for allocators, managers, and advisors navigating tomorrow’s alternative investment landscape.
Soundbites Worth Saving
“Hedge funds haven’t necessarily done the job the way people might have expected… For many, the number one cause of mortality is the failure to scale to an economic size.”
— Keith Black
“Private debt is the number one asset class institutional investors are looking to allocate to. It’s an opportunity that’s come out of new regulation and the appetite for yield.”
— Keith Black
Shape the Future of Alternatives With Us
The New York Alternative Investment Roundtable brings together the brightest minds in finance—Nobel laureates, industry disruptors, Fortune 1000 executives, and leading fund managers. By joining as a member, you gain access to premium events, exclusive insights from our podcasts, and direct connections with the decision-makers shaping global markets.
Your seat at the table is waiting.
© 2025 New York Alternative Investment Roundtable | Privacy Policy | Terms and Conditions