As a number of crosscurrents swirl around the private markets ecosystem, including virus-related concerns, public market volatility, high historic valuations and rampant eco­nomic uncertainty, we share our thoughts on key elements of our ecosystem.

A key strength of the Portfolio Advisors platform is the ability to op­erate across market cycles. Our investment philosophy is grounded in the control of risk through diversification across strategies, man­agers, geographies and vintage years in order to build portfolios which do not get overexposed during frothy periods or underex­posed during economic slowdowns. Since our founding in 1994, we have focused on accessing skilled private equity, private debt and real estate managers …