Additional retail and retirement-plan demand are expected to broaden distribution of private markets, but they will also bring scrutiny and comparisons to public markets.
The previous insurance arm of Legal & General Group PLC was purchased by the Japanese insurer for $2.3 billion.
Higher allocations to public markets and prudent stock selection led those with top-quartile returns in fiscal 2025, according to NEPC.
Tariffs, uncertainty about the future of Federal Reserve independence, and rising U.S. deficits could drive yields higher.