Private-market investment was a hot topic at Davos this year.


With equity markets hovering near all-time highs, it’s no wonder why some investors are starting to search for pockets of untapped value. After all, the decade-plus bull market can’t go on in perpetuity. But Rich Nuzum, president of Mercer’s wealth business, thinks he knows exactly where to look: private markets.

“Publicly traded equities have lower expected returns on a go-forward basis than they’ve had historically,” he said in an exclusive interview with Business Insider. “We’re seeing good valuations on a relative basis in private market asset classes: private equity and debt, real estate, and infrastructure.”


He continued: “I want to emphasize the word relative, because it’s relative to public markets.”


Are private markets as overvalue as public?


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