Investment Leaders Newsletter January 2025

Can private equity produce excess returns above what is available in the public markets? It’s a question we’re getting from many individual investors as private equity investing opportunities have become more accessible through evergreen products.

Last month, US voters re-elected Donald Trump for a second term as US president. As a result, market enthusiasm and expectations are high. An immediate rally in US equities (and a selloff in bonds) pointed to renewed optimism for both growth and pessimism for inflation. In this article, we delve into whether these expectations will match reality. But first, let’s take a quick look back on how real estate performed under Trump 1.0.

As we swing into the holiday season and the parcels from Black Friday continue to land on your doorsteps, it felt apt to unzip the “Buy Now, Pay Later” (BNPL) industry in more detail; particularly focusing on Zip. BNPL has transformed from a nascent industry into a mature, fully-fledged component of retail payments.

Emerging Markets (EM) have experienced a dynamic 2024, driven by shifting economic conditions, political developments, and evolving investment trends. As central banks adjust policies and global supply chains continue to realign, opportunities and risks across EMs are becoming increasingly defined. This article explores the key factors shaping the outlook for 2025, from the impact of monetary easing to sectoral growth trends and the evolving role of governance in investment decisions.