Commercial real estate has had a tough stretch. As interest rates rose quickly starting in 2022, transactions slowed, pricing became harder to pin down and many investors put new equity commitments on pause while the market worked through a reset.

In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell discuss what drove that slowdown, why the opportunity set has leaned toward private real estate debt and what an inflationary growth backdrop could mean for real estate's role within a real asset allocation. Their view is that conditions may be improving, but results will depend on being selective by strategy, property type and geography.

They discuss:

• Why rising rates froze transaction volume, pushing the opportunity set toward private real estate debt
• What an inflationary growth backdrop could mean for real estate's role going forward
• Why selectivity matters more now, by asset, strategy and region
• How multifamily conditions differ across markets as new supply works through the system
• Where opportunistic approaches may find openings, including parts of office at the right price

For families considering new commitments, the conversation is a reminder that real estate may be re-entering the opportunity set, but broad allocations are less likely to do the job than disciplined manager selection and targeted exposures.

If you'd like to talk through where private real estate debt or selective real estate equity may fit in your plan, please contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Entering 2026, the market is bracing for a shift. While the consensus expects inflation to cool, the fundamentals suggest a different path: inflationary growth.

In the second half of the conversation on The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame move beyond sentiment to discuss how this "stubborn" inflationary environment should reshape a private investor's portfolio.

They discuss:

• Why Sam expects inflation to stay sticky in 2026
• What inflationary growth can mean for cash and bonds
• Why duration risk matters if rates rise
• Where credit and structured fixed income may fit
• Why equities can benefit, unless policy turns restrictive
• Why real assets may play a bigger role when pricing can adjust

Sam also notes that growth support is not limited to the U.S., pointing to policy support abroad as another factor to watch as the year develops.

Listen to the full briefing below to hear Sam's specific outlook on why international stimulus in Europe and Japan makes overseas risk assets particularly attractive right now.

Have questions about how inflationary growth affects your specific allocation? Please contact us; we're here to help.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private market investors have been feeling the effects of slower exits and fewer distribution events, particularly in venture. That strain has made it harder for families to keep commitment pacing steady, even when their long-term conviction has not changed.

In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sat down with Deputy CIO Matt Farrell to discuss what many are calling a "thaw" in private markets. The core question was simple: Are we seeing real improvement in liquidity, or just hopeful headlines?

They discuss:

• What a "thaw" looks like, and why private market data comes late
• Why Q3 distributions rose, led by a handful of large deals
• How the post-2021 reset changes what "normal" looks like now
• Why vintage-year pacing still matters when liquidity supports it
• Where we are looking: materials for the AI buildout, plus power and energy demand
• Why "picks and shovels" can limit reliance on one winner

Improving distribution activity would be a welcome change, but it does not remove the need for discipline. For families who plan for illiquidity, size commitments carefully and diversify by vintage, private markets can still play an important role.

To discuss how these themes may relate to your portfolio, please contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.