Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate

“The increased access to private markets has been fueled by product innovation and a willingness of institutional managers to bring products to the wealth channel. It is a daunting task for advisors as they learn how to use these versatile and valuable tools. Tony Davidow has provided an excellent roadmap for advisors and investors with Private Markets, describing the merits of the asset classes, the structural tradeoffs, and how to incorporate them in client portfolios.” ―Jenny Johnson, President & CEO, Franklin Templeton

“Tony Davidow’s Private Markets offers a deep exploration of the intricate world of private investments, rooted in decades of firsthand experience. As an instructor in our Certified Investment Management Analyst® program and drawing from his extensive background working with family offices, institutional and individual investors, Davidow masterfully demystifies the opportunities and risks of private markets, guiding financial advisory professionals through the complex landscape with clarity and expertise.” ―Sean R. Walters, Chief Executive Officer, Investments & Wealth Institute®

“Once again, Tony Davidow has leveraged his distinct ability to triangulate academic content, with practical application, using thoughtful decision-making in his latest book Private Markets. Tony shares his knowledge and wisdom, cultivated by his decades of working with advisors and investors. With this new book, Tony described the tectonic shift that is underway, with the convergence of institutional capabilities, being brought to the wealth channel. As advisors evolve their practices and investment acumen, Tony has provided them with an accelerator on how to build better portfolios with private markets.” ―Craig Pfeiffer, President & CEO, Money Management Institute

“I’ve known Tony Davidow for 20+ years, through our mutual involvement in the Investments & Wealth Institute, and our passion for writing and speaking about investing. As the Chief Investment Officer, of a Multi-Family Office, specializing in providing unique access to private market investments to our High-Net-Worth and Ultra-High-Net -Worth families, I can attest to the importance of this book for advisors and wealthy families. It covers all of the essential topics and does so in an accessible style that will be useful to newcomers and veterans alike. Tony ― as always ― has delivered an excellent reference book, and I highly recommend it.” ―Scott Welch, CIMA®, Partner & Chief Investment Officer, Certuity

“This is a must-read for advisors at a pivotal point in the private markets industry. The adoption of private markets in the wealth management channel is changing rapidly and its role will quickly move to a core consideration in client portfolios over the next decade. For those interested in gaining further context behind the industry’s evolution, how to view the role of private markets in a portfolio, and how to begin the integration process, this book is a great place to start. Tony’s writing is approachable and practical, making for an easy but important read.” ―Aaron Filbeck, CFA, CAIA, CFP®, CIPM, FDP; Managing Director, Head of UniFi, at CAIA Association

“The roles of the public and private markets are changing with private capital now financing a larger part of the broader economy. This is a sea change from just two decades ago when the public markets greeted the best and brightest of the corporate universe. Today, those companies are more likely to seek private capital. Tony has worked at the intersection of the wealth channel and the private markets throughout this evolution and has been on a mission to educate advisors and affluent investors who want to better understand the various asset types and structures available to them. This book is a valuable resource that reflects his deep knowledge and passion for the subject.” ―Nick Veronis, Co-Founder & Managing Partner, iCapital

“Tony Davidow’s Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Real Estate is a must-read for any financial advisor or investor looking to navigate the evolving landscape of private markets. Drawing on decades of experience allocating private capital and educating founders and advisors, Davidow offers objective insights into the merits of private markets and their role in portfolio construction. This book is not just a guide; it’s a comprehensive resource that demystifies complex concepts, making them accessible and actionable. Whether you’re new to private markets or a seasoned professional, this book will arm you with the knowledge to better assess and allocate with confidence.” ―Christine Gaze, Founder & Managing Partner, Purpose Consulting Group, and Chair of the Board, Investments & Wealth Institute

“Tony Davidow leverages his decades of experience working with high-net-worth families and private markets to deliver a must-read for advisors and investors. Private Markets explores the democratization of private markets, provides a deep dive on the various asset classes, and peers into the future. Davidow provides a practical guide for using private markets to provide better client outcomes.” ―Stephen Dover, Executive Vice President, Chief Market strategist, and Head of Franklin Templeton Institute

“As more companies choose to remain private, affluent investors are understanding the impact of private capital on our economy. I first got to know Tony as I was eager to tap into his knowledge of working with high-net-worth families, drawn to how he made complex problems understandable. Tony’s thoughtful and pragmatic approach makes him well suited to explain the intricacies of alternative investments. This book will be a valuable resource for advisors, and any asset management industry participant, seeking to understand this important and potentially transformative trend.” ―Bing Waldert, Managing Director, U.S. Research, Cerulli Associates

The average investor allocates only 5% of their portfolio to alternative investments. And while many of these investors aim to increase that allocation to 20%, they―and the advisors who serve them―frequently lack familiarity with alternative markets.

In Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate, senior alternative investment strategist and author Tony Davidow delivers an authoritative rundown of the merits and challenges of investing in three popular alternative asset classes: private equity, private credit, and private real estate. He identifies, explains, and evaluates the options available to high-net-worth individuals and other retail investors, walking you through the latest fund structures that provide broad access to private markets at lower minimums and with greater flexibility.

With a Foreword written by the President of the Chartered Alternative Investment Analyst Association, John Bowman, and an endorsement from Jenny Johnson, President and CEO of Franklin Templeton, Private Markets is the ideal entry point for investors seeking an introduction to the higher risk-adjusted returns historically delivered by private investments.

Perfect for sophisticated retail investors and the advisors who serve them, Private Markets is also an essential resource for investing institutions, family offices, portfolio managers, high-net-worth individuals, and hedge funds.