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Q & A — 14 November 2024

How can you diversify your investments in non-listed companies?

Investment tip: while private equity remains a major source of growth, other unlisted segments such as infrastructure and private debt are gaining in importance. Investors who have started to allocate to private equity in recent years should not shy away from exploiting the diversity of the unlisted asset market.

If you have any questions about investing in unlisted assets, ask our experts:

Contact our private equity expert

The dynamics of unlisted assets

Predicting the future is impossible, so portfolio diversification across different asset classes is essential. If private assets are becoming an increasingly essential diversification tool for long-term allocations, it's first and foremost because this asset class is steadily gaining in relative importance. According to figures from Pantheon International, the number of listed companies in North America fell by an average of 2.2% a year between 2010 and 2020, to 11,391, while the number of companies supported by unlisted investment players, on the other hand, surged by 5.7% a year over the same period, to 16,850. This expansion of the unlisted universe and the professionalization of the industry has brought granularity to the market, and has been accompanied by increasing segmentation. It's no longer just a question of diversifying by adding unlisted assets to traditional asset classes: investors can also find diversification within the unlisted pocket itself.

So, thinking about diversification means not only entrusting your money to different managers, but also allocating to different types of strategies, different vintages, different geographies and even different types of assets.

Exploring all unlisted segments

It's important not to approach unlisted assets as a homogeneous asset class, but rather to focus on market segments and management teams offering the best ratio of risk to potential return. The Mid-Cap market is highly adaptable to a changing economic environment. In addition to continuing to invest in unlisted companies (and more specifically in development capital and buyout capital), where returns have always been well above those of traditional asset classes, it is important to complement this allocation with other strategies to which private clients are still under-exposed. We can, for example, build a core portfolio based on private equity strategies co-investing alongside large funds, or on secondary strategies. The latter option provides access to more mature portfolios, and therefore reduces the length of time funds are tied up. In addition, adding pockets invested in infrastructure or private debt, for example, enables diversification into more or less risky asset types.

As with listed assets, the adage about not putting all your eggs in one basket remains valid here. And when you look at the granular universe of unlisted assets today, a well-supported investor has all the tools at his or her disposal to do just that! Good risk diversification is the key to generating attractive, relatively regular returns over the long term.

Q & A

How much to invest in private equity

As the private equity market opens up to a much wider audience, the question of the ideal amount to invest is being asked more and more frequently.

Q & A

What is a private debt fund and how to invest?

Find out how a private debt fund works in France, its characteristics, advantages and associated risks, and how it differs from a private equity fund.

Q & A

Is there a good market timing in private asset investments?

Private equity investors often ask the question: is there such a thing as good market timing? In the unlisted sector, there are significant differences in performance between managers. And with interest rates rebounding, selectivity is all the more crucial. In particular, you need to identify whether now is the right time to gain exposure to a particular strategy. When it comes to unlisted investments, the notion of ‘market timing’ does not have the same meaning as it does on the stock market.