Alternative asset classes, such as real estate and infrastructure, have historically featured specific attributes relative to traditional stocks and bonds, such as uncorrelated returns and diversification. However, investing in alternatives can present challenges in certain market environments depending on the degree of liquidity. For example, right now the investment community is combatting the impact of the COVID-19 global pandemic, which has raised concerns for investors with exposure to both illiquid and liquid alternatives. The unprecedented economic, social and political toll felt from COVID-19 has resulted in dramatic volatility for publicly traded liquid investments, while at the same time restricting access to capital locked up in illiquid investments. As such, investors need to understand and prepare for events such as this.