Fitch Ratings has completed a periodic peer review of alternative investment managers (alt IMs), affirming the ratings of 10 issuers and upgrading one. All issuers have Stable Rating Outlooks, reflecting consistent core operating performance and resilient business models, underpinned by recurring management fees from long-dated funds and the largely locked-up nature of capital.
Ongoing scale and diversification of assets under management (AUM) have enabled alt IMs to attract capital across market cycles, with strong aggregate inflows even in the current challenging environment. Investors concentrate allocations with the largest and most diversified firms, which supports Fitch’s rated universe.
Alt IMs continue to face a challenging macroeconomic backdrop due to slower than expected investment realizations, heightened market volatility, and ongoing geopolitical and trade tensions. Although the transaction environment is stabilizing as interest rate uncertainty decreas
