J.P. Morgan – Alternative Investments Outlook, 2026

The report discusses the evolving landscape of alternative investments as we approach 2026.

It highlights a new era characterized by rapid technological advancement, shifting economic paradigms, and the convergence of public and private markets. Key trends include a significant capital expenditure cycle driven by artificial intelligence (AI), the growth and deepening of private markets, and the expansion of private credit markets. The report also notes the increasing role of renewables in energy security and the electronification of the economy. There is a democratization of access to private markets with more participation from retail investors and retirement systems. Public markets remain important and a balanced approach using both public and private markets is essential for diversification and return potential. Challenges such as valuation, transparency, and liquidity are acknowledged but seen as signs of market evolution rather than excess. The outlook emphasizes selectivity in investment choices going forward.