The September Perspective: Vol. 2

Q1 2026

We hope you’ve had a strong start to 2026. We’ve pulled together key market themes and notable people moves from the first quarter—please take a look and let us know if you have any questions or feedback.

Market Themes

• The Unified Private Markets Platform: The largest alternatives managers are unifying their private markets platforms, in part because investors are streamlining their manager relationships and increasingly favoring platforms that can offer exposure across sectors and the capital structure. The BNP Paribas / AXA IM merger is the most recent example, but the same dynamic is playing out organically at firms like Brookfield, Blue Owl, PGIM, EQT, and many more. From a talent perspective, capital-raise functions are the connective tissue across these platforms. Firms are actively debating how best to structure coverage, whether through generalists who can cover all strategies or implementing a layer of product specialists for each asset class.

• AI and Talent Landscape: Firms are in a constant state of recalibration as AI capabilities evolve — a role defined twelve months ago may look meaningfully different today. The result is genuine hesitation around committing to headcount, particularly at the junior levels, and a growing premium on people who can adapt and deploy these tools. While entry-level roles remain most exposed, the reevaluation is moving up the seniority spectrum.

• The Case for Core / Core-Plus: The growth capital in private markets is increasingly coming from private wealth, retail, and insurance channels rather than traditional institutional LPs, many of whom remain over-allocated. Accessing those channels requires different products — and firms are responding. Core and core-plus strategies are expanding across real estate, infrastructure, and credit, driven not just by LP demand but by deal reality: some of the most attractive assets on the market today are priced for core returns, and firms require lower cost of capital to be able to compete. Demand for portfolio managers with experience running these strategies and managing the operational demands of the fund itself has followed.

• Evolution of Compensation Structures: Base compensation is flat to modestly up, but the more interesting story is structural. Firms are getting creative with deferred cash, longer carry vesting schedules, and co-investment access as retention tools — particularly where base budgets are constrained. Candidates are increasingly sophisticated about evaluating these structures, and firms that can't articulate a compelling long-term economics story are at a disadvantage in competitive situations.

• Alternatives & Asset Management: Alternative sectors such as seniors housing, student housing, medical office, storage, and data centers continue to draw significant institutional demand. The edge belongs to investors and operators who can create value through hands-on asset management rather than financial structuring alone, and firms are hiring accordingly, with a growing premium on those who combine underwriting depth with genuine operational experience.

Click here if you want more information on how these themes are playing out in the talent market.

SSP News

This quarter has kept us active across a wide range of mandates, spanning capital formation, investments, asset management, portfolio management, design and construction, and operational leadership roles (COOs, Heads of Operations). We view this as an encouraging sign: when firms are hiring across functions, it points to genuine momentum and intentional growth rather than isolated gap-filling.

We were thrilled to host a roundtable for human capital leaders across the real assets industry. The conversation was wide ranging, and we have noted below a few of the themes from the discussion.

• Talent evaluation is getting more rigorous. Firms are implementing more structured assessment processes at both the senior and junior levels, and the bar for what "good" looks like is rising. The cohort that came up during COVID remains a distinct consideration in how firms hire and onboard.

• Compensation conversations are more complex than they used to be. Base increases are modest, but the real dialogue is around long-term incentives. Firms are getting more sophisticated in how they structure deferred compensation and carry, and are placing greater emphasis on helping employees understand the full value of those awards.

• Culture doesn't manage itself. Firms navigating growth, whether through acquisition, rapid hiring, or generational change, are finding that cultural integration requires deliberate, sustained effort. The firms doing it well are starting at the top and building processes and accountability structures designed to outlast leadership transitions.

If you'd like to learn more or join a future session, please reach out.

Notable People Moves

Individual	Title	New Organization	Former Organization	City
Bradley Petersen	Managing Director, Private Capital Fund Raising	Digital Realty	Jamestown	New York
Brendan Scollans	Partner and Head of North America	Morrison	GI Partners	New York
Diana Shieh	COO and Head of Asset Management, Private Real Estate	Cohen & Steers	Oxford Properties Group	New York
Charlie Leonard	Partner	Machine Investment Group	Rockwood Capital	New York
Ian Curry	Managing Director and Co-Head of U.S. Data Centers	Principal Asset Management	Sixth Street Partners	San Francisco
Michael Yang	Managing Director, Fund Management	Digital Realty	CBRE	Boston
Peter Sibilia	Head of US Transactions	LaSalle Investment Management	Rithm Capital	New York
Patrick Connell	Managing Director, Head of Real Estate, Americas - Client Solutions Group	Macquarie	S2 Capital	New York
Charlotte Taylor	Managing Director, Real Estate Business Development, Head of US East Region & Canada	PGIM	DWS Group	Washington, DC
Ed Rieger	Executive Director, Real Estate Consultant Relations	PGIM	Heitman	New York
Graham Dorland	Managing Director, Business Development	Pretium	Walton Street	Austin
Manjul Ramchandani	Managing Director	EQT	Cortland	New York
Chirag Goyanka	Managing Director	KKR	Arjun Infrastructure Partners	New York
Stephanie Johnson	Director, Product Specialist	KKR	Ares	New York
Kimberly Mughal	Principal, Product Specialist	TPG	Hodes Weill	New York
Catherine Campbell	Principal, Head of Investor Relations	Arroyo Investors	Antin Infrastructure Partners	New York
Derek Shillman	Principal	Energy Impact Partners	Apax	New York
Dara Ades	Director, IFM Investment Team	IFM Investors	Stonepeak	New York
Natalie Wynn	Senior Vice President, Transactions	Clarion Partners	Ventas	New York
Tim Olivos	Senior Vice President, Medical Office and Life Science Investments	Clarion Partners	Ventas	Chicago
Bonnie Murray	Managing Director, Investor Relations	Declaration Partners	Declaration Partners	DC
Sarah Cantrowitz	Managing Director	Principal Asset Management	Blackstone	New York
Tyler Kimball	Managing Director, Head of Real Estate Credit	Bluerock	Axonic Capital	New York
Andrew Konstas	Director, CMBS Portfolio Manager	New York Life Real Estate Investors	Tilden Park Capital Management	New York
Kaitlyn Furey	Head of Investor Relations	Buckingham Companies	Torchlight Investors	New York
Nikki Chavez	Director of Capital Formation	Interstate Equities Corporation	BKM Capital Partners	New York
Michael Tompkins	Director	Fortress Investment Group	JRE Partners	New York
Elyssa Marcus	Vice President, Retail Asset Management	Vornado Realty Trust	Crestlight Capital	New York
Carly Tripp	Managing Director, Client Portfolio Manager	Invesco	Nuveen	NY/NC
Matt Weyback	Principal	Apollo	HIG Capital	New York