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B. G., Opalesque Geneva:

Large asset managers are seeing four fundamental trends in their industry, according to the latest asset management report by Houlihan Lokey: - commercial real estate may suffer but may contain a generational opportunity to invest; - private credit continues its ascent on dethroning private equity; - the energy and infrastructure markets may be on the cusp of entering their own "private credit" moment; - and investors and capital seekers continue to prefer one-stop shops, spurring larger platforms towards diversification.

Although overall M&A transaction activity did not rebound in 2023, the fact that it did not deteriorate more is good news. "It's hard to tell if we are resting on the M&A bottom and preparing for a turnaround or are one significant shock away from an abyss," writes Charles Hibbs, a member of the asset and wealth management investment banking practice at Houlihan Lokey, an investment banking firm headquartered in Los Angeles with offices worldwide.

Private equity markets remain challenged on numerous fronts; fundraising remains difficult all around and valuations have not recovered from drops in 2022. The firm expects more managers to grow their use of continuation vehicles in this market.

"Look, the thing about private equity is you buy a great business, you find out it's a great......................

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