Asset Allocation 2026 – Real Assets

Asset Allocation 2026 – Real Assets
In 2026, Real Estate and Infrastructure face a cautiously positive outlook, supported by moderate growth across major economies and a transition from a higher-for-longer environment toward more stable or slightly lower rates—a backdrop that supports real asset valuations and financing conditions.

In this context, investors are prioritizing assets with prudent capital structures and strong cash flows. Highly leveraged assets, by contrast, face greater refinancing pressure. While macro and operational risks persist, these risks are increasingly reflected in valuations heading into 2026.

We also highlight how adding real estate and infrastructure can enhance diversification and reduce portfolio volatility, combining stable income from core and core-plus strategies with selective value-add and opportunistic exposures to capture recovery potential. In addition, evergreen vehicles in real assets continue to gain traction as an entry point into private markets: while they still represent a relatively small share of total AUM (especially in infrastructure), the number of funds and capital managed continue to grow—and in real estate, evergreen performance has generally outpaced comparable public markets.

Read the full report: HMC Capital Asset Allocation Report 2026 – Real Assets.

Stay tuned for the next reports in the Asset Allocation 2026 series: Private Debt and Private Equity

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