2024 was a year of divergence across real asset classes. Private real estate continued to face challenges, while infrastructure remained more resilient. Natural resources, particularly oil and gas, also stood out for their strong cash flows and reliable distributions. Secular trends as decarbonization and digitalization are critical to understand. At the same time, next-generation infrastructure offers growth potential but comes with risks tied to capital intensity and regulatory uncertainty. Read the 2025 Real Assets Strategy Outlook to learn more.
