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George H.vtt

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Given the election results the country is
going to be pursuing a pro growth agenda.

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We are likely to see a more
benign regulatory environment.

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We are likely to see a more
benign tax environment.

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So there are a whole series of
things that are going to be positive

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for business and for valuations.

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And so that generally will be
quite positive for markets.

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There are, of course.

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Big long term risks, inflation re
emerging debt and deficits and the like,

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but I think in the near term, markets
will be buoyed by the recent election.

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With regards to private credit, I
think what most clients are wrestling

{{00:00:54}}
with many clients have built terrific
portfolios of senior loans to sponsors,

{{00:01:01}}
traditional private debt, and are now
taking a step back and trying to build

{{00:01:07}}
a more diversified portfolio that
doesn't just have corporate exposure.

{{00:01:13}}
So they're looking for asset based
finance, they're looking for commercial

{{00:01:18}}
real estate loans, residential real estate
loans, and are trying to build a more

{{00:01:25}}
diversified, more resilient portfolio.

{{00:01:27}}
In much the same way that they
have in their core in their

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core public market exposure.

{{00:01:40}}
Asset class exposure tends to be
driven based on a strategic asset

{{00:01:44}}
allocation for most large investors.

{{00:01:47}}
You might over or underweight certain
areas, but that tends to, guide it.

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You rarely go from all in to, to, to out.

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In terms of countries, if you were
to ask me to pick one that I think is

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particularly attractive interestingly,
I'd pick Japan which has been a place

{{00:02:06}}
of dead capital for decades as they've
lived through a really tough period.

{{00:02:12}}
But I think there's extraordinary
structural change that were in the

{{00:02:17}}
relatively early innings of, happening
there that I think is gonna make it a, an

{{00:02:22}}
attractive place for long term investors
over the course of the coming decade.

{{00:02:32}}
The biggest challenge facing markets.

{{00:02:36}}
is long term fiscal responsibility.

{{00:02:40}}
We're running essentially a close
to full employment economy with a 7

{{00:02:45}}
percent structural budget deficit.

{{00:02:49}}
We've increased the debt as much
in the past decade as we did in

{{00:02:53}}
the first 170 years of the country.

{{00:02:56}}
It's just not responsible or
sustainable and, we need to get on a

{{00:03:03}}
sound long term path or It'll, we'll
see the long end of the curve, we

{{00:03:10}}
could see rates spike which would be
problematic, obviously for valuations.

{{00:03:17}}
Talking about the U.

{{00:03:18}}
S.

{{00:03:18}}
government finding a long term path,
such that it behaves responsibly and we

{{00:03:27}}
have benign long term long term rates.

{{00:03:37}}
It's hard to generalize about
private markets as there are so many.

{{00:03:42}}
So many different parts of
private equity, let alone private

{{00:03:45}}
credit and private real estate.

{{00:03:47}}
Generally, I think it will
be a an attractive period

{{00:03:52}}
for corporate profitability.

{{00:03:54}}
I think it'll be a relatively
attractive period for asset prices.

{{00:03:59}}
I'd like to think the more benign
regulatory environment means we're

{{00:04:02}}
going to see more M& A activity.

{{00:04:05}}
With the change in leadership at
the FTC and other things, I'd like

{{00:04:10}}
to think we're going to start to
see a reopening of the IPO window.

{{00:04:14}}
And so for many historical private
market investors are frustrated right now

{{00:04:20}}
because their DPIs, their distributions
have been lower for the past few years

{{00:04:26}}
from what they've, become accustomed
to and what they're frankly relying on.

{{00:04:31}}
To meet pension payments, or
if you're a foundation, to meet

{{00:04:34}}
their annual giving requirements.

{{00:04:37}}
And hopefully, markets will
become a little bit unstuck

{{00:04:43}}
which is where we've been.

{{00:04:45}}
My outlook is positive if we, if our
elected leaders behave like grown ups and

{{00:04:52}}
address, long term sustainability issues.

Given the election results the country is
going to be pursuing a pro growth agenda.

We are likely to see a more
benign regulatory environment.

We are likely to see a more
benign tax environment.

So there are a whole series of
things that are going to be positive

And so that generally will be
quite positive for markets.

Big long term risks, inflation re
emerging debt and deficits and the like,

but I think in the near term, markets
will be buoyed by the recent election.

With regards to private credit, I
think what most clients are wrestling

with many clients have built terrific
portfolios of senior loans to sponsors,

traditional private debt, and are now
taking a step back and trying to build

a more diversified portfolio that
doesn't just have corporate exposure.

So they're looking for asset based
finance, they're looking for commercial

real estate loans, residential real estate
loans, and are trying to build a more

In much the same way that they
have in their core in their

Asset class exposure tends to be
driven based on a strategic asset

You might over or underweight certain
areas, but that tends to, guide it.

You rarely go from all in to, to, to out.

In terms of countries, if you were
to ask me to pick one that I think is

particularly attractive interestingly,
I'd pick Japan which has been a place

of dead capital for decades as they've
lived through a really tough period.

But I think there's extraordinary
structural change that were in the

relatively early innings of, happening
there that I think is gonna make it a, an

attractive place for long term investors
over the course of the coming decade.

We're running essentially a close
to full employment economy with a 7

We've increased the debt as much
in the past decade as we did in

It's just not responsible or
sustainable and, we need to get on a

sound long term path or It'll, we'll
see the long end of the curve, we

could see rates spike which would be
problematic, obviously for valuations.

government finding a long term path,
such that it behaves responsibly and we

It's hard to generalize about
private markets as there are so many.

So many different parts of
private equity, let alone private

Generally, I think it will
be a an attractive period

I think it'll be a relatively
attractive period for asset prices.

I'd like to think the more benign
regulatory environment means we're

With the change in leadership at
the FTC and other things, I'd like

to think we're going to start to
see a reopening of the IPO window.

And so for many historical private
market investors are frustrated right now

because their DPIs, their distributions
have been lower for the past few years

from what they've, become accustomed
to and what they're frankly relying on.

To meet pension payments, or
if you're a foundation, to meet

And hopefully, markets will
become a little bit unstuck

My outlook is positive if we, if our
elected leaders behave like grown ups and

address, long term sustainability issues.

Dive into an exclusive interview with George H. Walker, CEO of Neuberger Berman at SuperReturn North America, as he shares invaluable insights into the current state of private markets. Discover how his firm is prioritizing investment strategies across regions and asset classes, the challenges investment managers face in today’s economy, and his outlook on private equity and sustainability for the years ahead. Don’t miss this compelling conversation on the future of investing!