JP Morgan AM's Anton Pil: Semi-liquid private markets structures require caution

Focus on liquidity trade-offs

Broader access to private markets for retail investors presents an exceptional growth opportunity for the industry, but semi-liquid structures require caution, JP Morgan Asset Management’s global head of alternatives Anton Pil has warned.

"We have to be cautious around semi-liquid strategies collectively. You cannot create liquidity in an asset that is not liquid," he told delegates at the firm's International Media Summit today (14 March).  "If I tell you the price of your home second by second, that is great, but if you want to try to sell it second by second, you will not be able to. So there is sort of this weird conundrum." Inside Blackstone's multi-million dollar mission to democratise private markets His remarks come as fund managers begin to pivot their fundraising efforts toward the non-institutional space,...