August 13, 2026
It's been three years since GEM's last Investment Policy review, and the regime we anticipated has solidified: rates remain higher for longer, inflation is sticky above target, and the stock-bond correlation has turned positive. Against that backdrop, we're stepping back for a more expansive review than usual, revisiting not just capital market assumptions and weights but the framework itself. In this conversation, CIO Matt Bank examines our asset allocation methodology, how we build portfolios, and what that means for the decade ahead, covering refreshed capital market assumptions, the introduction of Target Portfolios, implementation refinements, and new lenses on portfolio risk.
We believe the lower middle market remains one of private equity’s most durable and least crowded sources of outperformance. In our latest research report, we examine the data behind our thesis and explain why we think disciplined manager selection creates a distinct edge.
In this mid-year follow-up to our 2026 Outlook, we revisit the four themes shaping this year's markets—AI's debt-financed buildout, accelerating private market access, biotech's continued momentum, and a slowly healing real estate market—and take stock of what's playing out as anticipated and what isn’t.
Three years after our last Investment Policy review, the regime has shifted: higher rates, sticky inflation, and a positive stock-bond correlation. In this conversation, GEM’s CIO Matt Bank revisits not just capital market assumptions but the framework itself, from methodology to implementation and risk management.
Let’s start a conversation about how we can help.
