J.P. Morgan Unveils 2026 Global Alternatives Outlook Highlighting Opportunities for Investors in Private Markets Amid the AI Boom

Rhea-AI Summary

JPM (NYSE: JPM) on Dec 9, 2025 published its eighth annual 2026 Global Alternatives Outlook, offering a 12–18 month view across private markets including real estate, infrastructure, transportation, timberland, hedge funds, private equity, and private credit.

The report highlights recovery in commercial real estate, an infrastructure capex inflection, strong transportation replacement cycles, timberland tailwinds from housing and carbon markets, renewed hedge fund opportunities, and a maturing private credit market. It cites a $600 billion alternatives platform and $4.0 trillion firm AUM as of Sept 30, 2025.

Positive

• $600 billion alternatives platform
• Firm AUM $4.0 trillion as of Sept 30, 2025
• Report offers a 12–18 month actionable outlook

Negative

• Private market investments are generally illiquid with long holding periods
• Private credit hyper-competition pressuring deal terms and returns

Key Figures

Outlook horizon 12–18 months 2026 Global Alternatives Outlook time frame

Private markets track record 60+ years J.P. Morgan private markets investing experience

Alternatives platform $600 billion J.P. Morgan Asset Management alternatives platform size

Assets under management $4 trillion J.P. Morgan Asset Management AUM as of Sep 30, 2025

Firm assets $4.6 trillion JPMorgan Chase assets as of Sep 30, 2025

Stockholders’ equity $360 billion JPMorgan Chase stockholders’ equity as of Sep 30, 2025

Market Reality Check

$315.21 Last Close

Volume Volume 6,994,637 is below 20-day average 8,044,434 (relative volume 0.87). normal

Technical Price 315.21 is trading above 200-day MA at 279.71, and 2.18% below 52-week high 322.25.

Peers on Argus

JPM gained 0.05% with mixed, small moves among peers: WFC +0.26%, RY +0.29%, HSBC +0.10%, BAC 0.00%, and C -0.26%, indicating stock-specific rather than broad sector momentum.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Lounge opening	Positive	-0.3%	New Chase Sapphire airport lounge launch targeting premium cardmembers.
Nov 24	Coupon declaration	Positive	+1.7%	Declared quarterly coupon and yield details for Alerian MLP Index ETN.
Nov 24	Client engagement	Neutral	-0.0%	Release of NextList2026 curated books and experiences for clients.
Nov 19	Fundraising milestone	Positive	+1.3%	Private Equity Group closed COIN II at $1B, above its target.
Nov 17	Fraud prevention	Positive	-1.1%	Launched largest fraud and scam prevention initiative in firm’s history.

Pattern Detected

Across recent news, JPM more often shows price moves aligned with positive or neutral headlines, but there are instances where positive consumer-facing or reputational news coincided with short-term declines.

Recent Company History

Over the last few weeks, JPM has highlighted brand, product, and private markets initiatives. On Nov 19, its Private Equity Group closed COIN II at $1.0 billion, above target, and shares rose. An AI-themed long-term assumptions report on Oct 20 saw a 1.61% gain. Other items, like a new Sapphire airport lounge and a major fraud‑prevention campaign, underscored strategic positioning but drew mixed near‑term price reactions. Today’s AI‑tagged alternatives outlook fits this thought‑leadership pattern.

Market Pulse Summary

This announcement presents J.P. Morgan Asset Management’s 2026 Global Alternatives Outlook, highlighting themes across real estate, infrastructure, transportation, timberland, hedge funds, private equity, and private credit. It underscores more than 60 years of private‑markets experience and an alternatives platform of $600 billion within a broader $4 trillion AUM franchise. Investors reviewing such research would typically weigh its long‑term assumptions and AI‑related structural views against prior firm outlooks and their own risk tolerance.

Key Terms

private markets financial

"opportunities for investors in private markets amid the AI boom"

Private markets are places where investors buy and sell ownership in companies, debt, or assets that are not listed on public stock exchanges — think direct stakes in a start-up, private company, real estate project, or loan. They matter to investors because these deals can offer higher potential returns and diversification but come with less transparency, limited ability to sell quickly, and more uncertainty, like owning a whole house versus trading shares of a real estate fund.

hedge funds financial

"timberland, hedge funds, private equity, and private credit"

Hedge funds are private investment pools run by professional managers who use a wide range of tactics—such as borrowing, betting that a stock will fall, or using complex contracts—to try to earn higher returns than ordinary funds. They matter to investors because they can move large amounts of capital quickly, influence market prices and volatility, and offer the potential for outsized gains or losses along with higher fees and less transparency than typical mutual funds.

private equity financial

"hedge funds, private equity, and private credit"

Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.

private credit financial

"hedge funds, private equity, and private credit"

Private credit is a form of borrowing where companies or organizations obtain loans directly from private lenders rather than traditional banks or financial markets. It often involves customized financing arrangements that are not traded publicly, making it a way for businesses to access funding outside of standard channels. For investors, private credit offers the potential for higher returns, but typically comes with increased risk and less liquidity compared to more conventional investments.

senior-secured financial

"private credit continues to offer a healthy premium... with senior-secured US direct lending"

Debt described as senior-secured is a loan that has first claim on specified company assets and is paid before other debts if the borrower runs into trouble. Think of it as a mortgage on a house: the lender can seize the pledged property first, so this type of debt is generally safer for investors and typically carries lower interest than unsecured or junior loans because recovery chances are higher in a default.

liquidity financial

"reshaping deal terms, risk, and liquidity."

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

AI-generated analysis. Not financial advice.

The report identifies investment opportunities across global real estate, infrastructure, transportation, timberland, hedge funds, private equity, and private credit

NEW YORK, Dec. 9, 2025 /PRNewswire/ -- J.P. Morgan Asset Management today released its eighth annual Global Alternatives Outlook, providing a 12-to-18 month outlook across key alternative asset classes, equipping investors to make tailored portfolio decisions. This year's report details our highest-conviction ideas as private markets mature into a structural mainstay of global finance.

Jed Laskowitz, Global Head of Private Markets: "As many leading companies are staying private for longer, the private markets are deep and diverse, and the opportunity for investors is immense. Our 2026 Global Alternatives Outlook leverages our more than 60-year track record investing in nearly every facet of private markets to help investors understand the opportunities, manage the risks, and build more resilient portfolios."

Anton Pil, Global Head of Alternatives Solutions: "We are experiencing a shift as hyper-globalization fades, global AI investment accelerates, and the positive correlation between stocks and bonds trends upward. In this environment, private markets will play an increasingly important role as portfolio diversifiers through real assets, and a broader access point for investors to the drivers of this structural shift through private equity and private credit."

Some of the key themes revealed across asset classes in the 2026 Alternatives Outlook include:

Global Real Estate

• Commercial real estate is entering a new phase of recovery, supported by prospective rate cuts, limited supply, and continued economic expansion.
• Nationalism is on the rise and causing an increase in demand for the high-powered industrial space, with power availability now a central factor in site selection.
• Residential markets remain structurally undersupplied, supporting resilient performance in single-family rentals, attainable multifamily, and flexible living.

Infrastructure

• Core infrastructure is at an inflection point, with capital expenditure set to materially outpace depreciation for the first time this century, driven by energy demand, energy security, and the energy transition.
• Surging energy demand, security needs, and the energy transition are driving growth and higher returns for core infrastructure, especially power utilities.
• Vertically integrated utilities are best positioned to capture immediate upside while maintaining defensive characteristics.

Transportation

• We are seeing one of the strongest asset replacement cycles in decades as aging global fleets collide with rising trade volumes.
• Transportation assets remain resilient due to the consumption needs of the global population, sustained growth in global trade volumes, and evolving trade patterns.
• Demand for modern, energy-efficient assets is notably high, yet supply is constrained by limited manufacturing capacity and costly production, creating a favorable supply-demand imbalance for lessors.

Timberland

• Timberland offers steady cashflows, inflation protection, and long-term capital appreciation driven by shifting global trade flows and increasing timberland value.
• Lower interest rates and better housing supply dynamics are helping to revitalize residential construction activity in markets such as the US and Australia – a key driver of lumber demand.
• Geopolitical tensions are reshaping wood-product trade, creating opportunities for diversified timberland portfolios as exporters adapt to new tariffs and regional restrictions.
• Transparency and standard-setting in voluntary carbon markets are also improving, bolstering confidence in high-quality forestry-based carbon projects and creating an extra value driver for investors.

Hedge Funds

• Structural macro shifts—higher rates, elevated volatility, and equity dispersion—have created an environment built for stock-pickers and tacticians.
• Managers focused on relative value, statistical arbitrage, and targeted long/short and event-driven strategies are finding renewed opportunity.
• Hedge funds are well positioned to deliver consistent and differentiated returns as we continue to see elevated single-stock volatility, low correlations, and high market volumes.

Private Equity

• Private equity is entering 2026 on firmer footing, with the small- and mid-market set to benefit as markets normalize.
• Valuation expectations are realigning and credit markets are decisively more borrower-friendly, supporting a healthier investment environment.
• A new innovation cycle is expanding the private equity opportunity set, with AI exemplifying the 'private-for-longer' trend and healthcare generating consistent exits as the scientific foundations laid in recent decades translate into market-ready therapies.

Private Credit

• The private credit market is maturing, with burgeoning secondaries and convergence with public credit markets reshaping deal terms, risk, and liquidity.
• Private credit continues to offer a healthy premium relative to public market credit, with senior-secured US direct lending remaining particularly attractive.
• Hyper-competition is driving lenders to focus on disciplined sourcing, documentation, and manager selection to capture opportunities and manage risk.

J.P. Morgan Asset Management is a global leader in alternatives, with over 60 years of experience managing alternative investments and a $600 billion alternatives platform spanning real estate, private equity, private credit, liquid alternative products, infrastructure, transport, hedge funds, and forestry. To view the full 2026 Global Alternatives Outlook click here. 

About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $4 trillion as of September 30, 2025, is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $4.6 trillion in assets and $360 billion in stockholders' equity as of September 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. 

Investments in private markets involve significant risks and may not be suitable for all investors. These investments are generally illiquid, may be subject to long holding periods, and can be difficult to value. Private market investments may also be subject to higher fees and expenses, limited transparency, and less regulatory oversight compared to public market investments. There is no guarantee that investment objectives will be achieved, and past performance is not indicative of future results. Investors should carefully consider their investment objectives, risk tolerance, and consult with their financial and legal advisors before investing.

 

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SOURCE J.P. Morgan Asset Management

FAQ

What does JPM's 2026 Global Alternatives Outlook say about commercial real estate recovery?

The report says commercial real estate is entering a recovery supported by prospective rate cuts, limited supply, and continued economic expansion.

How large is J.P. Morgan Asset Management's alternatives business in the 2026 Outlook?

The firm cites an alternatives platform of $600 billion across real estate, private equity, private credit, infrastructure, transport, hedge funds, and forestry.

What timeline does JPM give for the outlook in the 2026 Global Alternatives Outlook?

The report provides a 12–18 month outlook for alternative asset-class opportunities and risks.

How does the 2026 Outlook view private credit for investors in 2026?

Private credit is described as maturing, offering a healthy premium to public credit, with senior-secured US direct lending highlighted as attractive.

What infrastructure trend does JPM identify in the 2026 Outlook?

JPM says core infrastructure capex is set to materially outpace depreciation for the first time this century, driven by energy demand and the energy transition.

What investor risks does the 2026 Global Alternatives Outlook highlight for private markets (JPM)?

The report warns investors that private market investments can be illiquid, have long holding periods, higher fees, and that hyper-competition may pressure private credit terms.