2023 has been a fascinating year for putting to the test many academic theories about how acute market conditions would impact various segments of the alternative investment industry. As we close 2023 with the final edition of the year of the AIMA Journal, contributors have naturally taken the opportunity to reflect on what we have learned. 

One contributor observes how Europe’s asset-backed securities market has remained resilient despite the higher interest rate environment we remain in. In fact, observations that certain sectors or whole markets have proved ‘resilient’ despite the challenging market environment is a recurring theme of this edition.

Staying in the EU, contributors note that the market’s ESG market continues to evolve, partly driven by regulations such as SFDR, and the responsible investment market is now more clearly defined than it was previously and will continue to improve, with new products and services coming to market.

Not all regulatory change has been welcome, however. Another contributor addresses the important question of how the SEC’s Private Fund Adviser Rules will impact non-US managers. This has also been a key area of focus for AIMA all year as we seek to ensure our global membership is aware of the stringent terms these new rules will bring globally. 

The variety of articles in this edition focused on compliance with various regulatory frameworks around the world gives some indication of the scale of upheaval our industry has had to endure this year. And the signs are that the industry will have to endure further challenges over the coming year.  

My thanks, as always, go to all the contributors to the AIMA Journal this year, who ensure it will continue to be one of our most popular and widely read resources going forward.