This edition of the AIMA Journal captures an alternative investment industry buffeted by crosscurrents of macroeconomic unpredictability, diverging regulatory regimes, and rapid technological transformation. Around the world, AIMA’s fund manager members are being challenged to adapt on multiple fronts. This edition details how fund managers are facing these challenges head-on, and offer a path to embracing the opportunities of tomorrow.

Private markets are a focal point. We examine how trade tensions and shifting inflation expectations are reshaping the appeal of real assets and semi-liquid funds for investors to achieve greater portfolio diversification.

Technology, meanwhile, is no longer just an enabler, it’s a catalyst. From generative (Gen) AI transforming deal analysis to smarter due diligence systems increasing transparency across complex portfolios, these tools are not only transforming business models but redefining what’s possible in investment operations.

Yet, amid the enthusiasm, a note of caution. As ‘quiet AI’ becomes more deeply embedded in investment workflows, the balance between automation and accountability must be carefully managed. Contributors highlight why transparency and human control remain vital in preserving investor trust and meeting compliance standards. AIMA’s forthcoming market research report on how fund managers are and aren’t harnessing Gen AI and the most common concerns around its use will shed further light on this topic.

Elsewhere, regulatory demands are rising, particularly around ESG disclosures and cyber governance. Despite a US tilt toward burden reduction under President Trump, firms globally face growing demands for data quality, consistency, and preparedness. This edition unpacks global ESG reporting trends, mock exam best practices and offers timely guidance to meet these new obligations.

These themes, from private markets to operational resilience, will be front and centre at AIMA’s upcoming global events. I encourage members to join us in person at the Alternative Credit Council Summit and AIMA Technology & Innovation Day in London, as well as the AIMA Global Investor Forum in Toronto, to hear from leaders in these respective markets. 

As always, thank you to our contributors, members, and partners for making this journal an essential source of industry knowledge. We hope it continues to be a valuable resource for our members worldwide.