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This report is PMA’s Capital Market Assumptions (CMAs) for a range of private market and alternative asset classes and sub-asset classes. Our approach is across both a tactical horizon (5-7 years) and strategic horizon (20 years). 

Distressed Debt has the highest return expectation over our 5-7-year TAA horizon with increased volatility and correlation to equity markets. Non-Core Real Estate has the lowest return expectation.