As fund managers struggle with lackluster returns from bonds and increased volatility from stocks, private market assets (private equity, private debt, and private real assets), have become increasingly interesting to pension managers and other asset allocators. Asset Allocation and Private Markets: A Guide to Investing with Private Equity, Private Debt, and Private Real Assets delivers a compelling case for the need to adapt asset allocation strategies by integrating and allocating a significant proportion of assets to private market structures. The book offers readers practical and straightforward advice on mixing private asset with other asset classes by exploring returns on private equity, risk management, the endowment model, the construction and deployment of an allocation, and liquidity management. Written from the ground up to provide asset managers with a single authoritative source on private asset allocation, the book describes how private market investments imply to deal with market imperfections and asymmetries of information and offers an extended range of investment strategies. The book covers strategies ranging from venture capital to turnaround capital, and private debt investing techniques including direct lending and distressed debt. Private real assets, including infrastructure, natural resources, and private real estate are also covered. Perfect for institutional investors, pension funds, fund managers, sovereign wealth funds, asset allocation consultants, insurance groups, endowments, and foundations, Asset Allocation and Private Markets will also be of interest to sophisticated family offices and students and scholars in finance and business. The book is a vital consideration of asset classes that, together, represent a substantial and fast-growing portion of global wealth and are increasingly looked to by investors to enhance portfolio returns.