Performance and valuation changes in alternative assets lag behind the public markets so, given the pain felt by equities and fixed income assets, it's likely that further downward pressure will be experienced across private markets. The next few years will undoubtedly be more challenging than the benign environment over most of the past decade, but it's worth looking at growth and performance numbers in absolute terms. Preqin forecasts that PE, the largest alternative asset class, will deliver an average net IRR of 13.5% and see AUM grow at an annualized rate of 10.2% over the five years to 2027.