Alternative Asset Managers: Wealth Monthly — April Data Shows Weakness in Credit and Real Estate, Better Results in PE and Infra — Real Estate 2022 Seems Like the Path Forward

Research evidence excerpt

Alternative Asset Managers: Wealth Monthly — April Data Shows Weakness in Credit and Real Estate, Better Results in PE and Infra — Real Estate 2022 Seems Like the Path Forward

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 22 June 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

Private Markets Wealth Flows — April Flows

Decelerated

Based on data from the 100+ wealth funds we now track, we have witnessed a

slowdown in April fund sales. We expected this slowdown given the concerns seen in

the market with regard to credit and software exposure, as well as concerns about the

conflict with Iran and the outlook for increased inflation and the threat of (global)

recession. With subscription periods generally open on the first day of the month and the

S&P500 reaching its recent lows at the end of March, it’s not surprising to us to now be

seeing the negative impact of credit and conflict sentiment in lower April net sales.

Flows By Asset Class Slow — Credit Fund Flows Meaningfully

Lower, but PE Fund Sales Solid and Infrastructure Flows Near

Record Levels

Below in Table 1, we break out wealth product fund flows by asset class. This is the

aggregation of ~100 funds across managers to effect a strong sample size. Our sampling

shows a substantial slowdown in credit fund products, with the underlying data showing

a combination or both credit funds with weaker net sales and also credit funds with net

outflows. Real Estate fund flows remain in the doldrums, but fund flows are stable at

these weaker levels. While Private Equity fund flows have slowed from peak levels

witnessed in 4Q25, we still view PE flows as solid. Infrastructure is where we see

building interest and strength, and while not at record sales levels, Infrastructure funds