JF 4158: Illiquidity Premiums, Commercial Real Estate Debt, Private Market Allocation ft. Tony Davidow

Pascal Wagner interviews Tony Davidow to unpack how institutional investors are thinking about private markets heading into 2026. Tony explains why recent headlines around private credit defaults are often misunderstood, breaking down the difference between CLOs, direct lending, and commercial real estate debt—and why he sees CRE debt, asset-based finance, and secondaries as early-cycle opportunities. The discussion dives into illiquidity as a feature (not a flaw), how institutions size long-term “patient capital,” and why diversified private market funds often outperform single-deal investing over time. Tony also shares his highest-conviction themes for 2026, including secondaries, industrial and multifamily real estate, and infrastructure tied to reshoring, digitization, and demographic shifts.

Tony Davidow
Current role: Senior Alternatives Investment Strategist
Based in: New York
Say hi to them at: https://www.linkedin.com/in/tony-davidow/ | Amazon.com: Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate: 9781394313082: Davidow, Tony: Books | Knowledge Hub | Alternatives by FT

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Podcast production done by⁠ ⁠Outlier Audio⁠

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