Share of AUM by alternative asset class based on manager HQ region, 2000 to 2023 Real Estate Private Equity 100 Private Debt Natural Resources Infrastructure 80 Venture Capital n o i t a c 60 o l l a t e s s a l a t o 40 t f o % 20 0 0 2 4 6 8 0 2 4 6 8 0 2 0 0 0 0 0 1 1 1 1 1 2 2 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 Notes: Data is as of 30 September Sources: 2023. Numbers may not add up to 100 due to rounding. 2023 data is as of 31 March 2023. Emerging fund types in European VC A muted exit landscape has exacerbated an existing market need for a greater variety of liquidity solutions for early investors and employees. Alongside the emergence of secondary marketplaces such as Forge Global’s Forge Europe to facilitate transactions between buyers and sellers of private shareholdings in technology companies, the market need is also starting to be addressed by a still small, but growing number of dedicated European secondary funds with a specialist focus on high-growth, private European technology companies. | 200