The Real Estate Outlook

The Alternative Credit Outlook

This episode explores where quality, diversification and disciplined underwriting matter most, and why European private credit continues to stand out. Credit and private debt proved resilient through 2025. Supported by steady growth, easing monetary policy and solid corporate fundamentals, confidence held firm as spreads tightened, M&A activity picked up and both liquid and private credit continued to outperform public markets. As the focus shifts to 2026, the outlook remains constructive, but far from indiscriminate.  Risks linger, from renewed inflation to sector-specific stress and pockets of consumer weakness. We hear how recent defaults suggest fragility rather than systemic strain. In a more fragmented credit landscape, selectivity becomes paramount.  We're joined by Christophe Fritsch – Global Head of Alternative Credit, BNP Paribas Asset Management Alts, and The Duy Nguyen – Head of secured finance, BNP Paribas Asset Management Alts. Hosted by Ali Bernat

The Private Equity Outlook

Private Equity enters 2026 not as a year of pause, but one of precision. The industry is still working through a lingering liquidity overhang, even as exit markets begin, cautiously, to turn. With distributions under pressure, secondaries have taken on renewed importance as a critical release valve, alongside trade sales and a gradually thawing IPO market, helping to restore cash flows and confidence. This episode explores what that means in practice, and where precision matters most. Alpha is no longer the product of financial leverage alone. It is earned through operational excellence, sustained EBITDA growth and disciplined buy-and-build strategies, as AI emerges as a defining fault line between genuine value creators and value destroyers.  2026 takes shape not as a vintage to avoid, but one that demands selectivity, speed and conviction. We’re joined by: Pascal Christory  - CEO, Prime, BNP Paribas Asset Management Alts, and Marcus Thiel  -  CIO & Global Head of Customized Solutions, BNP Paribas Asset Management Alts. Hosted by Ali Bernat

The Infrastructure Outlook

The 2026 Outlook on infrastructure points to a market emerging from its post-rate-shock malaise into a more constructive, buyer-friendly phase.  As valuations stabilise and the need for private capital intensifies, this episode explores how deal flow across Europe is being revived. While macro uncertainty and rate ambiguity persist, we’ll hear how infrastructure’s profile remains compelling - particularly as decarbonisation, electrification, digitalisation and sovereignty converge. Find out how Europe is at the forefront of this shift, with accelerating investment in clean energy, power generation, storage and transmission, driven by rising electricity demand from AI and electrification, and reinforced by defence and energy security priorities. We’re joined by: Mark Gilligan – Head of Infrastructure, BNP Paribas Asset Management Alts and Justin Curlow – Global Head of Research & Strategy, BNP Paribas Asset Management Alts Hosted by: Ali Bernat

The Real Estate Outlook

The Real Estate episode of the BNP Paribas AM Alts 2026 Outlook captures a market that’s finally finding its footing again: valuations have stabilised, deal activity is building, and investor sentiment is turning from cautious to constructive, with North American capital, for the first time in over a decade, taking a serious look at core European real estate.  The message is bullish but selective: opportunity is now broader than the old “beds and sheds” playbook, spanning residential, logistics, prime offices, retail and hospitality - yet performance is polarising sharply, with occupiers demanding top-tier quality, amenities and ESG credentials while obsolete stock falls behind.  Looking ahead, we hear about structural themes like chronic housing undersupply, infrastructure and defence spend, and an AI-driven data-centre wave (constrained by power and land in Europe) that could all add fresh demand, though risks remain. We're joined by John O’Driscoll – Global Co-Head of Real Estate, BNP Paribas Asset Management Alts, and Justin Curlow – Global Head of Research & Strategy, BNP Paribas Asset Management Alts Hosted by Ali Bernat