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      "text": "These challenges, and drawdowns in public markets and passive investments, allowed alternative fund managers to demonstrate their value as risk managers and preservers of capital in down markets. A majority of investors indicated that their alternative fund managers have met or exceeded performance expectations in 2022, with almost all investors indicating they plan on either holding their alternatives allocations constant or increasing them in the future. Managers, focused on their traditional strengths while being responsive to opportunities arising in the market, are increasing their product offerings in areas such as illiquid credit, real estate, private equity, venture capital and opportunistic or special situations. When ranking business challenges, managers and investors alike identified their top challenge as responding to the various market risks, with 58% of investors citing rising interest rates and 51% of managers indicating talent management as top concerns. When asked about their 12-month economic outlook, 64% of managers and 70% of investors expressed recessionary concerns for the global economy, as compared with the economic indicators specific to the US economy cited by 44% of managers and 55% of investors.",
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