The Bid

Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets?
In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors.
They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction.
Key insights from this episode:
00:00 Introduction
02:11 What are private markets and alternatives and Why Now?
03:09 Why companies are staying private longer
04:54 How access to private markets has expanded
06:46 Are Private Markets for Everyone?
08:33 Liquidity, time horizons, and the illiquidity premium
11:33 How advisors integrate private markets into portfolios
13:58 Challenges and due diligence in private markets
15:21 Next Steps and Wrap Up
16:59 Outro and Disclosures
Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal
private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand, investors are reassessing what diversification really means. In a world where stocks and bonds can move together and macro forces dominate markets, traditional portfolio frameworks are under pressure.
In this episode of The Bid, host Oscar Pulido revisits conversations with investors and strategists across BlackRock to explore why alternative investing is gaining renewed attention. From private equity, private credit, and infrastructure to hedge fund strategies, gold, and digital assets, the episode examines how alternatives are being used to broaden return drivers and navigate today’s regime shift in capital markets.
The discussion highlights how structural megaforces — including AI buildout, geopolitical fragmentation, and fiscal expansion — are reshaping opportunity sets. Private markets offer exposure to long-duration capital themes and potential illiquidity premia, though with liquidity tradeoffs and manager dispersion. Hedge fund strategies aim to capture rising market dispersion through flexible long/short and systematic approaches. Infrastructure sits at the center of AI-driven energy demand and essential services. Meanwhile, gold and digital assets are increasingly viewed as monetary alternatives with distinct risk-return profiles. As portfolio construction evolves beyond the traditional 60/40 model, alternative investing is becoming part of a broader shift toward expanding diversification tools in volatile markets.
Check out the previous episodes featured in this episode in this playlist on Alternative Investments: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI
Key insights from this episode:
00:00 Introduction
01:08 Why traditional diversification has become harder in AI-driven markets
03:22 Defining Alternative Investing
04:00 How private markets have grown — and what tradeoffs they introduce
06:04 Infrastructure The AI Buildout: Where infrastructure investing connects to AI and energy demand
08:37 Liquid Alternatives & Hedge Fund Strategies
12:12 Systematic Alpha In Volatility
13:36 How gold and digital assets fit into the evolving diversification toolkit
18:38 Rethinking Portfolio Mix
19:22 Wrap Up And Next Episode
Alternative investing explained, private equity, private credit, hedge fund strategies, infrastructure investing, AI capital spending, portfolio diversification, 60/40 portfolio shift, digital assets, bitcoin investing, gold investing, capital markets outlook, alternative investing
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.

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Emerging markets are back in focus in 2026 — not just as a cyclical trade, but as investors reassess performance leadership, diversification, and where growth is showing up in a shifting global paradigm. After a long stretch of disappointing returns, emerging markets have started the year strongly, alongside record interest from global investors. But the case for EM today is less about a single story — and more about dispersion across countries, sectors, and themes.
In this episode of The Bid, host Oscar Pulido is joined by Alex Brazier, Global Head of Investment and Portfolio Solutions, and Sam Vecht, Portfolio Manager on BlackRock’s Global Emerging Markets Equities team. Alex shares what he’s hearing from investors across the U.S. and Europe, including the role of flows, sentiment, and portfolio positioning. Sam brings a bottom-up perspective on how emerging markets have evolved over the past two decades — and why market pricing hasn’t always reflected economic progress.
Together, they explore why emerging markets may play a different role in portfolios today: providing exposure to distinct parts of the AI buildout, offering potentially different valuation and earnings dynamics than developed markets, and responding differently to U.S. dollar moves. The conversation also highlights where opportunities may be emerging beneath the surface — from under-owned regions like Latin America and parts of the Middle East, to shifting sentiment around India — while underscoring the reality that EM remains volatile, cyclical, and highly heterogeneous.
Key moments in this episode:
00:00 Introduction
01:56 Why emerging markets are drawing renewed investor attention in 2026
04:58 Two Decades of Underperformance
06:16 Explaining The Diversification Mirage
10:31 Where emerging markets can broaden portfolios — and where correlations still matter
13:00 How Investors Can Get Exposure To Emerging Markets
16:55 How dispersion across regions is driving more selective, active approaches
19:09 Conclusions and Next Episode
Sources: BlackRock, data based on 1,245 EMEA survey submissions in February 3rd rapid response client call; BlackRock calculated using Aladdin data; “World Economic Outlook, Global Economy in Flux, Prospects Remain Dim”, IMF, October 2025; Bloomberg as at Dec 2025; BlackRock, Global Business Intelligence, as at 20 Feb 2026; BlackRock, Morningstar, Aladdin. Portfolio average allocation based on 166 Europe-domiciled Morningstar moderate-risk multi-asset FoF portfolios, positioning as of 31 December 2025. Global index refers to MSCI All Country World Index.
Emerging markets, Emerging markets investing, Capital markets, Global diversification, AI investing, U.S. dollar, Latin America equities, India markets, Middle East markets, Global portfolio strategy
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.

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The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across income levels. As policy shifts, AI adoption, and healthcare innovations reshape behavior, the consumer landscape is becoming more uneven.
In this episode of The Bid, host Oscar Pulido is joined by Lisa Yang, Portfolio Manager and Co-Head of the Consumer Industry Group within BlackRock Fundamental Equities, to assess the state of the U.S. consumer heading into 2026. From wage growth and labor market dynamics to fiscal policy, tariffs, and immigration, Lisa explains how macro forces are influencing spending patterns — and why resilience is strongest at the high end. The conversation also explores structural shifts shaping stock market trends, including the rise of value-focused retailers, the impact of GLP-1 weight-loss drugs on food and apparel demand, and how AI-driven “agentic commerce” could transform retail media and brand discovery. As capital markets digest these changes, understanding the nuances of consumer behavior is critical for investors.
Key insights from this episode:
02:11 Introducing The "Two Speed Consumer"
04:26 Yellow Flags Ahead - Why the U.S. Consumer Remains Resilient But increasingly K-shaped
05:46 Policy Shocks 2026 - How fiscal policy and tariffs could widen income-driven spending gaps
08:45 Why Value Retailers and Discounters are Outperforming
12:01 GLP One Ripple Effects - How GLP-1 Drugs Are Reshaping Grocery, Apparel, and Beauty categories
14:40 How AI Will Change Shopping Trends - What agentic commerce means for retailers, brands, and advertising models
17:43 Other Trends Watchlist - Why Health and Wellness Remains A Durable Long-term Consumer Trend
20:02 Conclusions
K-shaped economy, U.S. consumer spending, AI in retail, GLP-1 drugs, capital markets, stock market trends, consumer investing, megaforces
Sources: “Advance Monthly Sales for Retail and Food Services” February 2026, United States Census Bureau; US Bureau of Economic Analysis (PCE data); FRED 2026, Bureau of Labor Statistics; Wage Growth Data, January 2026, Federal Reserve of Atlanta; Tax refunds per Morgan Stanley, Piper Sandler estimates; “US food outlook 2026”, Bernstein; “GLP-1 Boom Accelerates Nationwide Shift in Size Curves, Putting $5 Billion in U.S. Apparel Retail Inventory at Risk, According to New Impact Analytics Study”, Global Newswire, September 2025
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.

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Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI data centers, the constraint is no longer just capital — it’s labor. The scale of the infrastructure buildout is historic, but delivering it depends on the availability of trained workers.
In this episode of The Bid, host Oscar Pulido is joined by Claire Chamberlain, Global Head of Social Impact and President of the BlackRock Foundation, and Sandra Lawson, Managing Director in Global Corporate Affairs, to explore why skilled trades are central to the next phase of infrastructure investing. With an estimated $85 trillion in global infrastructure investment needed over the next 15 years, demand for electricians, HVAC technicians, grid specialists and plumbers is accelerating.
Claire and Sandra explain how apprenticeship-based career pathways offer paid training, competitive wages, and the prospect of long-term financial stability — while also highlighting the growing supply-demand imbalance in the labor market. The conversation explores how philanthropy, employers, unions, schools, and policymakers can work together to expand training capacity and modernize workforce development. As megaforces like AI and infrastructure reshape capital markets, human capital will be just as critical as financial capital in determining long-term economic success.
Key moments:
00:00 Introduction and meet the guests
02:13 WWhat the $85 trillion infrastructure opportunity means for labor markets
03:54 Why AI and infrastructure are increasing demand for specialized workers
04:45 Why Are These Skilled Jobs Good Jobs?
07:15 Training Pipeline Worker Shortage
08:43 Philanthropy as Catalyst For The Infrastructure Skilled Trades Requirement
10:41 What success looks like for workforce development in an infrastructure-driven economy
12:56 Rethinking Going to College vs Apprenticeships and Skilled Trades
15:25 How collaboration among employers, unions schools, and philanthropy can expand training capacity
17:19 Wrap Up and Disclosure
Skilled trades, infrastructure investing, workforce development, capital markets, AI infrastructure, megaforces, economic growth, energy transition
Sources: “On the record: Infrastructure and the opportunity in skilled trades”, BlackRock 2026
Written Disclosures In Episode Description:
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.