rather than waste an update on yet another dalrymple short report, i found a fairly convincing article that purports institutions are waking up to the fact they may be overpaying for underperforming alts. (just as retail piled into equity indexes due to fees)
yet, alt managers are counting on the trend that retail lagging entry into alts have a long way to go.

ennis 2025, makes a compelling case that even when sliced into different alt categories (RE, hedge funds, PE), all of them have risk adjusted underperformance vs this benchmark index composite :
Russell 3000 index (~50%)
+ MSCI ACWI ex-US (~20%)
+ Bloomberg US Aggregate bond (~30%)


note, this is a headwind on top of institutions having long reached an alt allocation ceiling and not continue to contribute.

Brookfield Corporation FAQ

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