Why Private Markets Are Reshaping Investment Strategy in 2025 with Tony Davidow (Ep. 81)
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What happens when public markets no longer provide the diversification they once promised? In this episode, Robert Curtiss, CFP®, is joined by Tony Davidow, Senior Alternatives Investment Strategist at the Franklin Templeton Institute, to explore the tectonic shifts transforming private markets.
Tony shares insights from decades of experience working with institutional capital, family offices, and advisors. He breaks down the evolution of private equity, real estate debt, and evergreen structures and why today’s investors may be missing out on an illiquidity premium worth 3–5% per year.
From secondaries to real estate, digital infrastructure to target-date funds, this conversation offers a masterclass in building smarter portfolios in an uncertain world.
What to expect in this episode:
- Why diversification is broken and what’s replacing it
- The rise of evergreen investment structures for individuals
- How institutions use illiquidity to their advantage
- What 401(k) plans and retirement models could look like soon
- And more!
Resources:
- Educational videos (bottom of the page)
- “Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate” by Tony Davidow
- “The cost of being too liquid” by Tony Davidow & Priya Thakur
Connect with Robert Curtiss:
- rcurtiss@seia.com
- (626) 795-2944
- About Robert Curtiss
- LinkedIn: Robert Curtiss
- Facebook: Robert Curtiss
- SEIA
- LinkedIn: SEIA
Connect with Tony Davidow:
About Our Guest:
Tony Davidow is responsible for developing and delivering the Franklin Templeton Institute’s insights on the role and use of alternative investments through independent research, participating in industry conferences, webinars and engaging directly with key partners and clients. He also serves as the host of the Alternative Allocations podcast series. The Franklin Templeton Institute harnesses the depth and breadth of the firm’s global investment expertise and extensive in-house research capabilities to deliver unique investment insights to our clients.
Prior to his current role, Davidow was retained by Franklin Templeton to develop a comprehensive Alternative Investment educational program for financial advisors. He previously held senior leadership roles with Morgan Stanley, Guggenheim, and Schwab, among other firms. Davidow began his career working for a New York-based family office and has worked directly with many institutions and ultra-high-net-worth families over the years. He is a frequent writer and speaker with deep expertise in the use of alternative investments, asset allocation, and portfolio construction, as well as goals-based investing.