February 12, 2024

2024 Global Investment Outlook

Welcome to SLC Management’s investment outlook for 2024. In this report, our investment teams and solutions providers discuss public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

What’s covered

Markets and economies could experience a significant pivot in 2024. Read more about the views of our investment specialists from SLC Management, BGO, InfraRed and Crescent Capital for the investment landscape ahead.

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A letter from Steve Peacher

Steve Peacher

President, SLC Management

“As we begin 2024, sentiment indicators and expectations continue to be a focus for investors, especially as discussions over potential peak interest rates heat up and impact market volatility.”

Macroeconomic outlook

Expectations have shifted, and a “rolling recession” is a possibility for 2024.

Real estate

We see a constructive landscape ahead for commercial real estate following recent challenges.

Fixed income: investment grade

Geopolitical catalysts may play a role in risk asset returns.

Infrastructure

Which thematic trends could drive infrastructure investments in 2024? Our specialists take a closer look.

Fixed income: below investment grade

The high yield market is poised to benefit from an eventual decline in rates.

Insurance asset management

Investors may see attractive opportunities in income-oriented alternatives, but risks remain given macroeconomic uncertainty.

Private credit: investment grade

Expectations are for a busy start to 2024 for private credit investors.

Retirement plan solutions

“LDI plus” solutions are increasingly popular in the market given a renewed focus on liability growth rates and rate risk.

Private credit: below investment grade

Current conditions could leave borrowers increasingly looking to the flexibility of this market.

Contributing Authors

Steve Peacher

President, SLC Management

Dec Mullarkey

Managing Director, Investment Strategy and Asset Allocation, SLC Management

Randall Malcolm

Senior Managing Director, Portfolio Manager, Public Fixed Income SLC Fixed Income

John Fekete

Managing Director, Head of Capital Markets, Crescent Capital Group

Andrew Kleeman

Senior Managing Director, Co-Head of Private Fixed Incomes, SLC Fixed Income

Elaad Keren

Senior Managing Director, Co-Head of Private Fixed Income, SLC Fixed Income

Gary Greaves

Managing Director, Private Fixed Income, SLC Fixed Income

Chris Wright

Managing Director and Head of Private Markets, Crescent Capital Group

Chris Wang

Managing Director, Credit Solutions, Crescent Capital Group

Phil Stone

Principal, Head of Canada Research BGO

Michael Andrews

Managing Partner, Portfolio Manager BGO

Ashwin Gopwani

Managing Director, Head of Retirement Solutions, SLC Management

Steve Guignard

Senior Director, Client Solutions SLC Management

Jack Paris

Chief Executive Officer, InfraRed

Richard Crawford

Partner, Head of Energy Income Funds, InfraRed

Edward Hunt

Partner, Head of Core Income Funds, InfraRed

Stephane Kofman

Partner, Head of Capital Gain Funds, InfraRed

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About SLC Management

SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate.

Sun Life Capital Management (Canada) Inc. is a Canadian registered portfolio manager, investment fund manager, exempt market dealer and in Ontario, a commodity trading manager. Sun Life Capital Management (U.S.) LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser and is also a Commodity Trading Advisor and Commodity Pool Operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act and Members of the National Futures Association.

BentallGreenOak, InfraRed Capital Partners (InfraRed) and Crescent Capital Group (Crescent), and Advisors Asset Management are also part of SLC Management.

BentallGreenOak is a global real estate investment management advisor and a provider of real estate services. In the U.S., real estate mandates are offered by BentallGreenOak (U.S.) Limited Partnership, who is registered with the SEC as an investment adviser, or Sun Life Institutional Distributors (U.S.) LLC, an SEC registered broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) . In Canada, real estate mandates are offered by BentallGreenOak (Canada) Limited Partnership, BGO Capital (Canada) Inc. or Sun Life Capital Management (Canada) Inc. BGO Capital (Canada) Inc. is a Canadian registered portfolio manager and exempt market dealer and is registered as an investment fund manager in British Columbia, Ontario and Quebec.

InfraRed Capital Partners is an international investment manager focused on infrastructure. Operating worldwide, InfraRed manages equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners Ltd. is authorized and regulated in the UK by the Financial Conduct Authority.

Crescent Capital Group is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe, and invests in high-yield bonds and broadly syndicated loans.

Securities will only be offered and sold in compliance with applicable securities laws.

AAM is an independent U.S. retail distribution firm that provides a range of solutions and products to financial advisors at wirehouses, registered investment advisors and independent broker-dealers.

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The content of this website is intended for institutional investors only. It is not for retail use or distribution to individual investors. All investments involve risk including the possible loss of capital. All asset classes have associated risks. Certain asset classes are speculative, can include a high degree of risk and are suitable only for long-term investment. Further information available upon request. This website is for informational and educational purposes only. Past performance is not a guarantee of future results.

The information contained in this website is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. Investors should consult with their professional advisors before acting upon any information contained on this website. The assets under management (AUM) represent the combined AUM of Sun Life Capital Management (Canada) Inc., Sun Life Capital Management (U.S) LLC, BentallGreenOak, Crescent Capital Group, InfraRed Capital Partners, and Advisors Asset Management.

AUM as of March 31, 2025. Total firm AUM includes approximately $11B in cash, other, unfunded commitments, and Advisors Asset Management equity. Total firm AUM excludes $16 billion in assets under administration by AAM.

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UK Tax Strategy - InfraRed (UK) Holdco 2020 Limited

InfraRed (UK) Holdco 2020 Ltd is the UK holding company of InfraRed Partners LLP and a subsidiary of Sun Life (U.S.) Holdco 2020 Inc, which has its headquarters in the U.S. The company was incorporated to purchase InfraRed Partners LLP and acts solely as a passive holding company. The Tax Strategy for the InfraRed Holdco Group sets out our approach to the management of InfraRed Holdco Group UK tax affairs in supporting business activities in the UK. 

This UK tax strategy is published in accordance with the requirements set out in Schedule 19 of Finance Act 2016. The strategy, which has been approved by the Board of Directors of InfraRed (UK) Holdco 2020 Ltd, is effective for the period ending 31 December 2024. It applies to InfraRed (UK) Holdco 2020 Ltd and its dormant subsidiary Sun Life (UK) Designated Member Ltd, referred to as the “InfraRed Holdco Group”. InfraRed Holdco Group.