在各种宏观不确定性的背景下，根据金融科技公司 iCapital 今日发布的 2026 年亚洲顾问调查，在另类投资中，私人信贷的关注度从 71% 大幅下降至 48%，而房地产的关注度则从 39% 跃升至 52%。
Amid various macro uncertainties, interest in private credit declined sharply to 48 per cent from 71 – among alternative investments – while interest in real estate jumped to 52 from 39 per cent, according to the 2026 Asia Advisor Survey released today by financial technology company iCapital.
这标志着私人信贷关注度下降了 23 个百分点，而私人信贷在 2025 年曾是亚洲顾问最感兴趣的领域。除了房地产，顾问们也转向其他实物资产，关注度几乎翻倍至 31%。
This marks a 23 per cent decline for private credit, which was the leading area of interest among Asian advisers in 2025. In addition to real estate, advisers are also turning to other real assets, with interest almost doubling to 31 per cent.
报告称：“随着地缘政治动荡和能源安全担忧加剧，关注点转向抗通胀能力和有形资产，从而推动了向实物资产的轮动配置。”
“The rotation towards real assets comes as geopolitical disruption and energy security concerns have increased focus on inflation resilience and tangible assets,” the report says.
风险投资的关注度达到 39%，也录得双位数增长。报告指出，这“与 2026 年亚洲强劲的资本市场背景一致，尤其是针对 AI 相关投资组合公司”。
Interest in venture capital, at 39 per cent, also marked a double-digit increase. This was “consistent with a robust capital markets backdrop in Asia in 2026, particularly for AI-related portfolio companies”, according to the report.
该报告包含来自香港和新加坡 62 位受访者的调查结果，他们分布在各类财富管理渠道，服务的客户群中个人和家庭客户占比至少 50%。
The report includes findings from 62 respondents in Hong Kong and Singapore, who work across various wealth management channels and serve a client base of at least 50 per cent individuals and families.
调查结果发布之际，正值贸易政策不确定、中东能源冲击、中国需求放缓，以及美国通胀、利率和美元持续不确定的时期。
The results come at a time of trade policy uncertainty, a Middle East energy shock, softer Chinese demand and continued uncertainty around US inflation, interest rates and the dollar.
在此背景下，亚洲顾问对本地经济、美国经济和全球经济的乐观情绪大幅减半，三者均仅略高于 40%。亚洲录得所有受访地区中最陡峭的情绪跌幅。
Against this backdrop, positive sentiment by Asian advisers about their local economy, the US economy and the global economy was cut roughly in half, hovering just above 40 per cent for each of them. Asia marked the steepest sentiment decline of any region surveyed.
但配置另类投资的意愿有所上升，28% 的受访者表示计划在未来一年增加另类投资配置，而去年调查中这一比例仅为 5%。
But the intent to allocate wealth in alternative investments has risen, with 28 per cent of respondents saying they plan to invest more in alternative investments over the next year, compared with only 5 per cent in last year’s survey.
报告指出，尽管整体经济前景有所下滑，但投资者对另类投资的配置意愿却在上升。这表明顾问们将另类投资视为长期的投资组合组成部分，而非仅仅根据短期市场状况来做出决策。
The rise in allocation intent against the decline in overall positive economic outlook suggests that advisers were “treating alternatives as a long-term portfolio allocation rather than responding to near-term conditions,” according to the report.
报告强调，另类投资已从单纯的“战术性投资工具”转变为“结构性投资组成部分”。
Alternatives have become “structural rather than tactical allocations”, the report highlighted.
然而，在亚洲客户中，另类投资仍不普遍。在那些有客户投资另类投资的顾问中，超过一半的人表示：他们的大部分客户（超过90%）并未投资于另类资产。
Nevertheless, alternatives were not yet common among Asian clients. Of the advisers who had some clients invested in alternatives, over half said the majority – more than 90 per cent – of their clients did not.
报告总结称：“目前，有七成的亚洲顾问会使用另类投资产品，但这些产品仅占他们客户投资组合中的很小一部分。”
“Seven in 10 Asian advisers now use alternative investments, but the asset class reaches only a narrow share of their clients,” the report summarises.
报告还提到，合规性和监管问题已成为将另类投资纳入企业投资模式的最大挑战；59%的受访者表示这一问题日益严重（这一比例在2025年为44%）。
The report describes compliance and regulatory concerns as the fastest-growing challenge to incorporating alternatives in firms’ investment models, cited by 59 per cent of respondents, up from 44 per cent in 2025.
另一个持续存在的重大挑战是难以评估各类资产的流动性及风险敞口，这一比例仍保持在62%。
The biggest challenge remains difficulty in assessing liquidity and risk exposure across asset classes, at an unchanged 62 per cent.
这份关于亚洲市场的报告属于iCapital发布的第二年度《全球顾问调查》的一部分，该调查共收集了来自全球15个国家的870位顾问的意见。
The Asia report is part of iCapital’s second annual Global Advisor Survey, which included 870 respondents across 15 countries globally.