For at least a decade, private assets – equities, credit, real estate, and other alternative assets that are not publicly traded – had been experiencing a boom, driven by the growing popularity of alternative assets after the global financial crisis of 2007-2009 and a broad bull market in asset prices, underpinned by extraordinarily low interest rates. While the relative performance of alternative assets was mixed, they did well in absolute terms, and the period was highly lucrative for alternative asset managers who charge higher fees than more traditional managers. But the private asset business is now beset by a number of headwinds set in motion by higher interest rates.