Why investors are looking beyond the US, but can't leave it

• Global investors are actively seeking diversification away from concentrated US market exposure, particularly in private markets.
• There's a growing 'Asia for Asia' investment push and increased domestic capital deployment by sovereign wealth funds.
• The Middle East has become a significant hub for global private capital, attracting major asset managers and seeing record local investments.
• The dominance of the US dollar in global capital flows is identified as an 'Achilles' heel' for investors outside the US.

Global investors are increasingly looking to diversify their private capital allocations beyond the US, despite the depth of American markets. Key trends include a shift towards 'Asia for Asia' strategies, greater domestic investing by sovereign funds, and the Middle East emerging as a new center of gravity for global private capital. The heavy reliance on the US dollar is highlighted as a significant vulnerability for non-US investors.