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Part 3: Investors' Methods for Seeking Returns

10x10 ๋ณด๊ณ ์„œ
3๋ถ€: ํˆฌ์ž์ž๋“ค์˜ ํˆฌ์ž ์ˆ˜์ต ์ถ”๊ตฌ ๋ฐฉ๋ฒ•

ํ˜„์žฌ์™€ ๊ฐ™์€ ์ €์ˆ˜์ต (Low return) ํˆฌ์ž ํ™˜๊ฒฝ์—์„œ ์ž์‚ฐ ์šด์šฉ์‚ฌ (asset manager) ๋ฐ ํˆฌ์ž์ž (asset owner)๋“ค์€ ์–ด๋–ป๊ฒŒ ๋Œ€์‘ํ•˜๊ณ  ์žˆ์„๊นŒ์š”? ์ €๊ธˆ๋ฆฌ ๊ธฐ์กฐ์—๋Š” ์–ด๋–ป๊ฒŒ ๋Œ€์ฒ˜ํ•˜๊ณ  ์žˆ์„๊นŒ์š”? ์‚ฌ๋ชจ์‹œ์žฅ (Private market) ๋ฐ ๋Œ€์ฒด ํˆฌ์ž๋Š” ์ž์‚ฐ ์šด์šฉ์‚ฌ ๋ฐ ํˆฌ์ž์ž๋“ค์˜ ํˆฌ์ž ํฌํŠธํด๋ฆฌ์˜ค์— ์–ผ๋งˆ๋‚˜ ํฐ ์—ญํ• ์„ ํ•  ๊ฒƒ์œผ๋กœ ์˜ˆ์ƒํ• ๊นŒ์š”? ๊ทธ๋ฆฌ๊ณ  ์ˆ˜์ˆ˜๋ฃŒ ์ธํ•˜ ์••๋ ฅ์ด ์ž์‚ฐ ์šด์šฉ์‚ฌ ๋ฐ ํˆฌ์ž์ž ๋ชจ๋‘์—๊ฒŒ ๋ฏธ์น˜๋Š” ์˜ํ–ฅ์€ ๋ฌด์—‡์ผ๊นŒ์š”?

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headshot of Kate El-Hillow, Chief Investment Officer

Kate El-Hillow

Chief Investment Officer, Russell Investments

๋Ÿฌ์…€ ์ธ๋ฒ ์ŠคํŠธ๋จผํŠธ ์ตœ๊ณ  ํˆฌ์ž ์ฑ…์ž„์ž(CIO)
Kate El-Hillow์˜ ๊ฒฌํ•ด

์„ ๋„์ ์ธ ๊ธฐ๊ด€ ํˆฌ์ž์ž์˜ ์ˆ˜์ต ์ถ”๊ตฌ ์ „๋žต์— ์ค‘์ ์„ ๋‘๋Š” ์‚ฌ๋ชจ ์‹œ์žฅ (private market)

10x10 ๋ณด๊ณ ์„œ์˜ 3๋ฒˆ์งธ ์ฃผ์ œ์˜ ๊ฒฐ๋ก ์€ ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž๊ฐ€ ์„ ๋„์ ์ธ ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์˜ ์ˆ˜์ต ์ถ”๊ตฌ ํˆฌ์ž ์ „๋žต์— ์ด์ ์ด ๋œ๋‹ค๋Š” ๊ฒƒ์ž…๋‹ˆ๋‹ค. ์ด๋Š” ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž๊ฐ€ ๊ฐ•๋ ฅํ•œ ์ˆ˜์ต์„ ์ฐฝ์ถœํ•˜๋Š” ์ˆ˜๋‹จ์ด๋ฏ€๋กœ ํˆฌ์ž ์‹œ ๊ณ ๋ คํ•ด์•ผ ํ•œ๋‹ค๋Š” Russell Investments์˜ ํˆฌ์ž ์‹ ๋…๊ณผ๋„ ์ผ์น˜ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Ÿฌํ•œ ์ด์œ ๋กœ ๋‹น์‚ฌ๋Š” ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž ์—ญ๋Ÿ‰์„ ํ™•์žฅํ•˜๊ธฐ ์œ„ํ•ด ๊ณ ๊ตฐ๋ถ„ํˆฌํ•ด ์™”์Šต๋‹ˆ๋‹ค. ๋”๋ถˆ์–ด ์ด๋ฒˆ ์กฐ์‚ฌ ์ฐธ์—ฌ์ž๋“ค์ด ์‚ฌ๋ชจ์‹œ์žฅ์˜ ์ฃผ์š” ํŠน์ง•์œผ๋กœ ์ผ์ปซ๋Š” ๋น„์œ ๋™์„ฑ(illiquidity), ์‚ฌ๋ชจ ํŽ€๋“œ ํˆฌ์ž ์ ‘๊ทผ์„ฑ (access) ๋ฐ ํ† ํƒˆ ํฌํŠธํด๋ฆฌ์˜ค ํˆฌ์ž์ฐจ์›์—์„œ์˜ ์‚ฌ๋ชจํˆฌ์ž (total portfolio approach)์— ๋Œ€ํ•ด์„œ ๋‹น์‚ฌ์™€ ๋™์ผํ•œ ๊ฒฌํ•ด๋ฅผ ์œ ์ง€ํ•˜๊ณ  ์žˆ๋‹ค๋Š” ๊ฒƒ๋„ ๋ฐœ๊ฒฌํ•˜์˜€์Šต๋‹ˆ๋‹ค.

์‚ฌ๋ชจ ์‹œ์žฅ์˜ ์œ ๋™์„ฑ

์ด๋ฒˆ ์กฐ์‚ฌ์— ์‘ํ•œ ์ผ๋ถ€ ํˆฌ์ž์ž๋“ค์€ ์‚ฌ๋ชจ ์‹œ์žฅ์˜ ์œ ๋™์„ฑ ๋ฌธ์ œ๋ฅผ ์–ธ๊ธ‰ํ–ˆ์Šต๋‹ˆ๋‹ค. ๋ฐ˜๋ฉด ๋˜ ๋‹ค๋ฅธ ํˆฌ์ž์ž๋“ค์€ "์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž๋Š” ์‹œ๊ฐ€๋กœ ํ‰๊ฐ€๋˜์ง€ ์•Š๊ณ  ์žฅ๋ถ€ ๊ฐ€์น˜๋กœ ํ‰๊ฐ€๋˜๋ฏ€๋กœ ํฌํŠธํด๋ฆฌ์˜ค์˜ ๋ณ€๋™์„ฑ์„ ์ œํ•œํ•˜๋Š”๋ฐ ๋„์›€์ด ๋œ๋‹ค."๋ผ๋Š” ์ด์œ ๋กœ ์‚ฌ๋ชจ ์‹œ์žฅ ํˆฌ์ž์˜ โ€œ์Šค๋ฌด๋”ฉ ํšจ๊ณผ (smoothing effect)"์— ์ฃผ๋ชฉํ–ˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ๋‹น์‚ฌ๋Š” ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์ด ์‹ค์ œ๋กœ ๊ฐ๋‹นํ•  ์ˆ˜ ์žˆ๋Š” ๋น„์œ ๋™์„ฑ ํˆฌ์ž ์ˆ˜์ค€์ด ๊ทธ๋“ค์ด ์˜ˆ์ƒํ•˜๋Š” ์ˆ˜์ค€ ๋ณด๋‹ค ๋†’์€ ๊ฒฝ์šฐ๋ฅผ ๋‹ค์ˆ˜ ๊ด€์ฐฐํ•˜์˜€์Šต๋‹ˆ๋‹ค. ์‚ฌ๋ชจ ์‹œ์žฅ ํˆฌ์ž์ „๋žต์— ๋”ฐ๋ผ ๋‹ค์–‘ํ•œ ํ˜„๊ธˆํ๋ฆ„ ํŒจํ„ด์„ ์ฐฝ์ถœํ•ฉ๋‹ˆ๋‹ค. ๊ฐ€๋ น ์ผ๋ฐ˜์ ์ธ ๋ฐ”์ด์•„์›ƒ ํŽ€๋“œ์—์„œ ํˆฌ์ž์ž๋“ค์€ ์ผ๋ฐ˜์ ์œผ๋กœ ์ถœ์ž ํ›„ 7~8๋…„ ๊นŒ์ง€ ํˆฌ์ž๊ธˆ ํšŒ์ˆ˜, ๋ฐ˜๋ฉด ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง ํŽ€๋“œ์˜ ๊ฒฝ์šฐ, ๋ฐ”์ด์•„์›ƒ ํŽ€๋“œ๋ณด๋‹ค ๋‹จ์ถ•๋œ ์ถœ์ž ํ›„ 5~6๋…„ ๊นŒ์ง€ ํˆฌ์ž๊ธˆ์„ ํšŒ์ˆ˜ํ•  ์ˆ˜ ์žˆ๋‹ค๊ณ  ๊ธฐ๋Œ€ํ•ฉ๋‹ˆ๋‹ค.

์ตœ์ƒ์œ„ ์‚ฌ๋ชจ ํˆฌ์ž ์šด์šฉ์‚ฌ์— ๋Œ€ํ•œ ์ ‘๊ทผ

๋ณธ ์กฐ์‚ฌ์— ์ฐธ์—ฌํ•œ ๋ช…์„ฑ ๋†’์€ ๊ธ€๋กœ๋ฒŒ ํˆฌ์ž์ž๋“ค ์—ญ์‹œ ์ตœ์ƒ๊ธ‰์˜ ์‚ฌ๋ชจ ํˆฌ์ž ๊ธฐํšŒ์— ์ฐธ์—ฌํ•˜๋Š”๋ฐ ์–ด๋ ค์›€์ด ๋”ฐ๋ฅด๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚ฌ์Šต๋‹ˆ๋‹ค. ํ•œ ๊ธฐ์—…์˜ ํ‡ด์ง์—ฐ๊ธˆ ์šด์šฉ ๋‹ด๋‹น์ž๋Š” "์‚ฌ๋ชจ ํŽ€๋“œ ์šด์šฉ์‚ฌ์™€ ๊ต๋ฅ˜ํ•˜๊ณ  ์‹ถ์œผ๋‚˜, ์ตœ์ƒ์œ„ ์‚ฌ๋ชจํŽ€๋“œ ์šด์šฉ์‚ฌ์™€์˜ ์ง์ ‘ ์ ‘์ด‰์€ ์‰ฝ์ง€ ์•Š์Šต๋‹ˆ๋‹คโ€ ๋ผ๊ณ  ๋‹ต๋ณ€ํ–ˆ๊ณ , ๋‹ค์ˆ˜์˜ ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค ์—ญ์‹œ ์œ ์‚ฌํ•œ ์˜๊ฒฌ์„ ํ‘œ๋ช…ํ•˜์˜€์Šต๋‹ˆ๋‹ค. ์ด๋Ÿฌํ•œ ์ ์—์„œ Russell Investments๋Š” ํˆฌ์ž์ž๋“ค์€ ์ •์ƒ๊ธ‰ ์‚ฌ๋ชจ ํˆฌ์ž ์šด์šฉ์‚ฌ์™€์˜ ์ ‘๊ทผ์„ฑ์„ ์šฉ์ดํ•˜๊ฒŒ ํ•  ์ˆ˜ ์žˆ๋Š” ์ „๋žต์  ํˆฌ์ž ํŒŒํŠธ๋„ˆ์™€์˜ ํ˜‘์—…์ด ํ•„์š”ํ•˜๋‹ค๋Š” ๊ฒƒ์„ ์กฐ์–ธํ•˜๊ณ ์ž ํ•ฉ๋‹ˆ๋‹ค.

์ด๋ฒˆ Cerulli ์กฐ์‚ฌ ๊ฒฐ๊ณผ๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™์Šต๋‹ˆ๋‹ค. "์‚ฌ๋ชจ ํˆฌ์ž ์˜์—ญ์—์„œ๋Š” ์šด์šฉ์‚ฌ ๊ฐ„ ์„ฑ๊ณผ ์ฐจ์ด๊ฐ€ ํฐ ๊ฒƒ์œผ๋กœ ์•Œ๋ ค์ ธ ์žˆ์œผ๋ฉฐ, ํˆฌ์ž ์„ฑ๊ณผ ๋ถ„ํฌ๋Š” ์‚ฌ๋ชจํˆฌ์ž์—…๊ณ„ ๋‚ด ์ตœ์ƒ์œ„ ์„ฑ๊ณผ ๋งค๋‹ˆ์ € ์ชฝ์œผ๋กœ ํŽธํ–ฅ๋˜์–ด ์žˆ๋‹ค. ์„ฑ๊ณผ ๋ถ„ํฌ๊ฐ€ ํŽธํ–ฅ๋˜์–ด ์žˆ๋‹ค๋Š” ๊ฒƒ์€ ์šฐ์ˆ˜ํ•œ ํˆฌ์ž ์‹ค์ ์„ ๋ณด์œ ํ•œ ์šด์šฉ์‚ฌ๋“ค์ด ๋ณด์ˆ˜ ํ˜‘์ƒ์— ์œ ๋ฆฌํ•˜๊ณ , ์šด์šฉ์‚ฌ๋“ค์ด ์ง์ ‘ ํˆฌ์ž์ž๋ฅผ ์„ ํƒํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฒƒ์„ ์˜๋ฏธํ•œ๋‹ค. ์ž๊ธˆ ์œ ์น˜ ์‹œ์— ์ตœ์ƒ์œ„ ์šด์šฉ์‚ฌ๋“ค์€ ํˆฌ์ž ์ง‘ํ–‰ ๊ทœ๋ชจ๊ฐ€ ํฐ ํˆฌ์ž์ž๋“ค์„ ๋Œ€์ƒ์œผ๋กœ ์ž๊ธˆ์„ ๋ชจ์ง‘ํ•˜์—ฌ ์ค‘์†Œํ˜• ๊ธฐ๊ด€๋“ค์€ ํˆฌ์ž ๊ธฐํšŒ๊ฐ€ ์ œํ•œ๋  ์ˆ˜ ์žˆ๋‹ค. ์ด๋Ÿฌํ•œ ์š”์†Œ๋“ค์€ ์‚ฌ๋ชจ ์‹œ์žฅ ํˆฌ์ž ์ ‘๊ทผ์„ฑ์˜ ์ค‘์š”ํ•จ์„ ์˜๋ฏธํ•˜๋ฉฐ, ์ด๋ฅผ ์œ„ํ•ด OCIO ์šด์šฉ์‚ฌ์™€ ํ˜‘์—…ํ•˜๋Š” ๊ฒƒ์ด ์ด์ ์ด ๋  ์ˆ˜ ์žˆ๋‹คโ€. ์ด๋Ÿฌํ•œ ์กฐ์‚ฌ ๊ฒฐ๊ณผ๋ฅผ ์ธ์šฉํ•˜์—ฌ Russell Investments ๋Š”OCIO์šด์šฉ์‚ฌ๊ฐ€ ํˆฌ์ž์ž๋“ค์ด ํ•„์š”๋กœ ํ•˜๋Š” ์‚ฌ๋ชจ์‹œ์žฅ ์ ‘๊ทผ์„ฑ์„ ์ œ๊ณตํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ด์ ์„ ๊ฐ•์กฐํ•˜๊ณ ์ž ํ•ฉ๋‹ˆ๋‹ค.

ํ† ํƒˆ ํฌํŠธํด๋ฆฌ์˜ค ๊ด€์ ์—์„œ ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž ์ค‘์š”์„ฑ

์ € Kate El-Hillow๋Š” ๋ณธ ์กฐ์‚ฌ์˜ ์ฐธ์—ฌํ•œ ๊ธ€๋กœ๋ฒŒ ๋Œ€ํ˜• ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์„ ๋Œ€์ƒ์œผ๋กœ ํˆฌ์ž ์„œ๋น„์Šค๋ฅผ ์ œ๊ณตํ•˜๋Š” ๊ธ€๋กœ๋ฒŒ ์ž์‚ฐ์šด์šฉ์‚ฌ ์ตœ๊ณ  ํˆฌ์ž ์ฑ…์ž„์ž๋กœ์„œ, ๋‹ค์–‘ํ•œ ํˆฌ์ž ๋ฉด๋ชจ๋ฅผ ๊ณ ๋ คํ•œ ํ† ํƒˆ ํฌํŠธํด๋ฆฌ์˜ค ๊ด€์ ์—์„œ์˜ ์šด์šฉ์„ ์ถ”๊ตฌํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž ์‹œ ๊ทธ ์ค‘์š”์„ฑ์€ ๋”์šฑ ํ•„์ˆ˜์ ์ž…๋‹ˆ๋‹ค. ๋ณธ ์กฐ์‚ฌ์—์„œ ํ•œ ํ‡ด์ง์—ฐ๊ธˆ ์šด์šฉ ๋‹ด๋‹น์ž๋Š” "์‚ฌ๋ชจ ํŽ€๋“œ๋ฅผ ์ „์ˆ ์ ์œผ๋กœ ์šด์šฉํ•˜๊ธฐ๋ž€ ๋ถˆ๊ฐ€๋Šฅํ•ฉ๋‹ˆ๋‹ค. ์‚ฌ๋ชจ ํŽ€๋“œ ํŠน์„ฑ์ƒ ์žฅ๊ธฐ ํˆฌ์ž์ด๋ฏ€๋กœ ํˆฌ์ž ๋ฐฉํ–ฅ์„ ๋ฐ”๊พธ๊ธฐ ์–ด๋ ต์Šต๋‹ˆ๋‹ค."๋ผ๊ณ  ๋งํ•ฉ๋‹ˆ๋‹ค.

์‚ฌ๋ชจ์‹œ์žฅ์—์„œ์˜ ํˆฌ์ž ๊ธฐํšŒ๋Š” ํด ์ˆ˜ ์žˆ์œผ๋‚˜, ์•ž์„œ ์กฐ์‚ฌ ์ฐธ์—ฌ์ž๊ฐ€ ์–ธ๊ธ‰ํ•œ ๊ฒƒ๊ณผ ๊ฐ™์ด ์‚ฌ๋ชจ์‹œ์žฅ์—์„œ๋Š” ํˆฌ์ž ์ฒ ํšŒ๊ฐ€ ์–ด๋ ค์šธ ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๊ณผ๊ฑฐ ๋Œ€๋น„ ์‚ฌ๋ชจ ์‹œ์žฅ์— ์ ‘๊ทผํ•˜๋Š” ๋ฐฉ๋ฒ•์€ ์ฆ๊ฐ€ํ•˜์˜€๊ณ , ์ด๋Š” ํˆฌ์ž์ž ๋งž์ถคํ™”๊ฐ€ ๊ฐ€๋Šฅํ•œ ์‚ฌ๋ชจ ํˆฌ์ž๊ธฐํšŒ์˜ ์ฆ๊ฐ€๋กœ๋„ ํ•ด์„๋  ์ˆ˜ ์žˆ์ง€๋งŒ ํ•œํŽธ์œผ๋กœ๋Š” ํฌํŠธํด๋ฆฌ์˜ค ๊ตฌ์กฐ์˜ ๋ณต์žก์„ฑ (complexity) ์ด ๊ณ ๋„ํ™”๋  ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฒƒ์„ ์˜๋ฏธํ•ฉ๋‹ˆ๋‹ค. ๊ฒฐ๊ตญ, ํ† ํƒˆ ํฌํŠธํด๋ฆฌ์˜ค ์ธก๋ฉด์—์„œ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ๊ตฌ์ถ•ํ•˜๊ณ  ์‚ฌ๋ชจ ๋ฐ ๊ณต๋ชจ ํŽ€๋“œ ํˆฌ์ž์˜ ๊ท ํ˜•์„ ์ด๋ฃจ๋ฉฐ ๊ธˆ์œต์‹œ์žฅ ๋ณ€ํ™”์— ๋”ฐ๋ฅธ ํฌํŠธํด๋ฆฌ์˜ค์˜ ๋ณ€ํ™”๋ฅผ ์—ญ๋™์ ์œผ๋กœ ์šด์šฉํ•  ์ค„ ์•„๋Š” ์ „๋žต์  ํˆฌ์ž ํŒŒํŠธ๋„ˆ์™€ ํ˜‘๋ ฅ์ด ํ•„์š”ํ•ฉ๋‹ˆ๋‹ค.

์ˆ˜์ต ์ถ”๊ตฌ ๋ฌธ์ œ

๋งŽ์€ ํˆฌ์ž์ž๋“ค์ด ์šฐ์ˆ˜ํ•œ ์‹ค์  ๋‹ฌ์„ฑ์„ ํ•˜๊ณ  2021๋…„์„ ๋งˆ๊ฐํ•˜์˜€์œผ๋‚˜, ํˆฌ์ž์ž ๋ฐ ์šด์šฉ์‚ฌ๋“ค์€ ํ–ฅํ›„ ์ €์ˆ˜์ต(low return) ํ™˜๊ฒฝ์„ ์ „๋งํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์ €์ˆ˜์ต ํ™˜๊ฒฝ๊ณผ ๊ด€๋ จ๋œ ๋ฌธ์ œ ์™ธ์—๋„ ์šด์šฉ์‚ฌ๋“ค์€ ํˆฌ์ž์ž๋“ค์ด ์ˆ˜์ˆ˜๋ฃŒ ์ธํ•˜๋ฅผ ์š”๊ตฌํ•˜๋Š” ํ™˜๊ฒฝ์— ๋Œ€์‘ํ•  ๋ฐฉ์•ˆ, ์ฆ‰ ๋น„์šฉ ์ ˆ๊ฐ ๋ฐฉ์•ˆ์„ ์ฐพ์„ ํ•„์š”๊ฐ€ ์žˆ์Šต๋‹ˆ๋‹ค.

์ด๋ฒˆ Cerulli ์กฐ์‚ฌ๋ฅผ ํ†ตํ•ด ๊ธ€๋กœ๋ฒŒ ๋Œ€ํ˜• ํˆฌ์ž์ž ๋ฐ ์šด์šฉ์‚ฌ๋“ค์€ ํ–ฅํ›„ ํˆฌ์ž ํ™˜๊ฒฝ, ์‚ฌ๋ชจ ์‹œ์žฅ ํˆฌ์ž ์ „๋ง ๋ฐ ์ˆ˜์ˆ˜๋ฃŒ ์••๋ฐ• ์ „๋ง์— ๋Œ€ํ•œ insight๋ฅผ ๊ณต์œ ํ–ˆ์Šต๋‹ˆ๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ํˆฌ์ž์ž ๋ฐ ์šด์šฉ์‚ฌ๋“ค์€ ์ผ๋ฐ˜์ ์œผ๋กœ ํ–ฅํ›„ ์ €์ˆ˜์ต ํ™˜๊ฒฝ์— ์ง๋ฉดํ•  ๊ฒƒ์— ๋™์˜ํ•˜๋ฉฐ, ์‚ฌ๋ชจ ์‹œ์žฅ ํˆฌ์ž๊ฐ€ ํˆฌ์ž์ž๋“ค์˜ ๋ชฉํ‘œ ์ˆ˜์ต๋ฅ  ๋‹ฌ์„ฑํ•˜๋Š”๋ฐ ์œ ์šฉํ•œ ๋ฐฉ๋ฒ•์ด ๋  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ ์— ๋™์˜ํ–ˆ์Šต๋‹ˆ๋‹ค. ํ•œํŽธ, ์กฐ์‚ฌ ์ฐธ์—ฌ์ž๋“ค ์ค‘ ๋‹ค์ˆ˜๋Š” ์‚ฌ๋ชจ ํˆฌ์ž ์—ญ์‹œ ์ „๋ฐ˜์ ์ธ ์ €์ˆ˜์ต ํˆฌ์ž ํ™˜๊ฒฝ๊ณผ ๋ถ„๋ฆฌ๋˜์–ด ์žˆ๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ๋Š” ์ ์„ ์ง€์ ํ•˜๊ธฐ๋„ ํ•˜์˜€์Šต๋‹ˆ๋‹ค. ๊ฒฐ๊ตญ, ์ˆ˜์ต๋ฅ  ์ฆ๋Œ€๋ฅผ ์œ„ํ•˜์—ฌ ์ „ํ†ต์ ์ธ ์‚ฌ๋ชจ ํŽ€๋“œ์— ํˆฌ์žํ•˜๋Š” ๋งŽ์€ ํˆฌ์ž์ž๋“ค ์—ญ์‹œ ์„ฑ์žฅ, ๋ฒค์ฒ˜ ์บํ”ผํ„ธ, ์‚ฌ๋ชจ ์ฑ„๊ถŒ ๋“ฑ ์‹œ์žฅ ๋‚ด ๋‹ค์–‘ํ•œ ์ „๋žต์œผ๋กœ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ํ™•์žฅํ•˜๋ ค๋Š” ์›€์ง์ž„์„ ๋ณด์ด๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค.

ํ–ฅํ›„ ์ˆ˜์ต ์ถ”๊ตฌ ํ™˜๊ฒฝ

๋Œ€๋ถ€๋ถ„์˜ ํˆฌ์ž์ž ๋ฐ ์šด์šฉ์‚ฌ๋“ค์€ 2022๋…„, ๊ทธ๋ฆฌ๊ณ  ํ–ฅํ›„ ํˆฌ์ž ์ˆ˜์ต๋ฅ ์ด ํ•˜๋ฝํ•  ์ˆ˜ ์žˆ๋‹ค๊ณ  ์ „๋งํ•ฉ๋‹ˆ๋‹ค. ๋Œ€๋ถ€๋ถ„ ํˆฌ์ž์ž๋“ค์€ ์„ธ๊ณ„ ์ฃผ์š” ์ค‘์•™์€ํ–‰์ด ๊ธˆ์œต์‹œ์žฅ์— ํ™œ๋ ฅ์„ ๋ถˆ์–ด๋„ฃ๋Š”๋ฐ ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ๋Š” ์ •์ฑ… ๋„๊ตฌ๋ฅผ ์†Œ์ง„ํ–ˆ๋‹ค๊ณ  ์ƒ๊ฐํ•˜๊ธฐ ๋•Œ๋ฌธ์ž…๋‹ˆ๋‹ค.

๋˜ํ•œ, Cerulli ์กฐ์‚ฌ์˜ ์ฐธ์—ฌ์ž๋“ค ์ผ๋ถ€๋Š” ์‹œ์žฅ ์ „๋ง์— ๋”ฐ๋ผ ๋ชฉํ‘œ ํˆฌ์ž ์ˆ˜์ต๋ฅ ์„ ํ•˜ํ–ฅ์กฐ์ • ํ–ˆ๋‹ค๊ณ  ๋ฐํ˜”์Šต๋‹ˆ๋‹ค. ์กฐ์‚ฌ์— ์ฐธ์—ฌํ•œ ํ•œ ์ž์‚ฐ ์šด์šฉ์‚ฌ๋Š” ๊ทธ๋“ค์˜ ๊ณ ๊ฐ, ํŠนํžˆ ๊ธฐ๊ด€๋“ค์ด ๋ชฉํ‘œ ์ˆ˜์ต๋ฅ ์„ ๊ฐ‘์ž‘์Šค๋Ÿฝ๊ฒŒ ๋Œ€ํญ ๋ณ€๊ฒฝํ•˜๋Š” ๊ฒƒ์€ ์šด์šฉ ํฌํŠธํด๋ฆฌ์˜ค ํ˜„๊ธˆํ๋ฆ„์— ์˜ํ–ฅ์„ ๋ฏธ์น  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์—, ๋Œ€๋ถ€๋ถ„์˜ ๊ธฐ๊ด€ํˆฌ์ž์ž ๊ณ ๊ฐ๋“ค์€ ์ง€๋‚œ 10๋…„ ๊ฐ„ ๋ชฉํ‘œ ์ˆ˜์ต๋ฅ ์„ ์ ์ง„์ ์œผ๋กœ ์กฐ์ •ํ–ˆ๋‹ค๊ณ  ๋ฐํ˜”์Šต๋‹ˆ๋‹ค. ์ด ์šด์šฉ์‚ฌ์— ์˜ํ•˜๋ฉด, ๊ทธ๋“ค์˜ ๊ณ ๊ฐ๋“ค์€ ์ผ๋ฐ˜์ ์œผ๋กœ ๋ชฉํ‘œ ์ˆ˜์ต๋ฅ ์„ ์—ฐ๊ฐ„ 25BP~50BP ํ•˜ํ–ฅ ์กฐ์ •ํ•˜์˜€๋‹ค๊ณ  ํ•ฉ๋‹ˆ๋‹ค.

From the experts:

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"The longer it goes on, the greater the worries become that we get that asset price bubble. Even though we arenโ€™t out of the crisis, we are emerging with valuations that are fuller than they have been in other financial crises."

- Asset manager

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"If you have an incremental dollar, where do you want to put it? Equities are fully valued. Do you want to be buying bonds? Maybe if you think its QE foreverโ€ฆ[The] other place is private equity and venture capital, but thereโ€™s a ton of capital on the sideline. The valuations are very rich. [There is] not much value anywhere."

- Asset owner

์‚ฌ๋ชจ ํˆฌ์ž ์˜์—ญ

๊ณ ์ˆ˜์ต ๊ณ ์œ„ํ—˜์„ ์ถ”๊ตฌํ•˜๋Š” ํˆฌ์ž์ž๋“ค์—๊ฒŒ ์‚ฌ๋ชจ ์‹œ์žฅ ๋ฐ ์‚ฌ๋ชจ ์ฑ„๊ถŒ ํˆฌ์ž๋Š” ์ฃผ๋œ ๊ด€์‹ฌ ์˜์—ญ์ž…๋‹ˆ๋‹ค. ์‚ฌ๋ชจ ํˆฌ์ž ์˜์—ญ์œผ๋กœ ์ด๋ฏธ ์ง„์ž…ํ•œ ํˆฌ์ž์ž๋“ค์€ ์ „ํ†ต์ ์ธ ์‚ฌ๋ชจ ํŽ€๋“œ(์ฆ‰, ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๋ฐ”์ด์•„์›ƒ)๋ฟ ์•„๋‹ˆ๋ผ growth ๋ฐ venture capital๋กœ ํ™•๋Œ€ํ•˜๋Š” ๋ฐฉ์•ˆ์„ ๋ชจ์ƒ‰ํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค..

๋น„์œ ๋™์„ฑ์€ ์‚ฌ๋ชจ ํˆฌ์ž์˜ ํŠน์ง•์ž…๋‹ˆ๋‹ค. ์‚ฌ๋ชจ์‹œ์žฅ ํˆฌ์ž๋กœ ๋น„์œ ๋™์„ฑ ํ”„๋ฆฌ๋ฏธ์—„์„ ๊ธฐ๋Œ€ํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ์กฐ์‚ฌ์— ์ฐธ์—ฌํ•œ ํˆฌ์ž์ž์™€ ์šด์šฉ์‚ฌ๋“ค์€ ๋น„์œ ๋™์„ฑ ํ”„๋ฆฌ๋ฏธ์—„๋งŒ์ด ์‚ฌ๋ชจ ํˆฌ์ž ์ˆ˜์ต์˜ ์›์ฒœ์ด ์•„๋‹ˆ๋ผ๊ณ  ์ง€์ ํ•ฉ๋‹ˆ๋‹ค. ํ•œ ๋ฉ€ํ‹ฐ ์—์…‹ ํŽ€๋“œ ์šด์šฉ๊ด€๊ณ„์ž๋Š” ํˆฌ์ž์‹œ์žฅ์—์„œ์˜ ํ”„๋ฆฌ๋ฏธ์—„์€ ํˆฌ์ž์˜ ๋ณต์žก์„ฑ (complexity premium) ๊ณผ ์ ‘๊ทผ ํ”„๋ฆฌ๋ฏธ์—„ (access premium)์œผ๋กœ ๋ถ€ํ„ฐ ํŒŒ์ƒ๋  ์ˆ˜ ์žˆ๋‹ค๊ณ  ์–ธ๊ธ‰ํ•ฉ๋‹ˆ๋‹ค. ์—ฌ๊ธฐ์„œ ๋ณตํ•ฉ์„ฑ ํ”„๋ฆฌ๋ฏธ์—„์€ ํˆฌ์ž๊ฐ€ ์–ด๋–ป๊ฒŒ ์šด์šฉ๋˜๋А๋ƒ์— ๋”ฐ๋ผ ๋ฐœ์ƒ๋˜๋ฉฐ, ์ ‘๊ทผ ํ”„๋ฆฌ๋ฏธ์—„์€ ํฌํŠธํด๋ฆฌ์˜ค ๋‚ด ์ „๋žต์ด ์–ด๋–ป๊ฒŒ ๊ตฌ์„ฑ๋˜๋Š”์ง€์— ๋”ฐ๋ผ ๋ฐœ์ƒํ•˜๋Š” ํ”„๋ฆฌ๋ฏธ์—„์„ ์˜๋ฏธํ•œ๋‹ค๊ณ  ํ•ฉ๋‹ˆ๋‹ค.

์‚ฌ๋ชจ์‹œ์žฅํˆฌ์ž์˜ ๋˜ ๋‹ค๋ฅธ ์ด์ต์œผ๋กœ๋Š” ์‚ฌ๋ชจํˆฌ์ž๊ฐ€ ์‹œ๊ฐ€๋กœ ํ‰๊ฐ€๋ฅผ ๋ฐ›์ง€ ์•Š๊ธฐ ๋•Œ๋ฌธ์— ์‹œ์žฅ์˜ ์›€์ง์ž„์— ์˜ํ–ฅ์„ ์•Š์•„ ํฌํŠธํด๋ฆฌ์˜ค ์Šค๋ฌด๋”ฉ ํšจ๊ณผ (smoothing effect)๋ฅผ ๊ธฐ๋Œ€ํ•  ์ˆ˜ ์žˆ์œผ๋ฉฐ, ํ‡ด์ง์—ฐ๊ธˆ ์šด์šฉ ๊ธฐ๊ด€์˜ ๊ฒฝ์šฐ๋Š” ๊ฐ€์ž…์ž๋“ค์˜ ๋ถ„๋‹ด๊ธˆ ๊ทœ๋ชจ๋ฅผ ํฐ ๋ณ€๋™ ์—†์ด ์œ ์ง€ํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ ์ด ์žˆ์Šต๋‹ˆ๋‹ค.

Key objectives of private investment strategies 2021

From the experts:

white pencil

"What we are seeing today is a tremendous desire for private markets. That move is not finished; clients still want private markets where they can find yield and are willing to take more riskโ€”either volatility risk, credit risk, or illiquidity riskโ€”to fulfill their target returns."

- Asset manager

black pencil

"Private equityโ€”you canโ€™t do tactically; they are long-term in nature and difficult to reverse course. So the allocations we made 10 years ago, we are cognizant of how we are reinvesting this capital."

- Asset owner

์ˆ˜์ˆ˜๋ฃŒ ํ•˜ํ–ฅ ์••๋ฐ•

์ €์ˆ˜์ต ์ „๋ง ์™ธ์—๋„ ์ž์‚ฐ ์šด์šฉ์‚ฌ๋“ค์€ ์ˆ˜์ต๋ฅ  ๋งˆ์ง„์ด ๋‚ฎ์•„์ง€๋Š” ์‹œ์žฅ ํ™˜๊ฒฝ์— ๋Œ€์‘ํ•ด์•ผ ํ•ฉ๋‹ˆ๋‹ค. ํˆฌ์ž์ž๊ฐ€ ํˆฌ์ž ํ˜‘์ƒ๋ ฅ์„ ์ง€๋ฐฐํ•˜๋Š” ํ™˜๊ฒฝ์œผ๋กœ ์ „ํ™˜๋จ์— ๋”ฐ๋ผ ์šด์šฉ์‚ฌ๋“ค์€ ์ˆ˜์ˆ˜๋ฃŒ ํ•˜ํ–ฅ ์••๋ฐ•๊ณผ ์„œ๋น„์Šค ์ˆ˜์ค€์— ๋Œ€ํ•œ ํˆฌ์ž์ž๋“ค์˜ ๊ธฐ๋Œ€ ์ฆ๊ฐ€ ์ƒํ™ฉ์— ์ง๋ฉดํ–ˆ๊ณ , ๊ทธ ๊ฒฐ๊ณผ ๊ฒฝ์Ÿ๋ ฅ ์œ ์ง€๋ฅผ ์œ„ํ•ด ๋งŽ์€ ์šด์šฉ์‚ฌ๋“ค์€ ๊ณ ๊ฐ ์„œ๋น„์Šค ์ˆ˜์ค€์„ ๊ฐœ์„ ํ•˜๊ณ  ํ†ต์ƒ์ ์œผ๋กœ ์ œ๊ณตํ•œ ๋ฒ”์œ„ ์ด์ƒ์˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค๋ฅผ ์„ ์ œ๊ณตํ•˜์˜€์Šต๋‹ˆ๋‹ค. ๋น„์šฉ์„ ํ†ต์ œํ•˜๊ธฐ ์œ„ํ•œ ์ผ๋ฐ˜์ ์ธ ์ ‘๊ทผ ๋ฐฉ์‹์œผ๋กœ๋Š” ๊ธฐ์ˆ  ํ™œ์šฉ์„ ํ†ตํ•œ ์šด์šฉ ๋Šฅ๋ฅ ํ™”, ๋ฐ ๊ณ ๊ฐ ์„œ๋น„์Šค ํ™œ๋™ ๊ณ„ํš ํšจ์œจ์„ฑ ์ฆ๋Œ€ ๋“ฑ์ด ์žˆ์Šต๋‹ˆ๋‹ค. ์กฐ์‚ฌ ์ฐธ์—ฌ์ž๋“ค์€ ์ „ํ†ต์ ์œผ๋กœ ์ˆ˜์ˆ˜๋ฃŒ ์••๋ฐ•์—์„œ ๋น„๊ต์  ์ž์œ ๋กœ์› ๋˜ ์‚ฌ๋ชจ ํˆฌ์ž ์šด์šฉ์‚ฌ์ผ์ง€๋ผ๋„ ๋ช‡ ๋…„ ํ›„์—๋Š” ์ˆ˜์ˆ˜๋ฃŒ ์••๋ฐ•์„ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค๋Š” ์˜๊ฒฌ์ž…๋‹ˆ๋‹ค. ๋˜ํ•œ ์‚ฌ๋ชจ ์šด์šฉ์‚ฌ๋“ค ์—ญ์‹œ ํˆฌ์ž ์„œ๋น„์Šค์— ๋Œ€ํ•œ ํˆฌ์ž์ž๋“ค์˜ ๊ธฐ๋Œ€๊ฐ์ด ๋†’์•„์ง€๋Š” ์ถ”์„ธ์— ์˜ํ–ฅ์„ ๋ฐ›์„ ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

From the experts:

white pencil

"Thereโ€™s no question that the amount of services we provide has gone up. For the dollar of income we got 30 years ago, that has gone down because we are doing far more for our clients."

- Asset manager

black pencil

"We arenโ€™t of the mindset that lower fees are always better, because you get what you pay for. All things equal, lower fees are better, but weโ€™ve tried to make sure we are ever diligent that our fees are incredibly competitive."

- Asset owner

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About the 10x10 report

In 3Q 2021, Russell Investments held its annual Partner Innovation Lab, a roundtable event where large asset owners from various geographies brainstorm their greatest concerns and areas of interest. We asked Cerulli Associates to interview participating organizations, as well as some of our asset management partners, to extract individual perspectives on topics discussed at the event.

The result is a three-part series:

investors seeking returns icon

ํˆฌ์ž์ž๋“ค์˜ ํˆฌ์ž ์ˆ˜์ต ์ถ”๊ตฌ ๋ฐฉ๋ฒ•
(This report)

Participating institutional investors included the following corporate retirement plan sponsors, in alphabetical order: The Boeing Company, Fujitsu Global, Mazda Motor Corporation, Microsoft, Mitsubishi Electric, Nestlé, Roche and Unilever. It also included the following non-profit investors: The New York Presbyterian Hospital, Robert Wood Johnson Foundation and Thomas Jefferson University.

Participating alternative asset managers included: Brevan Howard, Hamilton Lane and Oaktree Capital Management. Participating fixed-income asset managers included: BlueBay Asset Management and Western Asset Management Company. And participating multi-asset-class managers included BlackRock, J.P. Morgan Asset Management, Morgan Stanley, Putnam Investments and Wellington Management.