Asset Allocation for private markets is a strategic approach to investing where funds are proportionately allocated across various private investment classes, such as Private Equity (PE), Private Debt (PD), Real Assets, and Secondaries.

1. Private Equity (PE): This involves investing directly into private companies or conducting buyouts of public companies that result in a delisting of public equity. The goal is to acquire significant control and influence over the company's decisions to increase its value.
2. Private Debt (PD): This is a type of financing that is not publicly traded. Investors usually offer loans to private companies directly rather than purchasing shares.
3. Real Assets: These are physical or tangible assets that have intrinsic value due to their substance and properties. Examples include real estate, commodities, natural resources, and infrastructure.
4. Secondaries: This involves the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Investors in secondary funds often seek to gain exposure to illiquid assets for a shorter time horizon and potentially at a discount.