Hi Norbert, I believe it's partially explained by performance chasing and envy. PE has delivered attractive returns since the GFC and is in high demand by institutional investors. Mutual fund managers, who have been consistently losing market share to ETFs, would be delighted to capture part of that market as there is very little magic in PE from an equities perspective.

In contrast, managed futures/CTAs have been basically flat since the GFC and AUM has stalled at $300bn. Although I do believe that an allocation to CTAs make sense, most investors struggle with assets that might provide occassional attractive diversification benefits, especially when central banks seem to be directly supporting equity markets.