Private alternatives are playing a greater role in institutional portfolios, driven by the pursuit of higher returns, diversification, and the increasing private market investment opportunity set. But beneath these trends, how are investors allocating across the varied investment categories available? How do their rationales for allocation differ by region, and where are they looking to employ capital? To answer these questions and more, PGIM and Institutional Investor’s Custom Research Lab partnered to survey more than 250 investment decision makers at institutions in Europe and the Middle East, representing approximately $10 trillion in assets under management. The results unveil the detail beneath the headlines, and offer unique insight into the way allocators are thinking about this burgeoning asset class.