AIMA is constantly engaging with regulators and policymakers around the world. At the start of each year, we bring those conversations into the open at AIMA’s Global Policy and Regulatory Forum, where fund managers and investors sit across the table from the policymakers shaping the rules that govern their businesses. The most recent forum took place in March in Dublin, and one theme that stood out to me was the keen focus on growth and competitiveness, and how that agenda is expressed differently across regions and national markets.

This edition of the AIMA Journal continues that conversation, and unsurprisingly, private markets feature prominently. Contributors explore the forces shaping alternative investment markets, including the evolving roles of private credit and asset-based lending, governance priorities for private asset managers, regulatory developments across key jurisdictions, and the growing influence of technology, digital assets, and tokenisation on the industry’s future.

As one contributor notes, these markets continue to grow, and greater regulatory attention is both inevitable and welcome. Articles examining asset-based lending, retailisation, and the regulatory priorities for private markets in the year ahead will help readers navigate a rapidly evolving landscape. For additional reading, AIMA’s recent blog on the most important takeaways from the AIMA 2026 Private Credit Investor Forum in Miami offers timely perspectives from market participants. 

Elsewhere, one article examines how India’s equity markets are becoming better equipped to absorb market shocks. Earlier this year, we hosted our first in-person event in India, exploring how GIFT City is reshaping access to Indian markets, the key levers for fund managers, and the next phase of growth in the country’s investment ecosystem.

Another contribution examines the realities facing emerging managers launching a hedge fund today, highlighting the importance of strong operational foundations, credible strategies, and alignment with investors in an increasingly competitive environment. 

Digital assets, and more specifically tokenisation, have been a recurring theme in the AIMA Journal in recent years. While one contributor explores the rise of stablecoins, another examines the emergence of tokenised funds and the opportunities they present for alternative managers. AIMA has been closely tracking tokenisation’s evolution from concept to practice. Our recent report, Tokenizing Alternatives, offers an in-depth look at the opportunities, challenges and regulatory developments shaping this transformation.

Many of these themes, from private markets to digital assets and the next generation of fund managers, will be front and centre at AIMA’s upcoming global events. Whether it is our Digital Assets Conference in New York, the Next Generation Manager Forum in London, or the AIMA Global Investor Forum in Toronto, these gatherings provide valuable opportunities for learning, networking and collaboration. We encourage members to take advantage of these forums to stay ahead of the industry’s evolving landscape.

As always, thank you to our contributors, members and partners for making this journal an essential source of industry knowledge.