Beyond 60/40: Why Real Assets Anchor the Modern Portfolio
June 17th, 2026
Key Takeaways
- Private markets are increasingly being used as core portfolio building blocks, providing advisors with additional tools to pursue diversification, income, and risk-adjusted returns.
- The growth of evergreen investment structures has expanded access to private markets by simplifying implementation, improving diversification, and allowing capital to be invested immediately.
- Portfolio construction is becoming more outcome-oriented, with advisors evaluating investments based on their contribution to overall portfolio objectives rather than traditional asset class labels alone.
- Infrastructure investments benefit from long-term demand drivers, including rising energy consumption, data center expansion, digital connectivity, and domestic manufacturing growth.
- Many infrastructure assets generate revenue through long-term contracts and provide exposure to essential services that remain relevant across economic cycles.
- Private market investments require a long-term mindset, as liquidity constraints and market cycles can impact the timing and availability of investor capital.
- Institutional investors have allocated to private markets for decades, and many advisors are increasingly adopting similar approaches as access and education improve.
In this premiere episode of Advising the Modern Allocator, a new Wealth Unfiltered series focused on portfolio construction, alternative investments, and the evolving wealth management landscape, Phil Shankweiler joins the show to discuss the growing role of private markets in modern portfolios.
Phil serves as Managing Director and Head of RIA Client Solutions at Partners Group, one of the world’s largest private markets investment firms, where he leads RIA partnerships, relationship management, and fundraising across the U.S. wealth management market. Prior to joining Partners Group, Phil held leadership roles at Starwood Capital Group and Hartford Funds, bringing nearly two decades of experience working with RIAs, family offices, and institutional investors. He is a CFA charterholder, CAIA charterholder, and holds an MBA from Villanova University.
In this conversation, Phil shares his perspective on how portfolio construction is evolving as advisors seek new sources of diversification, income, and risk-adjusted returns. He explains why private equity, private credit, infrastructure, and real estate are increasingly moving from niche allocations to core portfolio building blocks, and how evergreen investment structures are helping expand access to private markets for individual investors.
The discussion also explores one of the most compelling themes in private markets today: infrastructure investing. Phil discusses how rising energy demand, data center growth, artificial intelligence, and digital infrastructure development are creating long-term investment opportunities across the infrastructure landscape. He also addresses liquidity considerations, portfolio implementation, and the factors advisors should evaluate when incorporating private assets into client portfolios.
Whether you’re a financial advisor, allocator, or investor seeking a deeper understanding of private markets, this episode provides valuable insights into the trends shaping portfolio construction and investment decision-making in today’s evolving market environment.
Find Phil Here:
LinkedIn: https://www.linkedin.com/in/phil-shankweiler-cfa-caia-36247927/
Partners Group Profile: https://www.partnersgroup.com/en/about-us/our-team/phil-shankweiler
Learn More About Partners Group:
https://www.partnersgroup.com
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