Over the past 18‑24 months, there has been a downturn in certain alternative asset strategies, noted Sidley Austin partner Rob R. Carlson in a program at the firm’s Private Funds 2024 conference. After a boom that lasted beyond the 2010s, PE and venture capital managers have faced significant fundraising headwinds, while private credit continues to thrive. The program examined the strong fundraising environment that prevailed for more than a decade; the factors contributing to the recent downturn; opportunities for private credit and emerging managers; and recent developments that may improve the fundraising environment. The program featured Carlson and his partners David P. Kreisler and Jennifer A. Spiegel, as well as Luke Belcastro, partner at M2O Private Fund Advisers. This article synthesizes their insights. See “PE Tools in a Slow Economy: Taking Advantage of Leverage and Finding New Capital Sources (Part Two of Two)” (Jun. 29, 2023); and “How Key PE Fund Terms Are Being Shaped by Current Fundraising Challenges, Liquidity Needs and Distinct Shifts in the Market” (Feb. 9, 2023).