Q2 2025 Outlook: The Wait-and-See Economy
We’re pleased to share our Q2 2025 Outlook: The Wait-and-See Economy.
In the lead article, Chief Investment Officer Michael Crook explores a complex macroeconomic landscape defined by cautious optimism and rising uncertainty. While the U.S. economy remains healthy, policy ambiguity and geopolitical tensions have tempered the growth outlook. Michael outlines why investors should look through near-term volatility—particularly the anticipated dip in Q1 GDP—and focus instead on resilient fundamentals and diversifying portfolio strategies (page 1).
In addition, we summarize our current asset allocation views across public and private markets (page 5), review key developments from the first quarter (page 6), and offer deep dives into alternative strategies: a timely spotlight on value-add private real estate (page 7), and a look at the evolving private credit landscape (page 8). We also provide a thorough update on private equity trends, from exit challenges to secondaries opportunities (page 10).
We hope you find this quarter’s insights valuable and engaging.
Download the Q2 2025 Outlook here.
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Any views expressed above represent the opinions of Mill Creek Capital Advisers ("MCCA") and are not intended as a forecast or guarantee of future results. This information is for educational purposes only. It is not intended to provide, and should not be relied upon for, particular investment advice. This publication has been prepared by MCCA. The publication is provided for information purposes only. The information contained in this publication has been obtained from sources that
MCCA believes to be reliable, but MCCA does not represent or warrant that it is accurate or complete. The views in this publication are those of MCCA and are subject to change, and MCCA has no obligation to update its opinions or the information in this publication. While MCCA has obtained information believed to be reliable, MCCA, nor any of their respective officers, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
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