Private markets might seem relatively straightforward on paper: they are anything that doesn’t have the ability to be traded in the public domain. In reality, they cover a broad, and broadening, base of sectors from real estate and private equity, to classic cars and wine. They have also evolved tremendously over the last few decades as an alternative to public equity investments.With investors and wealth managers increasingly searching for interesting opportunities outside of public markets, we asked Julius Baer’s CIO Yves Bonzon and private equity product specialist Simon Ibbitson to help us understand more about private markets, and discuss their upsides and downsides.