An interesting move by Schroders bringing their Private Market divisions under one umbrella. A move I think that will be common amongst global managers, as they continue to compete with focussed SME Real Estate & Infrastructure, Private Equity and Debt funds.  Global managers are aggressively seeking to add investment capabilities organically through team acquisitions along side M&A activity.  Whilst those with existing private market capabilities can plug additive investment teams into established sales functions.  Traditional asset managers seeking to build a presence find themselves in a 'chicken & egg' situation, investment teams seeking capital whilst sales teams seeking a product to sell!  The question frequently asked from our clients though, specialist private market sales or investment/product specialists plugging into a generalist sales unit?