While the roadmaps U.S. tax-exempt investors are navigating are anything but parallel, a lot of them are purposefully en route to an alternative reality. That is to say, public pension funds and other institutions seeking more attractive risk-adjusted yields over time are boosting allocations to alternative asset classes as they de-emphasize traditional stocks and bonds.

A particularly scenic byway for this publication’s subscribers: Real estate and related “real assets” investment classes are positioned to attract perhaps the strongest attention among the various alternatives going forward. That expectation bodes well for practitioners of those specialties, considering that ongoing “mainstreaming” of alternative asset classes potentially represents tens of trillions of institutional investment dollars during the coming couple of decades.

“It’s hard to imagine that real estate won’t be a major part of the continued mainstreaming of alterna