Commonfund’s Mark Anson is cautiously optimistic that stocks will continue to generate strong returns as hyperscalers pump money into AI.
The CEO and CIO of the Connecticut-based asset manager noted that equities delivered double-digit returns for the fourth year in a row. However, stubborn inflation, a hawkish Federal Reserve, and potentially inflated valuations of technology stocks could lead to a correction. While Anson does not foresee a recession on the immediate horizon, he’s “aware the clock is ticking.”
“Sooner or later, there’s got to be some tailing off of public market returns,” Anson told Institutional Investor. “At some point we expect a slowdown.”
With hyperscalers set to pour $1 trillion into AI infrastructure next year amid increased water and energy costs, they have to demonstrate that their investments can justify those valuations.
Still, Anson sees the SpaceX IPO as a “booster shot” that (briefly) brought roughly $2.5 trillion of capital into markets, which he called “a big tailwind.” He also expects the IPOs of OpenAI and Anthropic to boost markets.
Meanwhile on the private equity side, Anson notes that despite a lot of the negative headlines, “2025 was a very good year” for private equity, with 2026 “shaping up to be a pretty good year as well.” While he admits Commonfund is seeing slower growth, they still see “amazing valuations coming out of the venture space.”
“These fears of private equity being in a winter are overblown,” he added. “How is $1 trillion of exits in 2025 a winter?”
Anson argues that investing in AI washes over other asset classes: Demand for data centers has created opportunities in real estate, natural resources, and agriculture, while the buildout is also fueling private credit investments as issuers seek financing.
