Sovereign wealth funds have stepped up their private market investments after the coronavirus crisis, but with valuations still high despite a shaky economic backdrop there are questions about the prospects for future returns. While funds have increased the portion of their outlay in public equities in 2020, private markets still account for the largest chunk of overall investment at $55.5 billion year to date, up from $35 billion last year after a pick-up in deals in the second half, according to the London-based International Forum of Sovereign Wealth Funds. Current asset prices are still very high despite uncertain economic conditions, raising questions of whether 2020-21 deals will be a good vintage, said Will Jackson-Moore, global private equity, real assets and sovereign funds leader at consultancy PwC.