Almost two-thirds of big investors now believe the global equity market has peaked, according to consultancy Preqin, driving investments in off-market assets like private equity funds.

Preqin canvassed the views of around 400 institutions, including pension and sovereign wealth funds, and found 61% said stocks are at peak levels. This is a jump from 56% in the second half of last year, and 45% at the start of 2018.