Asia Pacific insurers seeking to diversify their portfolios and boost returns are looking to increase their exposure to private assets in the short term, but private equity isn’t likely to benefit as much as some other segments, according to a survey from BlackRock.

Insurance firms from the region are looking to snap up real estate and infrastructure, but private equity will see a decline in allocations over the next three years on a relative basis, said David Lomas, global head of BlackRock's financial institutions group, in an email.