North America

KKR is committing $500 million to Galaxy.

There is now proof of concept that institutional and retail products can successfully be managed side by side, say Davis Polk’s Andrew Ahern, Oran Ebel, Christopher Healey and Leor Landa.

Private markets’ enthusiasm for the retail space is no fleeting trend, according to data from recent industry studies.

With the retailisation of alternatives set to transform the industry, building brand awareness with individual investors has become a priority for managers.

Opening up alternative assets to non-institutional investors, from HNWIs to 401(k) account holders, represents up to $80trn. It's an alluring pot of capital for an industry with flatlining annual fundraising figures in some asset classes. And yet, multiple headwinds exist, making the journey towards increasing democratisation far from straightforward.

NEP’s existing backer The Carlyle Group is participating in this investment and will remain NEP’s largest shareholder.

Archimed, Ardian and Webster Equity Partners are among the PE firms targeting assets in the therapeutic drug manufacturing sector.