Limited Partners

The top force fuelling M&A among private markets managers is the ambition to become as relevant to private wealth and insurance money tomorrow as institutional capital today.

‘I don’t expect a Blackstone stadium any time soon,’ president and COO Jonathan Gray says on the firm's Q3 2025 earnings call.

Ben Luckett, who set up Aviva's VC platform in 2015, says low distributed to paid-in ratios have been less of an issue for the investor to date due to the use of evergreen structures.

The Latin American multifamily office has a near-term target of at least one-fifth of its clients’ holdings being placed in alternatives, says Daniel Sanchez, head of alts.

Private equity’s liquidity premium appears to be eroding at a faster rate than ever before. Plus: a UK pension giant is pumping more into PE; and a German LP gets a new CIO. Here's today's brief, for our valued subscribers only.

Further technology advances are required to truly unlock the potential of the private wealth market.

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.

The unit will sit within the firm's $280bn private wealth business and will focus on broadening retirement savers’ access to private markets.