HNWIs

Private markets products geared towards the wealthy require the same standard of care as institutional investor offerings, according to the firm’s president and COO.

Besides private credit, LUCA 1.0 is also in talks to introduce private equity secondaries, fund of venture capital funds and a private markets sports fund, chief executive Keiko Sydenham tells PEI.

Chief executive Harvey Schwartz identified the firm's wealth business as one of its key strategic objectives for 2024.

The firm expects to see an acceleration in the number of private wealth platforms in H1 2024, according to its Q4 2023 earnings call.

More than half of distributors seek vehicles with a minimum investment under €100,000 and plan to commit more capital to debt and secondaries, according to a report from Reach Capital.

PEI spoke to managers from across the private equity landscape to learn what changes are in store over the next 12 months.

Panellists say the wealth channel isn’t the place for GPs to go hunting for extra capital.

Investors that are still actively investing are spending more time drilling into fund managers.

Technology-related sales platforms will play a role in the wealth unit's scale-up, according to wealth management chief Raj Dhanda.

Alts now account for nearly one-fifth of the firm’s $1.37trn assets under management, driven by manager acquisitions and inflows from the wealth channel.