PwC's Asset and Wealth Management Revolution 2025 report projects private markets will capture more than half of total industry revenues by 2030, cementing their position as the sector's most profitable engine. While alternative AUM is expected to reach $34 trillion with private markets specifically hitting $26.6 trillion, the report warns that rising competition will put growing pressure on the standout fees and margins that have defined the asset class.

The Institutional Limited Partners Association published a comprehensive analysis examining how retail investment vehicles are fundamentally reshaping private equity fund dynamics. According to ILPA's 2025 whitepaper, the retail private markets segment has grown at nearly 60% compound annual growth rate over four years to reach approximately $360 billion in assets, with private equity vehicles expanding 56% in 2024 alone.

Private equity firms sold $41bn of companies back to themselves in H1 2025 as exit routes stay blocked. With $3tn in stranded assets and rising "zombie fund" predictions, firms turn to continuation vehicles while pension funds retreat from private credit amid quality concerns and regulatory scrutiny intensifies globally.

Jenny Johnson warns that alternatives managers have largely saturated institutional markets and are now aggressively targeting the wealth channel, creating both opportunities and risks for individual investors.

Morningstar CEO Kunal Kapoor, speaking at the 2025 Morningstar Investment Conference in Chicago, outlined how his firm is responding to this fundamental shift by extending its analytical framework to cover private investments.

Private equity firms race toward $12T retail market via 401(k) access as Trump admin prepares executive order. Record $260B Q1 credit fundraising amid fee transparency pressure. Vista saves $200M+ refinancing from private to public debt. KKR raises $6.5B for asset-backed deals. 85-92% investors cash out vs. rolling continuation funds.

Erik Hirsch, co-CEO of Hamilton Lane, which manages nearly $1 trillion in private assets, detailed this credit revolution and its implications for both borrowers and investors on Bloomberg's Masters in Business podcast with Barry Ritholtz.

Private markets pivot toward retail access as Trump administration prepares 401(k) executive order for $12T retirement market. Secondary transactions hit record $103B amid exit drought. GIC signals caution on compressed private credit spreads. Major deals include Apollo's £600M dental financing, Carlyle's $250M farm loans.

Private markets are experiencing a structural shift as evergreen fund structures democratize access to previously exclusive investments, with industry veterans warning that despite rapid growth, the space remains in its early innings.

What's New The UK is implementing sweeping reforms to channel private market investments into domestic growth, with the Mansion House...

Private credit markets are experiencing dangerous overheating in certain segments, with some lenders abandoning basic due diligence and offering borrower-friendly terms that strip away creditor protections, creating conditions ripe for significant losses when economic cycles turn. Michael Gatto, partner and head of private side businesses at Silver Point Capital, delivered this sobering assessment during an interview on Bloomberg's The Credit Edge podcast.

Japan's exit from zero rates is creating the biggest private markets opportunity in Asia after 30 years of stagnation.

Moody's Ratings released a recent comprehensive analysis warning that the accelerating influx of retail investor capital into private markets represents both a massive growth opportunity and a significant systemic risk.

State Street's fourth annual Private Markets Study, led by Global Head of Alternatives Scott Carpenter, reveals a seismic shift in how institutional investors view the future of private markets.

SEC Commissioner Hester Peirce delivered a forceful call for dismantling barriers that exclude retail investors from private markets, going so far as to advocate for complete "elimination of the accredited investor standard."

Marc Rowan, CEO of Apollo Global Management, sat down with Barron's Andy Serwer to discuss the fundamental restructuring of investment markets. Rowan argues that the traditional view of "private as risky, public as safe" is obsolete, as public markets have become increasingly concentrated and correlated while private markets now offer diversification across the entire risk spectrum.

What's Happening SEC Chairman Paul Atkins announced plans to reconsider longstanding rules that limit retail investor access to private...

Private market assets grew at an 11.1% compound annual growth rate from 2014 to 2024, far outpacing the broader asset management industry's 6.5% growth, according to BCG's Global Asset Management Report 2025. Semi-liquid funds have grown fivefold to over $300 billion since 2020, as asset managers race to package private investments for retail clients who control 48% of global assets.

"It is the challenging environments that best showcase the strength and stability of our firm. We built our business to navigate periods of uncertainty and dislocation," said Stephen Schwartzman.

Vanguard teams with Blackstone and Wellington to create investment solutions combining public and private markets, potentially bringing alternatives to everyday investors and 401(k)s with lower costs.