ING Builds Europe's Largest Evergreen Private Markets Platform

What's New

In a recent Alt Goes Mainstream podcast interview, Anneka Treon—ING's Global Head of Private Banking, Wealth Management, and Investments—and Johan Kloeze—Head of Private Banking and Wealth Management Netherlands—reveal how the €260 billion European bank built one of the continent's largest evergreen private markets platforms in under three years by prioritizing human-centric design over institutional complexity.

Why It Matters

As European wealth managers race to democratize alternatives access, ING's "late mover advantage" demonstrates that banks willing to rethink private markets from first principles—rather than retrofitting institutional products—can rapidly capture market share from competitors still wrestling with legacy closed-end fund infrastructure.

Big Picture Drivers

• Wealth gap acceleration: Compounding effects mean each year off the investment ladder exponentially widens the distance between savers and investors

• Evergreen innovation: New semi-liquid structures eliminate capital calls, commitment periods, and operational complexity that blocked retail distribution

• Digital imperative: ING's requirement for app-native experiences forced product selection toward operationally streamlined vehicles

• Education deficit: European investors lack baseline understanding of private markets, requiring fundamental explanations before product discussions

• Public market shrinkage: Companies with €100M+ revenue increasingly stay private, leaving public markets dominated by mega-caps

By The Numbers

• €260B: Invested assets under ING's management across wealth platforms

• 5M: Clients served by ING's retail and wealth businesses globally

• 10: European countries where ING operates retail banking

• 2: Maximum number of managers curated per private markets category

• 40M: Total ING customers, with 30 million actively engaged

Memorable Quotes

• On timing (Treon): "If you're late to the party, you better at least be the best dressed at the party."

• On purpose (Kloeze): "Our clients do not see money as a goal. It's a means to an end."

• On first principles (Treon): "We have to bring it back down to the basics of why. Why is there a place for private markets?"

• On simplification (Kloeze): "When we talk about compounding, we explain it by having two rabbits in a cage. After a year, you know what has happened."

• On liquidity (Treon): "Is private markets attractive because you put a sticker on public markets and everyone feels calm? Absolutely not."

Key Trends to Watch

• ELTIF 2.0 will unlock affluent client segments across Europe, requiring even more foundational education than private banking channels

• Banks that approach private markets as platforms rather than fundraising cycles will capture disproportionate flows from evergreen structures

• Digital-first distribution will become table stakes as clients demand app-native portfolio visibility and self-service capabilities

• Manager quality dispersion in private markets means curation—not breadth—will differentiate winning wealth platforms

The Wrap

ING's rapid scaling reveals that the private markets democratization race will be won not by first movers but by firms that solve real client frictions—from eliminating IRR complexity to enabling app-based portfolio monitoring—while maintaining the discipline to curate rather than proliferate manager relationships across what Treon calls the "slow money" shelf of client portfolios.