Researchers found that private market allocations are growing more slowly than expected, with firms anticipating little change in overall client portfolios over the next two to three years.
This comes despite new investment structures such as European Long-Term Investment Funds in Europe, Interval Funds in the US, and Long-Term Asset Funds in the UK.
The Global Wealth Study 2025 from the Thinking Ahead Institute identified high fees and a lack of transparency as the main barriers preventing wider investor participation in private assets.
Fees were the top concern in North America and continental Europe, while UK respondents most frequently cited limited liquidity.
The study also highlighted complexity as a key obstacle, with nearly half (46%) of wealth managers saying they mostly or fully outsource their private market allocations—compared with just 27% for listed bonds and 23% for equities.