Private equity

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.

There is now proof of concept that institutional and retail products can successfully be managed side by side, say Davis Polk’s Andrew Ahern, Oran Ebel, Christopher Healey and Leor Landa.

Private markets’ enthusiasm for the retail space is no fleeting trend, according to data from recent industry studies.

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.

Dallas ascribes a strong environment for new firm formation to a few factors, including, perhaps surprisingly, the rise of continuation funds, along with growing LP appetite.

The hire comes as the investment firm builds out and identifies lower mid-market LP- and GP-led opportunities.

More capital was raised for the strategy between Q1 and Q3 than the $118bn gathered in 2023.

With globalisation in retreat, the implications for private investment are complex. In areas like manufacturing, the push is toward reshoring of portfolio company operations. In risk management, many investors see diversifying their global exposure as key.

Will the Trump administration’s America First Investment Policy fundamentally change global capital flows?