Private markets race to scale as investor demand broadens

Key findings

Sixty-nine percent of respondents expect meaningfully broader adoption within three years.
Seventy-three percent of organizations target high-net-worth individuals, compared with 33 percent targeting mass-affluent or mass-retail investors.
Fifty-two percent of respondents name liquidity design and redemption management as a top barrier.
Private equity and private credit are tied as the most widely offered or planned asset classes, each cited by 62 percent of organizations.
US retail alternative assets under management are projected to reach US$6.9 trillion by 2030, offering a glimpse of how private markets could evolve globally.

28 October 2026

Private markets are moving into the mainstream as firms around the world expand access beyond their traditional institutional investor base, according to new research from KPMG International.

The report, Private no more: The democratization of private markets, finds that more than half of fund managers (53 percent) already offer multiple evergreen products at scale, while 69 percent of survey respondents expect meaningfully broader adoption within three years.

The current opportunity is being led by high-net-worth and advised wealth channels rather than the mass market, with the more developed US market offering an indication of how the global industry could evolve. Nearly three-quarters (73 percent) of organizations target high-net-worth individuals, while just 33 percent target mass-affluent or mass-retail investors.

The findings draw on a global survey of 100 fund managers and distributors across the Americas, Asia Pacific and Europe, the Middle East and Africa, alongside KPMG professionals’ experience advising private market firms and wealth platforms.

Private markets are reaching a pivotal moment. What was once considered a niche allocation is now becoming a strategic priority for many wealth managers, distributors and asset managers globally. The organizations that lead in this next phase will be the ones that approach private markets as an enterprise-wide transformation, aligning strategy, distribution, technology and operations, rather than viewing it solely as a product expansion opportunity.

David Neuenhaus

Global Sector Head of Private Capital and Asset Management

KPMG International

Liquidity knowledge gap challenges expansion

Liquidity design and redemption management are the most common barriers to launching or scaling evergreen products, cited by 52 percent of respondents. Education across the value chain is also a concern: only two in five fund managers believe intermediaries have a strong understanding of liquidity management tools in high-redemption scenarios, while around one-third of distributors believe their clients understand them.

Execution is proving more demanding than many firms anticipated. Almost half (48 percent) say they understood the issues but found implementation took longer than expected, while 41 percent believe the market underestimates the cost and operational burden of servicing a much larger investor base at scale.

Private credit optimism meets greater discipline

Private equity and private credit are tied as the most widely offered or planned asset classes, each cited by 62 percent of organizations. Globally, 65 percent of respondents have a positive outlook for private credit over the next year, although sentiment varies by region. At the same time, 74 percent say private credit underwriting standards have tightened significantly or somewhat over the past three years.

The report finds that sustained demand could increase competition for private market assets and put pressure on future returns, reinforcing the need for firms to pursue growth alongside underwriting discipline.

The US offers a preview of the market’s next phase

According to the findings, the US remains the most developed market for wealth-accessible evergreen private market products. US retail alternative assets under management are projected to grow from approximately US$1.9 trillion in 2022 to US$6.9 trillion by 2030. The US experience suggests that early product launches should be followed by investment in technology, valuation, liquidity management, distribution and investor service to support sustainable growth.

The US market offers a view of what comes next. Early product launches have already given way to a more demanding phase focused on liquidity management, education, distribution effectiveness and operational scale. Firms that invest now in valuation, liquidity and investor servicing capabilities can be better positioned to capitalize on the next wave of growth.

Ilce Kozaroski

Asset Management Advisory Leader

KPMG US

For media queries, please contact: 

Dannielle McAllister
Global Media Relations Manage Senior Manager, External Communications
KPMG International

T: +44 7704 675 753
E: dannielle.mcallister@kpmg.co.uk

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