The Ledger
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Most UHNW investors cannot name three alternative asset providers
“I'll call out a Bain survey from twenty-twenty-two. Bain and company asked 418 ultra high net worth individuals. Name three firms that come to mind when you think of alternative assets and who are the providers. First answer, the biggest answer in the bubble c…”
Top six alt managers raised average $12B from wealth in 2024
“The top six firms account for the majority of market share of capital raised in private markets. On average, the top six firms, 20, 24, they raised twelve billion dollars. The top seven through 25 firms only raised 1.7 billion dollars.”
Wealth channel allocates only 1% to 3% of $145T to private markets
“I'd say roughly about, on average, one to three percent of the 145 trillion of assets that Bain talks about is actually allocated to private markets within the wealth channel.”
Robinhood, Revolut, and SoFi will offer private market products
“And even I think we'll get to the Robin Hoods, the Revoluts, the SoFi's, which has embedded some private markets products to the wealth channel within their complex as well.”
Hedge funds are expanding into private credit and longer-lock vehicles
“You are starting to see some hedge funds think about private credit, and you are starting to see some hedge funds think about longer lock vehicles. So they're kind of getting into certain aspects of private markets that a larger multi-strategy alternative asse…”
Drawdown PE requires high-teens returns to match evergreen MOIC
“If you're in a drawdown fund, you have to generate high teens returns to get the same multiple uninvested capital over a ten-year period as you would if you're getting low teens IRRs in an evergreen structure.”
Blackstone sources roughly $250B of its $1T AUM from wealth channel
“Blackstone, about 40 years old, started with 300,000 dollars of capital under management. They're now over a trillion dollars of assets. About a fourth of that, two hundred fifty billion or so, comes from the wealth channel today.”
Independent RIA channel is growing assets faster than wirehouses
“We're starting to see the independent channel, which is the fastest growing part of the wealth management space. It's growing faster in terms of assets than the wire houses.”
PE holds $5-6T and private credit has reached $1.7T
“If you think about the different strategies within private markets, private equity, which has the largest pool of capital within the 15 trillion dollars or so of private markets assets, so it's about five or six trillion dollars of assets. Private credit is gr…”
Private credit secondaries market has grown 17x to $30B
“You have private credit secondaries, which has grown, I think, 17 times. Still a small market is like thirty billion of assets, but growing because private credit is now growing.”