Private Markets Open to More Investors in 2026 as Wealth Managers Expand Access Beyond Ultra-High-Net-Worth Clients

Wealth management firms are opening private market investments to a wider range of clients in 2026, moving beyond the ultra-high-net-worth tier that has traditionally dominated this asset class. The shift is being driven by demand from affluent investors who want exposure to private equity, private credit, and real assets that are not available through public markets.

Oliver Wyman's 2026 wealth management trends report highlights the expansion as one of the defining changes in the industry this year. Firms are using professionally managed "sleeves" and evergreen fund structures to give clients access while maintaining guardrails on liquidity and concentration.

Evergreen funds, which do not have fixed end dates, allow investors to enter and exit more flexibly than traditional private equity funds. This structure makes private markets more accessible to investors who cannot commit capital for the 10-year lockup periods typical of institutional funds.

Advisors are using AI tools to help design portfolios that incorporate private market allocations alongside traditional stocks and bonds. The technology allows for more personalized recommendations based on individual risk tolerance, time horizon, and liquidity needs.

The expansion comes with caveats. Private market investments are less liquid than public stocks and bonds, and valuations can be harder to assess. Advisors say clients need to understand these trade-offs before committing capital.

Regulatory scrutiny of private market products sold to retail investors has also increased. The SEC has been reviewing disclosure requirements and suitability standards for these products as they reach a broader audience.