27/05/2026
Private markets are no longer an alternative asset class. With AUM approaching $15 trillion globally and widely expected to exceed $30 trillion by 2030, EY argues that the industry has crossed a threshold that changes the rules for how firms need to operate.
The piece outlines the structural choices facing managers as private capital moves into retail channels, wealth platforms and insurance balance sheets at scale. EY frames this around two archetypes: integrators building full-stack platforms across origination, distribution and servicing, and manufacturers focused on deep investment capability distributing through others. The pressure is greatest for firms caught in the middle without a clear identity in either direction.
What runs through all of it is the operating model challenge. Governance frameworks and back-office infrastructure built for a $5 trillion asset class are under strain as private markets approach $15 trillion and begin serving millions of retail investors. Firms that invest in that infrastructure now will be better placed as the market continues to grow.
Read more:https://eu1.hubs.ly/H0vGm930
Private markets are going retail and reaching systemic scale. Understand the strategic choices around liquidity, regulation and resilience.