Annual report · 2026 edition
CrossWork High-Net-Worth Investor Private Equity Report 2026
How much private equity wealthy individuals hold, how much more they want, and how they reach private markets, from the latest surveys of wealthy investors and data on adviser-held assets.
Key findings
Five figures from the report.
68% of high-net-worth individuals surveyed in January 2026 say they want more private equity.
Private equity was about 2.4% of wealthy individuals' portfolios in January 2025: 16% of their alternatives, which were 15% of the portfolio.
Alternatives were 12% of high-net-worth portfolios in January 2026, against 25% in equities and 24% in cash.
88% of wealthy Americans aged 21 to 45 say they are likely to allocate more to alternatives in the next few years, against 15% of Boomers and Silents.
Private-market assets that U.S. financial advisers allocate for clients are projected to grow from $1.9 trillion in 2025 to $3.7 trillion through 2029.
Sources
- 181. Capgemini Research Institute, June 2026: World Wealth Report 2026.
- 182. Capgemini Research Institute, June 2025: World Wealth Report 2025.
- 183. Bank of America, June 17, 2026: Private Bank Study of Wealthy Americans.
- 184. Cerulli Associates, September 30, 2025: private markets retail assets projected through 2029.
Where wealth sits
Little in alternatives. The average high-net-worth allocation, January 2026.
| Asset class | Share of portfolio, January 2026 |
|---|---|
| Equities | 25% |
| Cash and equivalents | 24% |
| Fixed income | 20% |
| Real estate | 19% |
| Alternatives | 12% |
Capgemini World Wealth Report 2026: 6,510 high-net-worth individuals, January 2026. Alternatives include private equity, hedge funds, commodities, currencies, structured products and digital assets; real estate excludes the main home.
Illustrative geometry, sourced figures.
Inside the report
The chapters. Research first, then CrossWork.
Research chapters
The data
What wealthy portfolios hold, what younger investors want, and how model portfolios use alternatives.
Access
How wealthy individuals reach private markets, and the growth of adviser-held private-market assets.
The market
The market for fund stakes and pre-IPO shares, and the leading AI companies still private.
CrossWork chapters
The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees
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Cerebras: 2023 entry, 2026 IPO
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What the data room shows
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Sources
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The research summary remains available on this page.
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Questions
Common questions. Answered from the report.
How much private equity do high-net-worth investors hold?
Private equity was about 2.4% of wealthy individuals' portfolios in January 2025: 16% of their alternatives, which were 15% of the portfolio.
Do wealthy investors want more private equity?
68% of high-net-worth individuals surveyed in January 2026 say they want more private equity.
Do younger wealthy investors want more alternatives?
88% of wealthy Americans aged 21 to 45 say they are likely to allocate more to alternatives in the next few years, against 15% of Boomers and Silents.
Sources
More research
The other 2026 reports.
University endowments
CrossWork University Endowment Private Equity Report 2026
Endowment allocations to private equity and venture capital, 40 universities and the fiscal 2026 results reported so far.
State pension funds
CrossWork State Pension Fund Private Equity Report 2026
Private equity at 32 state and local pension funds, with then and now for 25 of them.
Teachers' retirement systems
CrossWork Teachers' Retirement System Private Equity Report 2026
Private equity at 18 teachers' retirement systems, with profiles of CalSTRS, Missouri and Ontario Teachers'.
Sovereign wealth funds
CrossWork Sovereign Wealth Fund Private Equity Report 2026
Private equity at the largest sovereign funds and U.S. state permanent funds, and sovereign capital in AI.
Family offices
CrossWork Family Office Private Equity Report 2026
How family offices are moving from funds to direct and pre-IPO deals, survey by survey.
Registered investment advisers
CrossWork RIA Private Equity Report 2026
How registered investment advisers plan to use private equity, from RIA and adviser surveys.
Wealth managers
CrossWork Wealth Manager Private Equity Report 2026
How wealth firms build private markets into client portfolios, and what wealthy clients ask for.