Annual report · 2026 edition
CrossWork RIA Private Equity Report 2026
How registered investment advisers plan to use private equity for their clients, from the latest surveys of RIAs and financial advisers.
Key findings
Five figures from the report.
74% of 108 RIA professionals surveyed in 2025 plan to raise their private equity allocations, up from 45% a year earlier.
90% of nearly 800 advisers surveyed in late 2025 allocate to alternatives, and 88% plan to increase their allocations within two years.
89% of nearly 800 advisers surveyed in late 2025 allocate to private equity, the most-used alternative asset class.
39% of 870 advisers in 15 countries plan to increase their alternatives allocations over the next 12 months, up from 14% in 2025.
U.S. adviser holdings of less-than-fully-liquid alternative products are an estimated $2.2 trillion, projected to reach about $4 trillion within five years.
Sources
- 201. KKR, December 2025: 2025 RIA Private Markets Survey.
- 202. CAIS and Mercer, December 10, 2025: fourth annual adviser survey on alternatives.
- 203. Mercer, December 2025: The state of alternative investments in wealth management 2026.
- 204. iCapital, August 11, 2026: 2026 Global Advisor Survey.
- 205. InvestmentNews, August 12, 2026: advisers want more alternatives.
- 206. WealthManagement.com, July 30, 2026: Cerulli on wealth allocations to alternatives over five years.
Plans by asset class
RIAs plan more private markets. Share planning to increase each allocation.
| Asset class | 2024 survey | 2025 survey |
|---|---|---|
| Infrastructure | 32% | 76% |
| Private equity | 45% | 74% |
| Private credit | 15% | 53% |
| Real estate | 8% | 42% |
KKR, 2025 RIA Private Markets Survey: 108 RIA professionals, over 81% of them at firms managing at least 500 million dollars; published December 2025.
Illustrative geometry, sourced figures.
Inside the report
The chapters. Research first, then CrossWork.
Research chapters
The trend
Adviser and RIA surveys, and plans by asset class.
Model portfolios
How private markets are moving into adviser model portfolios.
The assets at stake
Adviser holdings of less-liquid alternatives, and the growth of semiliquid funds.
Market and AI
The market for existing fund stakes, evergreen capital and adviser demand for AI.
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.
Are RIAs increasing their private equity allocations?
74% of 108 RIA professionals surveyed in 2025 plan to raise their private equity allocations, up from 45% a year earlier.
How many financial advisers use alternatives?
90% of nearly 800 advisers surveyed in late 2025 allocate to alternatives, and 88% plan to increase their allocations within two years. 89% allocate to private equity, the most-used alternative asset class.
How large are adviser holdings of less-liquid alternatives?
U.S. adviser holdings of less-than-fully-liquid alternative products are an estimated $2.2 trillion, projected to reach about $4 trillion within five years.
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.
High-net-worth investors
CrossWork High-Net-Worth Investor Private Equity Report 2026
What wealthy individuals hold in private equity, what they want, and how they reach private markets.
Wealth managers
CrossWork Wealth Manager Private Equity Report 2026
How wealth firms build private markets into client portfolios, and what wealthy clients ask for.