Annual report · 2026 edition
CrossWork Wealth Manager Private Equity Report 2026
How wealth managers are building private markets into client portfolios, how fast advisor-channel private markets are growing, and what wealthy clients ask for.
Key findings
Five figures from the report.
Nearly 47% of high-net-worth individuals say they would consolidate more of their wealth with firms that have exclusive or higher-quality alternative investments.
88% of high-net-worth individuals say they work with more than one wealth firm to get better access to alternatives.
Private-market assets that U.S. financial advisors allocate for clients are projected to grow from $1.9 trillion in 2025 to $3.7 trillion through 2029.
Alternatives managers expect retail channels to grow from 13% of their assets in 2024 to 23% within three years.
1 in 3 wirehouse advisors put 10% or more of client assets in less-liquid alternatives, against 11.1% of all U.S. advisors.
Sources
- 181. Capgemini Research Institute, June 2026: World Wealth Report 2026.
- 184. Cerulli Associates, September 30, 2025: private markets retail assets projected through 2029.
- 221. Financial Advisor, July 15, 2024: Cerulli on retail channels and alternatives managers.
- 222. Cerulli Associates: U.S. Private Markets 2026.
The growth
Set to nearly double. Client assets in the U.S. advisor channel, latest and projected.
| Client assets | Latest | Projected |
|---|---|---|
| Private-market strategies | $1.9 trillion (2025) | $3.7 trillion (2029) |
| All less-liquid alternatives | $2.2 trillion (2026) | about $4 trillion (in five years) |
Cerulli Associates: client assets that U.S. financial advisors hold in less-than-fully-liquid products. Private-market strategies: 2025, projected to 2029 (September 2025). All less-liquid alternatives: 2026, projected five years on (July 2026, via WealthManagement.com).
Illustrative geometry, sourced figures.
Inside the report
The chapters. Research first, then CrossWork.
Research chapters
House views
How leading wealth firms build alternatives into their model client portfolios.
The growth of advisor-channel private markets
Client assets in less-liquid products, today and projected.
Wealth as the next big pool of private capital
Individual investors' share of alternatives, and what managers expect.
What wealthy clients want
Surveys of 6,510 high-net-worth individuals and 1,431 wealthy Americans.
The market
The market for existing fund stakes, evergreen capital, pre-IPO access and the AI theme.
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.
Do wealthy clients choose wealth firms for access to alternatives?
Nearly 47% of high-net-worth individuals say they would consolidate more of their wealth with firms that have exclusive or higher-quality alternative investments, and 88% say they work with more than one wealth firm to get better access to alternatives.
How fast are advisor-channel private markets growing?
Private-market assets that U.S. financial advisors allocate for clients are projected to grow from $1.9 trillion in 2025 to $3.7 trillion through 2029.
How much of alternatives managers' assets comes from retail channels?
Alternatives managers expect retail channels to grow from 13% of their assets in 2024 to 23% within three 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.
Registered investment advisers
CrossWork RIA Private Equity Report 2026
How registered investment advisers plan to use private equity, from RIA and adviser surveys.