2026 Advisor Outlook: Private Markets Go Mainstream (Adams Street Partners)

Summary

• 70% of financial advisors say they expect a greater share of their clients to have more exposure to private markets over the next three years, up from 67% last year.p.4
• 49% of advisors prefer semi-liquid/evergreen funds, up from 44% last year, compared with 38% for traditional drawn capital or closed-end funds.p.5
• Advisors say clients' top priorities are maximizing income (43%), broadening exposure to alternative investments (35%), and tax efficiency (35%).p.5
• As of June 2025, there were a record 726 semi-liquid funds across the alternatives market, according to Preqin.p.16
• 87% of respondents say they would recommend private market investments to retirement plan clients, with 47% very likely to do so.p.20

Key insights

1. A large-scale intergenerational wealth transfer, projected at $124 trillion through 2048 in the US alone, is reshaping investor preferences.p.3
2. Almost 90% of US companies with more than $100 million in revenue are privately owned.p.3
3. Millennials allocate 20% to alternatives, compared with 11% for Gen X and 6% for Boomers.p.7
4. ELTIF volume is projected to reach as much as 70 billion euros ($80.1 billion) by the end of 2027.p.8
5. Risk-return considerations are the most influential factor when recommending private markets, cited by 46% of respondents.p.10
6. 95% of advisors say clients are satisfied with the performance of their private market investments.p.12
7. Belief that Europe will offer the best private markets opportunities has grown to 27% versus 18% a year ago.p.15
8. Advisors' self-assessed advanced knowledge of private equity rose almost 10 percentage points to 58%.p.22