The Private Wealth Channel: A New Frontier

The democratization of private markets is opening an entirely new capital-raising channel for GPs. Within private wealth management (PWM), infrastructure led all strategies with 86% LTM net-new-asset growth, followed by Private Equity at ~50%, both outpacing the 29% rate for total private wealth overall. According to PitchBook, US evergreen private equity fund AUM has nearly tripled since 2022, climbing from $21.1 billion to $57.6 billion in 2025, a sign of how quickly GPs that build semi-liquid products are being rewarded with asset growth.

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For GPs, the opportunity is as much about product design as distribution. UBP estimates that the PE-and-infrastructure slice of the private wealth channel alone reached roughly $125 billion in NAV, up 80% YoY, as new evergreen product pipelines shift away from pure direct-lending vehicles and toward core and transition infrastructure, creating room for GPs willing to build evergreen or semi-liquid structures to capture a new fee base.

However, the channel remains unproven under stress, as recent experience in private credit evergreen funds has shown. We believe these vehicles have not yet been tested in a market stress scenario, meaning GPs that move early will need strong liquidity management.

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