Private market solutions are at an early stage of adoption with meaningful tailwinds. According to The Cerulli Report — U.S. Private Markets 2026, U.S. adviser ownership of less-than-fully-liquid alternative investment product is expected to grow by $2 trillion in the next five years, underscoring the need for firms to develop the strategic partnerships required to gain a greater share of adviser-intermediated assets.
Cerulli estimates that U.S. financial advisers now allocate $2.2 trillion to less-than- fully-liquid private capital. The continued buildout of interval fund solutions, the continued adoption of other less-than-fully-liquid private capital product, and the streamlined access offered by alternative asset allocation models are set to provide an incremental $2 trillion opportunity for managers in the next five years.
Several forces are fueling this momentum. Two-thirds of managers point to advisers’ need to demonstrate value-add to clients, whil
