"For perspective: Global assets under management (AUM) in the wealth market reached $159 trillion in 2024, after growing by 20% over the prior five years, according to the Natixis Wealth Industry Survey. As for private assets specifically, PitchBook has projected that AUM held by general partners (GPs) will increase from $18.7 trillion in 2024 to $24.1 trillion by the end of 2029."
"In a recent MSCI Wealth survey, for example, 82% of wealth managers globally said they expected to make larger allocations to private assets over the next three years. Wealth managers have been attracted to private credit, in particular, because it can allow them to diversify portfolios within fixed income while offering a potential premium over traditional fixed income. (Private credit has historically shown a low correlation with stocks and bonds.)"
President Trump's executive order on alternative assets and 401(k)-style plans has increased focus on the rapid growth of private markets, including private equity, credit, real estate, and infrastructure. Global wealth-management AUM reached $159 trillion in 2024 after 20% growth over five years. PitchBook projects GP-held private-asset AUM rising from $18.7 trillion in 2024 to $24.1 trillion by 2029. Wealth managers and general partners have overlapped in supporting private-asset expansion, with 82% of wealth managers expecting larger private allocations over three years. Private credit appeals for diversification, potential premium, low correlation with stocks and bonds, floating-rate hedging, and customized client structuring.
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