Allocate taps advisor demand for fund exposure to OpenAI, Anthropic

As private companies like Anthropic and OpenAI fuel their products across the workforce, including wealth management, Allocate is betting its private markets platform will attract RIAs and financial advisors looking to invest in these firms driving the AI economy.

“There's a lot of interest from wealth advisory clients having a piece of the economy within artificial intelligence. Not just the public companies like Nvidia, for example, but getting into these AI companies before they go public,” said Allocate co-founder and CEO Samir Kaji. “If you look at Anthropic and OpenAI, those two companies this year alone are gonna raise $130 billion. These companies are growing at paces that we've never seen companies grow.” 

Kaji spent about 20 years in roles at Silicon Valley Bank and First Republic Bank where he developed relationships within the startup and venture capital ecosystem before he launched Allocate in 2021. In 2025, Allocate’s user base grew from 200 to 325 wealth advisors looking to invest their client portfolios into private funds offered through Allocate’s software. 

Advisors might have limited time to capitalize on the pre-IPO days of the top private AI companies. Anthropic, whose chatbot Claude recently debuted wealth management tools for advisors, has been in talks to IPO as soon as early 2026 as the Financial Times reported in December. A report from Reuters in October 2025 said OpenAI was laying the groundwork for the largest IPO in history at a $1 trillion valuation.

RIAs partnered with Allocate include Veritas Strategic Wealth Partners and Krilogy, which managed over $4 billion when it announced investment from Rise Growth Partners last fall. RIA services provider Dynasty Financial Partners also has a partnership with Allocate, whose platform has seen interest drift away from the once red-hot private credit space as fund managers like Blue Owl and Apollo see their public stocks take major dips. 

“In 2022 it was more private credit. 2023 and 2024 it was a combination of private equity or semi-liquid funds. Over the last 12 months, it's still been some of that, less private equity but more anything related to artificial intelligence,” said Kaji. 

Most private funds on Allocate are geared towards qualified purchasers defined as clients with $5 million or more in investable assets. Kaji says those investors typically invest between 5-40 percent of their portfolios into private markets. Allocate lets advisors put clients into private funds with minimums as low as $100,000. 

"I can now invest in something for $100,000 where the manager minimum might actually be $20 million,” said Kaji. “So I get the same exposure of the endowments and pensions, without having to write the same level check or even try to negotiate access and do the diligence on these opportunities.”

As the Trump administration moves forward with plans to expose the 401(k) retirement accounts of Americans into private equity investments, Kaji views that policy change as being minor in the scheme of the independent advisor channel’s broader push towards alternatives.

“I think 401(k) will have to have a play, part because of the size of the 401(k) market. But even without that, we expect trillions of dollars to flow over the next decade from the wealth sector into private market investments,” Kaji said. “The independents are managing $8 to $10 trillion dollars, and only 3 percent of that is in private assets. The expectation is that 3 percent goes closer to about 8 percent by the end of this decade.”