Envestnet extends investment offerings with new alts model portfolios

It was just a matter of time, but Envestnet is officially getting in on the alts model portfolio act.

On Wednesday, the wealth tech giant announced it is helping its advisor and wealth enterprise users reach deeper into the alternatives space with a suite of professionally managed model portfolios featuring allocations to semi-liquid investments, developed in collaboration with top-tier asset managers.

The firm said the new portfolios are designed to offer wealth managers easier access to non-traditional assets, with alternative investments embedded directly into model portfolios or available through advisor-traded sleeves. The offerings will soon be available on Envestnet’s Unified Managed Account platform.

Fidelity Investments, BlackRock, Franklin Templeton, and State Street Global Advisors are among the firms partnering with Envestnet on the new lineup, which includes exposure to private markets through vehicles such as interval funds, tender offer funds, and alternative ETFs.

The expansion of Envestnet’s model portfolio lineup comes nearly a year after the firm revealed it was being acquired by Bain Capital and Reverence Capital in a $4.5 billion take-private deal. Strategic partners in the new alternatives program – including Fidelity, BlackRock, Franklin Templeton, and State Street – also hold minority stakes in the privately held company.

The initiative represents Envestnet’s latest step toward what it described as a more flexible and scalable way for financial advisors to meet rising demand for portfolio diversification. The company noted that the declining number of public companies – down from around 8,800 in the mid-1990s to about 5,400 today – has heightened the need for exposure to private markets.

“As innovation and growth continue to shift to the private markets, advisors need access to a broader set of tools to deliver truly diversified portfolios,” Dana D’Auria, group president of Envestnet Solutions and co-chief investment officer at Envestnet, said in a statement on Wednesday.

The new models reflect a strategic expansion of Envestnet’s alternatives ecosystem, which began with the integration of CAIS into its Tamarac platform in 2016 and later broadened with the addition of iCapital. Envestnet most recently brought in Arch and Canoe Intelligence as reporting partners in 2025, adding more depth to its private market data infrastructure.

In a separate release, Fidelity highlighted how its custom model portfolios use an open-architecture approach that blends its strategies with those of other managers. Through its strategic relationship with Envestnet, Fidelity said it is offering eligible RIAs and broker dealers access to portfolios that include access to interval and tender offer funds.

“Wealth managers are looking for opportunities to expand beyond traditional asset classes to diversify portfolios, but may see implementation of alternative investments as a complex process,” Amanda Robinson, head of wealth advisory managed solutions distribution at Fidelity Investments, said on Wednesday. “Fidelity’s open-architecture, custom model portfolios can offer an efficient and tailored solution to help meet advisors’ and their clients’ needs.”

For its part, Envestnet also highlighted the institutional pedigree of the strategies involved. Franklin Templeton, for example, is contributing models built by its investment solutions division.

“This initiative provides advisors with institutional-grade managed solutions backed by the expertise of Franklin Templeton Investment Solutions, while leveraging Envestnet’s platform for a streamlined client experience,” said Dave Donahoo, head of Americas, wealth management alternatives at Franklin Templeton.

Envestnet’s expanded lineup follows similar moves by competitors. Earlier this year, CAIS introduced a models marketplace offering multi-manager portfolios with private market and hedge fund allocations, while iCapital debuted its own iMAP suite to help advisors build diversified client portfolios using alternative assets.