Wealth advisors eye bigger role for private markets in 2026

Private wealth advisors around the world expect to lean further into private markets this year, with many pointing to portfolio construction and client demand as key drivers, according to new research from Hamilton Lane’s 2026 Global Private Wealth Survey.

The online survey, conducted with Wakefield Research, ran from Oct. 23 to Nov. 4, and included participants from private wealth firms, RIAs, family offices and other advisory businesses.

Among 390 advisors and wealth professionals polled across the Americas, APAC, and EMEA, 86% said they plan to increase client allocations to private market strategies in 2026. Nearly all respondents already have some exposure in place: 97% said between 1% and 20% of their book is currently in private markets, and most expect those weights to grow over the coming year.

Within existing private market allocations, advisors reported a relatively even mix across strategies, with private equity accounting for 19% on average, followed by private real estate at 18%, private credit at 16%, venture capital and growth at 16%, and private infrastructure at 15%. Performance and diversification topped the list of reasons clients are drawn to the asset class.

Among those planning to increase allocations, 59% cited portfolio optimization as their main motivation, while 48% pointed to competitive positioning and 46% cited client demand.

James Martin, head of global client solutions at Hamilton Lane, said that the results “point to the increasingly important role private markets play within wealth management portfolios,” with advisors becoming “more sophisticated around assessing risk/reward tradeoffs and recognizing the strong link between education and interest in the asset class.”

Perceptions of risk do not appear to be a major deterrent. The survey found 83% of respondents view the risk/reward profile of private markets as similar to, or more attractive than, public markets. That perspective may be helping advisors make the case for expanding beyond listed stocks and bonds, particularly for wealthier or more engaged clients.

While current exposures are broadly diversified, advisors signaled a clear tilt toward growth-oriented strategies in the year ahead. Venture capital and growth emerged as the top area of planned increase, with 47% of respondents looking to boost allocations there in 2026. Private infrastructure followed closely at 46%, with 44% seeking to add to private equity and 43% eyeing more private real estate.

Private credit was a notable outlier. Possibly due to the recent vulnerabilities emerging in the space, just 36% of advisors said they intend to raise allocations to private credit, while 37% expect to scale back, making it the segment respondents were most likely to reduce this year.

The survey also highlighted where private markets seem to resonate most. More than half of respondents pointed to private equity (56%) and venture capital and growth (51%) as the strategies that appeal most to new, highly engaged investors. Looking across generations, 55% of advisors said millennials show the strongest interest in private markets.

Education remains a critical piece of the puzzle. Four in five wealth professionals said client education significantly increases interest in private markets, and many flagged basic knowledge gaps. Roughly 61% of respondents pointed to limited awareness of vehicles such as evergreen funds, while 56% cited confusion around liquidity constraints.

Beth Nardi, head of US private wealth at Hamilton Lane, said the past year has underscored a “shift among private wealth investors and their advisors toward building more resilient portfolios,” and that private markets are now “viewed through a more nuanced risk‑reward lens than in the past.”

She added that venture capital and growth “stands out as investors seek access to … private companies, many of which are not available in the public markets.”