- Private markets are shifting from opportunistic portfolio allocations to one of the foundational building blocks within wealth management
- Income generation, tax efficiency, and disciplined portfolio construction are among the factors defining how advisors implement private market strategies
- Evolving fund structures and expanding access channels are accelerating adoption across individual investor portfolios
CHICAGO–(BUSINESS WIRE)–Adams Street Partners, LLC, a leading private markets investment management firm with more than $65 billion in assets under management (“Adams Street”), today released its second annual Advisor Outlook report, Private Markets Go Mainstream, which highlights the accelerating adoption of private markets among financial advisors and their clients.
The survey underscores a structural shift in wealth management, driven in part by intergenerational wealth transfer, broader access for individual investors through semi-liquid and evergreen vehicles, and growing interest in expanding access through retirement accounts. As a result, private equity, private credit and other alternative strategies are increasingly viewed as a mainstream portfolio allocation rather than satellite exposures. Nearly nine in 10 advisors (89%) believe private markets will outperform public markets over the long term, and 70% expect a greater percentage of their clients to be invested in private markets over the next three years.
“Private markets are taking on a more prominent role in individual investor portfolios, bringing both opportunity and complexity for financial advisors,” said Michael Lucarelli, CFA, Partner, Wealth Management at Adams Street Partners. “The question has shifted from whether to allocate to private markets to how to implement them effectively.”
Key findings from the 2026 Advisor Outlook include:
Rising allocations: 70% of advisors believe more of their clients will invest in private markets over the next three years, up from 67% last year
Strong long-term conviction: 89% agree private markets will outperform public markets over time
Income and tax efficiency in focus: 43% cite maximizing income as a top investment goal for 2026, while 35% prioritize tax efficiency
Product structure matters: Nearly half of advisors (49%) view semi-liquid or evergreen funds as the most suitable structures for clients, up from 44% a year ago
Adoption drivers: Advisors are responding to long-term structural forces including intergenerational wealth transfer, expanding access to private markets, and the growth of semi-liquid and evergreen vehicles
Advisors cited broader client access and ease of portfolio construction as key benefits of semi-liquid vehicles, while acknowledging trade-offs such as liquidity constraints and potentially lower return expectations relative to traditional closed-end funds.
The report also highlights continued interest in technology and healthcare as leading investment themes, increased use of secondaries as a diversification and portfolio construction tool, and strong advisor appetite for expanding access to private markets within retirement plans.
For a full copy of the 2026 Advisor Outlook, please visit pws.adamsstreetpartners.com.
Adams Street Private Wealth Solutions
Adams Street Partners provides wealth managers and financial advisors access to private markets knowledge and investment solutions designed to help their clients grow and protect wealth. The firm was founded over 50 years ago and manages $65 billion for clients across private equity and venture capital funds, secondary, growth equity, buyout and venture co-investments, and private credit strategies. Adams Street has offices in Abu Dhabi, Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, Tokyo, and Toronto. Visit pws.adamsstreetpartners.com
