This is how fund managers are preparing for the next leap in private wealth: matching their offering more closely to the needs of their individual investors. The next trend is expected to be customised mandates where private investors can allocate to a GP across a number of strategies, for example on a defensive or dynamic basis. According to Moonfare, illiquidity, fees and the long-term investment horizon of private equity are the biggest hurdles to new private wealth allocations. But perhaps it’s actually private wealth’s investment priorities, rather than flows or allocations, that are faster moving. Institutional investors have taken the lead in sustainability, particularly in Europe, but in the Private Equity Wire survey, private wealth respondents ranked ESG as a much greater priority – and more than liquidity, fees or performances.