Despite 2022 being a difficult year for fundraising due to both economic and geo-political factors, investor demand in private markets has remained resilient. In fact, many of the largest listed Private Equity firms ended the year with more AUM than the previous year. This was largely due to an increased appetite for private credit from investors that "saw $167 billion in inflows in 2022 for private credit strategies" for some of the industry's largest players. This is approximately $77 billion more than the amount gathered for their PE vehicles.

To help with this new influx of demand in private credit and real asset investing, listed Private Equity firms are also exploring private wealth and retail distribution channels. This novel investor base could account for a large amount of overall inflows for these firms. Marc Rowan, chief executive of Apollo Global Management, said "the firm was on track to meet or exceed its $50 billion capital-raising target from the wealth channel by the end of 2026". It seems that these distribution channels will become more and more prevalent over the course of 2023 and into the future, allowing investors not typically linked to the sector to access products that could greatly increase returns in their portfolios, whilst at the same time allowing PE firms access to new sources of capital.