For AMC's Private Markets team, the last 18 months has included building a range of partnerships with Alternatives Managers seeking leadership in Wealth Distribution. It feels like the momentum here is going only one way but firms remain clear that the risks associated with certain liquidity profiles remain high.

One of the biggest trends among these groups has been launching semi-liquid strategies, which offer periodic liquidity to investors, solving some of the concerns individual investors have about locking up their money for long periods of time.

But the dominance of the large players presents some risk, according to Hamilton Lane, with the future of semi-liquid funds inevitably tied to the success of those few managers.

Cracks have already appeared in the market, with Blackstone’s Real Estate Income Trust in the US seeing redemption requests hit their limit for the fifth consecutive month.