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.
The three largest private markets managers are currently dominating the retail investor game, with more than half of assets concentrated in their hands, according to a new study by Hamilton Lane. Hamilton Lane declined to name the managers. However, some of the largest firms by assets under management, including Blackstone, KKR and Apollo Global Management, have been at the forefront of the push for non-institutional investors. These groups have put in place dedicated distribution teams and wealth solutions divisions and have launched new funds that appeal more to non-institutional investors.
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