Why Wealth Managers Are Now Putting Private Equity & Venture Capital at the Core of Their Portfolios

Wealth-management firms are rewriting their playbook. Once, private equity (PE) and venture capital (VC) were the domain of institutions and family offices; now these asset classes are migrating into mainstream wealth-manager portfolios. Behind the shift: squeezed public-market return expectations, new product structures, and client demand for differentiated sources of growth. According to one analysis, a 15 % allocation to private assets may lift expected returns by ~0.40 % annually while maintaining similar risk levels. (MSCI) At Aduna Capital, we believe this change isn’t marginal—it’s strategic. But moving private markets from “alternative” to “core” demands discipline, structure and the right partner.

What’s driving the shift?

Return pressures in public markets. With global public-equity valuations elevated and interest rates higher, many firms and advisors are looking for sources outside the traditional 60/40 split.
Opening of private markets. Wealth managers’ access to private assets is improving. Research shows over 80% of wealth managers across regions expect to increase allocations to private markets in the next three years. (McKinsey & Company)
Diversification appeal. Private-market assets offer low correlation to public markets, and for clients comfortable with illiquidity, they can provide differentiated returns and exposure to “growth not listed”.

What the data shows in 2025

Several recent reports underline the shift:

The McKinsey & Company “Global Private Markets Report 2025” notes that while fundraising fell to its lowest since 2016, investor interest remains strong and LPs plan to raise allocations. (McKinsey & Company)
The MSCI study shows that wealth-managers increasingly see private markets as more core: “A 15% allocation could raise expected returns by ~0.40% while similar risk.” (MSCI)
Yet many clients remain under-exposed: one source shows private investors hold half the global wealth but only ~16% of private-markets exposure. (advisoroutlook.adamsstreetpartners.com)

Implications for wealth managers

Moving PE/VC into the “core” isn’t just a change in allocation size—it affects business model, client-segmentation, and infrastructure.

Product shelf changes: you’ll need to offer vehicles with appropriate liquidity, governance, reporting and fee alignment.
Client segmentation: who is suitable? Illiquidity, higher fees and longer horizons demand clear suitability processes.
Organisational capability: diligence, manager-selection, monitoring, valuations—all become more demanding.
Relationship with advisor/partner: working with a specialist (such as Aduna Capital) adds due-diligence rigour and private-markets execution capability.

How Aduna Capital supports this shift

At Aduna, we partner with wealth-management firms to transform private markets from “nice to have” to “value-adding core”. We do this by:

Structuring private-markets access aligned with client objectives and liquidity needs
Conducting manager-selection and monitoring tailored for the wealth-manager workflow
Integrating private-markets exposure into total-wealth-planning frameworks
Ensuring governance, transparency and documentation meet high standards

Action steps

For wealth-managers ready to act:

Review your client base: how many are suitable for >10% private-markets?
Assess your product shelf: are the vehicles you offer capable of delivering?
Define governance: who does the due-diligence? What are the reporting mechanisms?
Partner with a specialist advisor (like Aduna) to reduce operational burden and improve results.

Conclusion

Wealth-management is changing. Private equity and venture capital are no longer fringe—they’re being placed at the heart of many portfolios. The shift isn’t easy—but with the right advisor and framework, wealth-managers can deliver client value that stands out. At Aduna Capital, we’re ready to support that journey.