The rules of private markets are changing. While demand continues to rise, our research shows investors are increasingly prioritizing liquidity, transparency, and flexible product structures when making allocation decisions.
Our second annual Private Markets Investor Survey captures the views of both institutional investors and wealth advisors across five major markets, providing a global view of investor sentiment.
KEY THEMES FROM OUR REPORT
Investors remain bullish on private markets
- 84% plan to increase private market investments over the next two years, and 99% expect to have exposure by 2031.
- Investors continue to increase exposure, with private equity and private credit leading allocation intentions. Diversification remains the primary motivation.
Liquidity has become the defining investor priority
- Investors increasingly favor structures that offer flexibility, with evergreen funds emerging as the preferred vehicle and shorter investment horizons gaining appeal.
- Delayed distributions are shaping investor behavior, with many respondents shifting toward more liquid investments, maintaining larger cash positions, or missing investment opportunities while capital remains locked up.
Transparency and innovation are driving the next phase of growth
- Greater investor protection, clearer redemption rules, and more transparent reporting are increasingly important to investment decisions.
- Investors are seeking greater clarity around liquidity values and redemption mechanics, and many require support from GPs to help understand these features.
Product innovation is accelerating
- Private markets ETFs, evergreen vehicles, and tokenization are attracting interest as investors seek new ways to access private markets while addressing liquidity concerns.
- Investors view liquidity, transparency, and access as key benefits of emerging structures, suggesting innovation is increasingly focused on solving traditional barriers to participation.
About the research
To better understand investment trends, liquidity needs, and capacity for risk in the near term and into the future, BBH Investor Services partnered with Wakefield Research to survey a total of 500 investors – 250 institutional investors and 250 wealth advisors – in the US, the UK, Japan, Switzerland, and Germany in August 2026. Within each market, a 50/50 quota was set for institutional investors and wealth advisors.
What's inside our 2026 private markets report
The full private markets survey goes beyond the headline themes, with detailed findings for both institutional investors and wealth advisors. It explores how allocation plans are evolving, which fund structures and investment horizons investors prefer, and what is holding them back from committing more capital. It also examines growing expectations for transparency, the education gaps around liquidity features, investor appetite for new products and access routes, and the regulatory moves that could affect investors and service providers. Download the private markets report below for the complete data and analysis.
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