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      Private markets are opening to a wider range of investors, and the shift is gaining momentum. Across the industry, evergreen and semi-liquid fund structures are opening new pathways for individuals and wealth investors to access strategies once largely reserved for institutional capital. Our global report highlights the shift behind this evolution: 53% of fund managers already offer multiple evergreen products-at-scale, while 69% expect significantly broader adoption over the next three years.

      The pace and maturity of this development vary across markets. While the US is further along, regulation, product innovation and distribution capabilities in Europe are creating new opportunities to enable broader access in private markets. The evolution of the European Long-Term Investment Fund (ELTIF) under ELTIF 2.0 is a clear example. By the end of 2025, the European ELTIF market had reached approximately €34 billion in assets under management, up 55% year-on-year, with 268 funds managed by 129 asset managers. A further 113 new ELTIFs were launched, almost twice the number recorded in the previous year, bringing the total number of registered ELTIFs to 300 by mid-2026.

      Luxembourg plays a central role in this development, with a broad and flexible toolkit available to managers looking to access the growing wealth and retail market. In addition to ELTIFs, the Luxembourg UCI Part II funds are increasingly being used for evergreen and semi-liquid products. Their flexibility across investment strategies, liquidity features and fund design, combined with an ELTIF wrapper, provides managers with access to the EU-wide marketing passport. KPMG has estimated UCI Part II alternatives under administration in Luxembourg to reach €200 billion by 2028, highlighting the potential scale of this market.

      But broader access also brings new demands. The convergence of ELTIF 2.0, UCI Part II and Luxembourg’s established asset-management ecosystem is helping shape the next phase of private-market distribution. As evergreen and semi-liquid structures become more established across wealth channels, the focus is shifting towards how private-market strategies are designed, packaged, distributed, and accessed.

      Drawing on insights from KPMG's 2026 global survey of 100 asset managers, fund managers and distributors across the Americas, EMEA and ASPAC, this report explores how the market is evolving and what separates the leaders from the rest.

      Download the report

      Discover:

      • How private market investing is expanding beyond institutional investors
      • Why evergreen products continue to gain momentum
      • What lessons can be learned from the U.S. market's experience
      • The operational, liquidity, valuation and distribution challenges firms must address
      • What leading organizations are doing differently to accelerate growth and execution maturity

      Key findings

      Around the world, private markets investments are growing rapidly

      The shift toward offering evergreen alternatives and private market products has become widespread among fund managers and distributors.

      Source: KPMG global survey of fund managers and distributors, 2026.

      Firms are overcoming key barriers

      We asked asset management leaders what blockers they faced when executing their strategies.

      Source: KPMG global survey of fund managers and distributors, 2026.

      The democratization of private markets is no longer a future trend. It is already underway.

      Learn how asset managers, fund managers and distributors are responding to changing investor demand, what challenges they face, and what separates the leaders from the rest.

      Download

      Private no more: The democratization of private markets

      Insights from KPMG’s 2026 global survey of asset managers, fund managers and distributors.
      Download the report

      Our contact

      Mickael Tabart

      Partner, Private Equity Market Leader

      KPMG in Luxembourg

      Alan Picone

      Partner, Asset Management Market Leader

      KPMG in Luxembourg