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      For decades, private markets were largely the domain of institutional investors and ultra-high-net-worth investors. Today, that model is changing.

      Private market investments are expanding beyond traditional institutional channels and becoming increasingly accessible through wealth, advisory and retirement markets. As investor demand grows, asset managers, fund managers and distributors are rethinking their products, operating models and distribution strategies to capture this opportunity.

      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.

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      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

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