Institutions have poured trillions into private capital firms in recent years and now giants like Blackstone are eyeing off retail punters too.
Five years ago, when Joan Solotar told investors she could grow Blackstone’s private wealth business from $US58 billion of funds under management to $US250 billion within a decade, there was disbelief.
“It’s a big market. The penetration of alternatives is very low. I believe we could dedicate the resources and coupled with our track record and brand, create a scale business in Australia,” Solotar says. “I can’t give you an exact timeframe, but I’m highly interested in the Australian market.”Private capital giants including Apollo Global Management, KKR and Ares Management are also targeting retail investors with between $US1 million and $US5 million, but Blackstone is ahead of the pack.
Blackstone’s perpetual funds for retail investors invest alongside the firm’s institutional funds, giving retail investors a chance to own a little slice of the assets Blackstone buys in one of its regular mega deals. For example, while Solotar declines to comment onAdvertisement This education is stepping up as market volatility increases. While Solotar says private markets have generally been more stable recently, this is an important time to be talking to clients and advisers.
“We think every investor shouldn’t have alts in their portfolio. But when you try to push down further, we are talking about just a lot more considerations,” including regulatory issues.
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