As access to private markets broadens, individual investors play a growing role in how these strategies are delivered. Asset managers face new demands across distribution, operating models, and investor experience.

Drawing on State Street’s fifth annual Private Markets Study and ongoing industry dialogue with Alpha FMC, this paper outlines three closely connected themes:

• Expanding access: Semi-liquid and evergreen fund structures are opening access to private markets through wealth channels, with asset managers increasingly expecting individual investors to drive the next wave of future fundraising.
• Operational implications: Growing transaction volumes, faster valuations, and tighter servicing requirements are testing operating models built for institutional investors, reinforcing the need for seamless data, technology, and servicing integration.
• Regional and retirement considerations: Regional adoption is progressing at different speeds shaped by regulation and distribution infrastructure. At the same time, early momentum is building for private markets exposure in defined contribution retirement plans, centered on target-date structures.

Together, these dynamics highlight how expanding access is reshaping private markets operations, redefining integration, agility, and scale. Read the full paper to uncover the biggest shifts in operational, regional, and retirement strategies.