"We’ve got the right product mix to win in private wealth"

The opening of private markets to a wider investor base presents a major new opportunity in our industry. It is a structural market shift we approach carefully – but one in which we are well positioned to succeed, says Jan Philipp Schmitz.

Historically, the vast majority of capital in private markets has come from institutional investors. Now, we begin to see change, as private wealth clients increase their exposure. Globally, the amount of capital held by institutional investors and by private wealth is roughly equivalent – estimated at around $140 trillion each.¹ However, while institutional investors typically allocate around 10-15% of their portfolios to private assets, allocations within private wealth remain in the low single digits and are concentrated among highnet-worth investors. As investors increasingly recognize the diversification that private markets offer, and as product innovation improves accessibility, that gap is narrowing. We believe that, over time, private wealth allocations will move closer to the levels we see among institutions. The segment has developed rapidly since 2020 when we launched our dedicated Private Wealth Solutions initiative, and today it is a clear area of growth which we approach with care: the segment represented almost 15% of capital raised (c.€3 billion) in 2025 and more than 10% of Ardian AUM.

The right products for evergreens

We raise private wealth capital through two principal channels. First, we’ve developed feeder vehicles to our closed-end funds, in close partnership with major banks. Second are open-ended or evergreen structures. As a diversified alternatives house offering a full range of direct products and selective third-party co-investments, we are well positioned in this space. In addition, our leading secondaries platform provides immediate access to mature portfolios – a real advantage in constructing evergreen vehicles, which require regular capital deployment. One- or two-product houses will find it more difficult to deploy capital with the necessary speed. The recent success of our Ardian Access product family proves the strength of our offer. Launched in 2023 and with four products in market, we have raised c.$2 billion in the last six months. We distribute via major banks, independent advisors and institutional channels, and are currently developing four further solutions, including one providing access to our Infrastructure platform. While initially conceived for individual investors, it’s worth noting that institutional clients have also shown significant interest in these products. The rise of private wealth represents a major pool of new capital, and competition for it will be fierce. But with the scale and breadth of our platform, and the strength of our central functions, we are well placed to win in this space. 

Tailored solutions

While private wealth is growing, institutional investors remain our core, representing the vast majority of all assets we manage. Among these sophisticated clients, demand for tailored mandates and solutions continues to develop globally. Our commitment to offering clients a tailored service has always been part of our DNA. Through Ardian Customized Solutions, we have provided customized portfolios for almost 30 years, today managing around $40 billion for clients around the world. Offering co-investments to our LPs has been another long-standing commitment. Over the past 15 years, we’ve offered $38 billion of co-investments across our platforms.

A global LP base

Amid geopolitical volatility, our position as an independent European house is attracting increased interest from LPs globally seeking to rebalance portfolios and increase their exposure to Europe. As last year’s fundraising demonstrates, our LP base is diversified across Europe, the Americas, the Middle East and Asia. This geographical breadth reduces dependence on any single market and has helped us navigate many fundraising cycles – when one region softens, another often gains momentum. Looking ahead, our global footprint of 22 offices positions us for other shifts underway. Asia is on the ascendance, accounting for more than 50% of the world’s population and around 60% of global GDP growth. With the recent opening of our sixth Asia-Pacific office in Sydney, we are ready to deepen relationships with investors across the region.

¹ Bain & Company, Global Private Equity Report 2023.