A shared conviction: the success of private markets is reshaping distribution
In her latest op-ed published in L’AGEFI, Estelle Dolla shares a conviction that we live every day at Private Corner: the success of private markets calls for a profound evolution in distribution practices.
Private markets are no longer merely a question of access: they have become a question of method — selection, education, and the construction of allocations suited to complex, illiquid assets.
Private markets are no longer a niche product
Wealth management advisers and their clients are no longer seeking performance alone. They are seeking meaning, impact, and direct exposure to the real economy, beyond passive management.
This shift is moving private markets out of a niche paradigm. In return, it imposes heightened responsibility in how solutions are presented, selected, and integrated into portfolios.
The abundance of the offering calls for greater education and selectivity
Never has the private markets opportunity set been so rich. Understanding the mechanisms, structures, cash flows, and risks has become indispensable to preserve the value created.
Value no longer lies in access to products, but in the ability to:
- explain the underlying mechanisms;
- decode the true risks.
Education becomes a prerequisite; selectivity, a necessity.
Semi-liquid solutions complement, without replacing, closed-end funds
The rise of semi-liquid funds responds to a legitimate demand for flexibility. They play a useful role in the democratisation of private markets, provided they do not blur the reference points.
These vehicles do not replace closed-end funds. They complement them, within a disciplined long-term allocation framework.
The role of platforms is evolving
The challenge is no longer merely to list funds, but to provide:
- an intelligent assembly of offerings;
- support in constructing allocations;
- decision-support tools suited to complex, illiquid assets.
Platformisation: a model to be structured, not standardised
Private markets do not lend themselves to standardised mass distribution. They require a “precision grocer” approach: fewer products, but carefully selected; fewer promises, but clearly explained.
At this price, private markets will be able to continue developing sustainably, for the benefit of wealth professionals and their private clients.
