Democratizing Private Equity: AssetMark Opens Up Alternative Investments to Wider Advisor Base

NEW YORK, NY – November 18, 2025

Expanding Access to Illiquid Assets

AssetMark, a leading wealth management platform serving over 10,500 financial advisors, is making a significant push into the private market space. The firm announced today the launch of access to private market investments through partnerships with industry giants Apollo, Carlyle, KKR, and StepStone Group. This move aims to address a growing demand from advisors and their clients for diversification beyond traditional public markets, a demand fueled by a shrinking number of publicly listed companies and the historical outperformance of private equity.

The initiative centers on offering advisors access to four semi-liquid interval funds, integrated within AssetMark’s Unified Managed Account (UMA) technology. These funds – Apollo Diversified Credit, Carlyle Tactical Private Credit, KKR Real Estate Select Trust, and StepStone Private Infrastructure Fund – provide exposure to credit, real estate, and infrastructure strategies, previously largely inaccessible to many advisors due to high minimums and complex operational hurdles.

“The landscape has shifted,” said one industry consultant. “Advisors are being asked to provide access to investment opportunities that aren’t available in the public markets. Clients understand that diversification is key, and they are seeking alternative investments to enhance returns and manage risk.”

The Shrinking Public Market and the Rise of Private Capital

The timing of AssetMark’s move is no coincidence. The number of publicly traded companies in the U.S. has fallen dramatically over the past two decades, from over 8,000 in the mid-1990s to around 4,000 today. This decline is driven by factors such as the rise of private capital, increased regulatory burdens, and a focus on short-term profits among public companies.

“Companies are staying private longer,” explained another source familiar with the trends. “They have access to ample private funding from venture capital and private equity, allowing them to grow and scale without the scrutiny and pressures of being a public company. This creates a supply and demand imbalance, pushing up valuations in the private markets and increasing the attractiveness of these investments.”

The shift also means that a significant portion of the value creation is happening in private markets, leaving public market investors potentially missing out on these opportunities. This dynamic has fueled demand for private equity and other alternative investments among both institutional and individual investors. AssetMark's offering aims to fill this gap.

Competitive Landscape and Platform Wars

AssetMark isn't alone in recognizing this trend. Other wealth management platforms, such as Envestnet and Dynasty Financial Partners, are also expanding their offerings in the private market space. Envestnet, in particular, has been aggressively partnering with asset managers to provide advisors with access to alternative investments and has launched professionally managed model portfolios featuring interval funds. Dynasty, meanwhile, has focused on integrating private market access into its technology platform and expanding its network of advisors.

“The wealth management industry is becoming increasingly competitive,” said one observer. “Platforms are vying to attract advisors by offering a wider range of investment options and a more robust technology infrastructure. Those that can provide access to differentiated investment strategies, such as private equity, will be best positioned to succeed.”

AssetMark is attempting to differentiate itself by offering a streamlined, integrated solution that simplifies the process for advisors to access and manage private market investments. The firm’s UMA technology allows advisors to build customized portfolios, manage varying liquidity windows, and streamline paperwork. The lower minimum investment thresholds – as low as $10,000 for goals-based strategies – are also designed to broaden access to a wider range of clients. The firm also offers professionally managed solutions with higher minimums of $250,000.

Advisor Sentiment and Future Growth

AssetMark's strategic move is supported by strong advisor sentiment. According to a recent survey conducted by the company, 91% of advisors consider access to private market investments critical for differentiation. Furthermore, 68% of advisors not currently offering private markets plan to add them within the next year, and a notable 59% would consider switching firms to gain such access. This indicates a significant demand for private market offerings and a willingness to change firms to meet client needs.

“Advisors are under pressure to provide clients with access to investment opportunities that can deliver superior returns,” said an industry analyst. “Private equity has historically outperformed public markets, and advisors recognize the importance of diversifying portfolios to manage risk and enhance returns.”

AssetMark plans to continue expanding its private market offerings in the coming years, adding new funds and strategies to meet the evolving needs of its advisor base. The firm believes that private equity will play an increasingly important role in wealth management, and it is committed to providing advisors with the tools and resources they need to succeed in this dynamic environment. The platform is well-positioned to capitalize on the growing demand for alternative investments and solidify its position as a leading wealth management platform.