President Trump’s recent executive order on alternative assets and 401(k)-style retirement plans has drawn fresh attention to the rapid growth of private markets, including private equity, credit, real estate and infrastructure.
We cannot fully understand this growth, or its impact on global finance, without considering how the shift to private assets has intersected with other key investment trends — most notably, the expansion of the wealth-management industry.
For perspective: Global assets under management (AUM) in the wealth market reached $159 trillion in 2024, after growing by 20% over the prior five years, according to the Natixis Wealth Industry Survey.
As for private assets specifically, PitchBook has projected that AUM held by general partners (GPs) will increase from $18.7 trillion in 2024 to $24.1 trillion by the end of 2029.
These two trends have been driven by different factors, but they have also overlapped with each other in meaningful ways.
