Jun 23, 2026 – 5.00amFor private equity’s biggest dealmaking firms, it was the next frontier. While pension funds, insurers and sovereign wealth funds had fed the industry with capital for the best part of 50 years, the $US60 trillion ($85 trillion) pool of individual wealth owned barely any private assets.So, if the likes of KKR and Blackstone could capture a small share of this growing market they had the potential to triple their assets. In Australia, the super fund industry has grown too large for the industry to service, leading them to turn to wealthy individuals.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.Fetching latest articles
Gating the barbarians: Evergreen funds’ mainstream challenges
This vehicle was the private asset industry’s means into the lucrative wealth market. But the events of 2026 have raised questions about its viability.
TL;DRAI
KKR and Blackstone pursue $60 trillion individual wealth to fund evergreen vehicles, targeting AUM growth of 3x. Retail capital entering alternative assets reshapes startup valuations, exit timelines, and governance requirements for tech portfolio companies.
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