Private-equity firms have spent decades raking in giant sums from pension funds and other big institutions. Now they are going hat in hand to a different kind of investor: everyday millionaires.
Some of the biggest firms, including Blackstone, Blue Owl Capital, OWL, Apollo Global Management and Ares Management, have created a host of new products aimed at people with $1m to $5m in investible assets and are hiring armies of staff to market them to private banks and independent financial advisers.
Behind the effort is the recognition that institutions, which committed nearly $1.3 trillion to private markets in 2021, according to PitchBook, have all but filled up on them. Historically low interest rates since the 2007-09 financial crisis led many to swap a portion of their public stock and bond portfolios for higher-returning investments in private equity, real estate, infrastructure and credit.
Read more: LiveMint
