The world’s largest alternative asset manager, Blackstone, is leading the industry’s push into private wealth, according to data published by the firm.
The New York-based group claims to manage an estimated 50 per cent of private wealth revenue among major alternative asset managers, according to its CEO and chairman Steve Schwarzman.
Blackstone oversees more than $300 billion in private wealth assets under management (AUM), accounting for over 20 per cent of its total AUM of $1.3 trillion, company data showed. In 2025 alone, the firm raised $43 billion from private wealth clients.
‘Of particular note, our fund-raising in private wealth increased 53% year over year in 2025, to $43 billion, and we expect strong inflows again in 2026 given our performance and continuous innovation,’ said Schwarzman.
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On its move into the private investor channel, Blackstone president and COO Jon Gray said: ‘Moving to the individual investor channel, where we are uniquely positioned given the breadth of our product line-up, our performance and the power of our brand. Our AUM in private wealth grew 16% year over year, to more than $300 billion, and is up three-fold in the past five years.’
‘Blackstone has led the evolution of the private wealth market to date, and we expect to lead it in the future,’ he added.
[See also: The best private equity and alternative asset advisers in 2025]
By comparison, KKR, another leading New York-based investment firm, has $29 billion of AUM derived from private investors, according to data published in Q3 2025. With $723 billion in overall AUM, private investor wealth accounts for around four per cent of the firm’s total assets.
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Swedish alternative asset manager EQT aimed to secure 15 to 20 per cent of its Q2 $100 million fundraising cycle from private investors, according to a company report.
In 2023, EQT launched a platform for individual investors to access its private investment strategies, named Nexus. In 2025, it expanded this offering with the launch of a European Long-Term Investment Fund (ELTIF) under the Nexus brand, making it easier for retail investors to access illiquid assets. The fund has an approximate net asset value of $1.3 billion, according to the firm.
The Scandinavian investment group ranked as the second-largest private equity firm by capital raised from third-party investors in the PEI 300, having secured $113 billion between January 2020 and December 2024. KKR led the ranking, raising $117 billion over the same period.
[See also: JP Morgan: Alternatives key to future-proof family office portfolios]
Other asset managers have also moved to capture private investor capital.
UK-based alternative asset firm Apollo Global Management unveiled three private capital funds for high-net-worth European investors, Bloomberg reported. Clients will be able to invest as little as €10,000, the firm’s head of EMEA wealth distribution Véronique Fournier told Bloomberg.
Similarly, Ares Wealth Management, a Los Angeles-based alternative investment manager, announced plans to expand its private wealth division, targeting up to $100 billion in AUM by the end of 2028. Ares’ private wealth AUM currently stands at $29 billion, according to Bloomberg.
Wall Street heavyweights Goldman Sachs, Morgan Stanley and BlackRock have also launched similar private markets products for high-net-worth investors over the past year.
