Capital Decanted #2 S2 Decanter's (Half) Dozen: Private Capital for Wealth Clients
Sep 23, 2025
Shane Clifford, Managing Director at Carlyle Group, and Doug Krupa, Managing Director at KKR, dive into the evolving world of private capital for individual investors. They discuss the challenges of transitioning from institutional clients to high-net-worth individuals, emphasizing the need for tailored strategies and robust operational support. Insights include lessons learned from pioneers like Blackstone and the importance of understanding client sophistication. Both guests share practical advice for building successful wealth channels, ensuring alignment with client needs and market dynamics.
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Massive Retail Opportunity In Alternatives
- Global alternative AUM is about $25 trillion today and could reach $60 trillion by 2032, per Bain.
- Retail participation may rise from ~16% to ~22%, creating a multi-trillion dollar wealth opportunity.
Retail's Share Could Triple
- Retail investors currently represent roughly 16% of alternative AUM (~$4 trillion) by Bain's estimate.
- If retail share rises to 22% of $60 trillion, retail AUM could exceed $13 trillion by 2032.
Small Allocation Shifts Move Trillions
- High-net-worth allocations to alternatives are concentrated: UHNW ~19%, HNW much lower.
- Small allocation increases among HNW segments can shift dollars by trillions.