Key Takeaways
- • 90% of global financial advisors surveyed by Blackstone are either increasing or maintaining private equity allocations, demonstrating sustained institutional confidence in private markets despite macro headwinds and difficult conditions in 2022–2023.
- • Diversification from public markets drives private real estate demand, with 53% of surveyed advisors citing this as the primary role of private real estate in client portfolios, reflecting renewed focus on "HALO" (hard assets with low obsolescence) investments and lower-correlation strategies.
- • Track record and credit underwriting expertise are the critical differentiators in private credit manager selection, with 36% of advisors prioritizing proven performance across market cycles and 33% emphasizing disciplined deal selection and risk management capabilities.
- • Survey methodology covered 200+ financial advisors across US, EMEA, and APAC during February–March 2026, providing a current snapshot of allocation trends and manager selection criteria in an evolving macroeconomic environment.
Summary
Blackstone's latest advisor survey reveals robust institutional appetite for private markets allocation despite recent sector headwinds. The firm surveyed more than 200 financial advisors globally across the United States, Europe/Middle East/Africa, and Asia-Pacific regions during February and March 2026. The headline finding underscores resilience: 90% of respondents report either increasing or maintaining their private equity allocations, a striking metric given the challenging 2022–2023 period for private equity performance.
This sustained commitment to private markets reflects a strategic pivot toward diversification and risk management in increasingly uncertain macro conditions. According to the survey, advisors view private markets as delivering differentiated return potential and long-term growth characteristics less correlated to short-term public market volatility—a core thesis underlying institutional reallocation to alternatives. The focus on "HALO" investments (hard assets with low obsolescence) has gained particular traction, with 53% of advisors identifying diversification from public markets as the primary role of private real estate in client portfolios.
Manager selection criteria have also sharpened. When evaluating private credit managers, advisors place premium weight on two attributes: track record (36% of respondents) and credit underwriting expertise (33%). This ranking signals that financial professionals are prioritizing managers with proven performance across full market cycles and demonstrated discipline in deal selection and risk management. The emphasis on track record as the leading differentiator indicates that advisors are treating experience and historical execution as primary filters in an environment where capital quality and risk controls matter significantly.
The survey data, with an average of 200 respondents per question, captures current sentiment across major global markets as institutional investors navigate elevated rates, geopolitical uncertainty, and structural shifts in capital markets. The consistent allocation trajectory—with 90% maintaining or increasing positions—suggests that despite macro volatility, advisors view private markets as essential components of client portfolio construction rather than cyclical trading positions.
This sustained commitment to private markets reflects a strategic pivot toward diversification and risk management in increasingly uncertain macro conditions. According to the survey, advisors view private markets as delivering differentiated return potential and long-term growth characteristics less correlated to short-term public market volatility—a core thesis underlying institutional reallocation to alternatives. The focus on "HALO" investments (hard assets with low obsolescence) has gained particular traction, with 53% of advisors identifying diversification from public markets as the primary role of private real estate in client portfolios.
Manager selection criteria have also sharpened. When evaluating private credit managers, advisors place premium weight on two attributes: track record (36% of respondents) and credit underwriting expertise (33%). This ranking signals that financial professionals are prioritizing managers with proven performance across full market cycles and demonstrated discipline in deal selection and risk management. The emphasis on track record as the leading differentiator indicates that advisors are treating experience and historical execution as primary filters in an environment where capital quality and risk controls matter significantly.
The survey data, with an average of 200 respondents per question, captures current sentiment across major global markets as institutional investors navigate elevated rates, geopolitical uncertainty, and structural shifts in capital markets. The consistent allocation trajectory—with 90% maintaining or increasing positions—suggests that despite macro volatility, advisors view private markets as essential components of client portfolio construction rather than cyclical trading positions.
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