Key Takeaways
- • BBH's second annual Private Markets Investor Survey, conducted by Wakefield Research among 500 institutional investors and wealth advisors in the U.S., U.K., Germany, Switzerland and Japan, finds 84% plan to increase private markets allocations within two years.
- • Over a quarter of respondents expect more than 30% of their investments to be allocated to private markets strategies within five years.
- • Private equity is the top target for new capital at 54%, up 16 points year-over-year, followed by private credit at 44%, up 20 points.
- • Three in four investors say the time required to return capital lengthened over the past year, pushing preferred deployment windows toward four to six years and shorter two-to-three-year horizons.
- • Investors are demanding clearer liquidity calculations, redemption rules and gating criteria, with more than three-quarters relying on GPs or advisors for support.
Summary
Private markets are becoming a larger share of institutional and wealth portfolios, according to new research from Brown Brothers Harriman (BBH) Investor Services. In the firm's second annual Private Markets Investor Survey, over a quarter of respondents said more than 30% of their investments will be allocated to private markets strategies over the next five years, and 84% plan to increase private markets exposure within the next two years.
Private equity ranked as the leading destination for new investment at 54%, up 16 points from the prior year, while private credit followed at 44%, up 20 points. The survey covered 500 respondents split evenly between institutional investors, including pension funds, sovereign wealth funds, endowments, foundations, insurers and family offices, and wealth advisors, including private banks, RIAs and wealth managers serving accredited or high-net-worth clients. Fieldwork ran from Aug. 5 to Aug. 17, 2026, by email invitation and online survey.
Liquidity emerged as a central concern. Investors' preferred capital deployment window is four to six years, followed by a shorter two-to-three-year window, and BBH links the shorter horizons partly to the fact that three in four investors saw the time to get capital returned lengthen over the past year. Lata Vyas, Head of Alternative Client Solutions at BBH, said investors are "leaning into private markets" despite macro and geopolitical uncertainty, but are becoming "more discerning about liquidity." The survey also points to demand for more reliable liquidity reporting and clearer redemption and gating rules.
On product structures, investors view private market ETFs as attractive, though most said better transparency into underlying holdings and greater liquidity and trading efficiency would accelerate adoption. Respondents also see tokenization as offering benefits including blockchain security, fractional ownership and an extended liquidity window. Chris Adams, Global Head of Business Development for Alternative Funds Services at BBH, said managers who pair liquid structures such as evergreen funds with clear rules, transparency and investor education are best positioned to succeed.
Private equity ranked as the leading destination for new investment at 54%, up 16 points from the prior year, while private credit followed at 44%, up 20 points. The survey covered 500 respondents split evenly between institutional investors, including pension funds, sovereign wealth funds, endowments, foundations, insurers and family offices, and wealth advisors, including private banks, RIAs and wealth managers serving accredited or high-net-worth clients. Fieldwork ran from Aug. 5 to Aug. 17, 2026, by email invitation and online survey.
Liquidity emerged as a central concern. Investors' preferred capital deployment window is four to six years, followed by a shorter two-to-three-year window, and BBH links the shorter horizons partly to the fact that three in four investors saw the time to get capital returned lengthen over the past year. Lata Vyas, Head of Alternative Client Solutions at BBH, said investors are "leaning into private markets" despite macro and geopolitical uncertainty, but are becoming "more discerning about liquidity." The survey also points to demand for more reliable liquidity reporting and clearer redemption and gating rules.
On product structures, investors view private market ETFs as attractive, though most said better transparency into underlying holdings and greater liquidity and trading efficiency would accelerate adoption. Respondents also see tokenization as offering benefits including blockchain security, fractional ownership and an extended liquidity window. Chris Adams, Global Head of Business Development for Alternative Funds Services at BBH, said managers who pair liquid structures such as evergreen funds with clear rules, transparency and investor education are best positioned to succeed.
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