Key Takeaways
- • Nearly half of RIAs surveyed in KKR's 2025 Private Markets Survey currently allocate 10% or more of their assets under management to private market investments, with 81% expecting to maintain or exceed that allocation within five years.
- • Private markets have transitioned from niche alternative allocations to core portfolio building blocks for RIAs, driven by demand for higher returns, diversification benefits, and access to broader investment opportunities beyond public markets.
- • KKR hosted its 3rd annual RIA Forum in October 2025 at its New York headquarters, bringing together top RIA executives and decision-makers including CIOs and Directors of Research to discuss private market strategies and industry trends.
- • Doug Krupa, Head of Global Wealth Solutions in the Americas at KKR, emphasized that RIAs increasingly recognize the need for solutions beyond public markets to achieve client investment objectives.
- • Private equity, credit, real estate, and infrastructure represent the primary asset classes driving RIA adoption of private market strategies, with evergreen fund structures emerging as the preferred vehicle for scalable RIA access.
Summary
The distinction between "alternative" and "core" investments has blurred significantly among registered investment advisors, according to KKR's 2025 RIA Private Markets Survey. The data reveals a fundamental shift in how wealth managers structure client portfolios: nearly 50% of surveyed RIAs now maintain private market allocations of 10% or greater of assets under management, with a substantial majority—81%—committed to sustaining or expanding these positions over the next five years.
This allocation pattern reflects a strategic reorientation rather than a tactical adjustment. RIAs cite three primary drivers for this shift: the potential for enhanced returns relative to public market alternatives, meaningful portfolio diversification benefits, and access to a substantially broader universe of investment opportunities. The language used by industry participants—describing private markets as essential rather than supplemental—underscores the degree to which investor preferences and fiduciary considerations have evolved since the designation of these assets as "alternatives" became standard terminology.
KKR's convening of its 3rd annual RIA Forum in October 2025 at its New York headquarters served as both a reflection of and catalyst for this industry transformation. The event brought together senior executives and decision-makers from leading RIA platforms alongside KKR's advisory board, a group specifically constituted to provide strategic guidance and industry thought leadership. The breadth of attendees—encompassing CIOs, Directors of Research, and other portfolio decision-makers from across the United States—indicates the institutional weight now assigned to private markets strategy within the RIA community.
Doug Krupa, KKR's Head of Global Wealth Solutions in the Americas, articulated the underlying rationale in blunt terms: "In more and more of our conversations with RIAs, they recognize that they need solutions beyond what is available in public markets to achieve their clients' goals." This statement encapsulates a market reality: public equities and fixed-income instruments alone no longer suffice for sophisticated wealth managers seeking to deliver differentiated outcomes for high-net-worth clientele. The private markets universe—encompassing private equity, credit, real estate, and infrastructure—now functions as an essential component of competitive portfolio architecture rather than an exotic overlay.
This allocation pattern reflects a strategic reorientation rather than a tactical adjustment. RIAs cite three primary drivers for this shift: the potential for enhanced returns relative to public market alternatives, meaningful portfolio diversification benefits, and access to a substantially broader universe of investment opportunities. The language used by industry participants—describing private markets as essential rather than supplemental—underscores the degree to which investor preferences and fiduciary considerations have evolved since the designation of these assets as "alternatives" became standard terminology.
KKR's convening of its 3rd annual RIA Forum in October 2025 at its New York headquarters served as both a reflection of and catalyst for this industry transformation. The event brought together senior executives and decision-makers from leading RIA platforms alongside KKR's advisory board, a group specifically constituted to provide strategic guidance and industry thought leadership. The breadth of attendees—encompassing CIOs, Directors of Research, and other portfolio decision-makers from across the United States—indicates the institutional weight now assigned to private markets strategy within the RIA community.
Doug Krupa, KKR's Head of Global Wealth Solutions in the Americas, articulated the underlying rationale in blunt terms: "In more and more of our conversations with RIAs, they recognize that they need solutions beyond what is available in public markets to achieve their clients' goals." This statement encapsulates a market reality: public equities and fixed-income instruments alone no longer suffice for sophisticated wealth managers seeking to deliver differentiated outcomes for high-net-worth clientele. The private markets universe—encompassing private equity, credit, real estate, and infrastructure—now functions as an essential component of competitive portfolio architecture rather than an exotic overlay.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.