Key Takeaways
- • TIGER 21 reports private equity reached a record 34% of Member portfolio allocations in Q2 2026, up six points year-over-year, per its Q2 2026 Asset Allocation Report.
- • Real estate fell to 23%, down three points from 12 months earlier, widening private equity's lead over real estate to a record margin.
- • Cash and equivalents dropped to 7%, the lowest level since TIGER 21 began collecting data in 2007.
- • Public equities rose to 25%, up two points from a year earlier and the highest stock allocation in more than two years.
- • Fixed income stood at 6%, cryptocurrency and commodities at 2% each, and hedge funds at 1%.
Summary
TIGER 21, the peer-to-peer learning network for ultra-high-net-worth investors, released highlights from its Q2 2026 Asset Allocation Report, based on portfolio allocation data submitted by its Members. The report shows private equity as the dominant asset class at a record 34% of allocations, up six points year-over-year. The network describes this as the latest point in a multi-year trend, with the share of capital allocated to private equity rising sharply over the past 15 years.
TIGER 21 attributes the shift to the steady expansion of private market opportunities and a deeper pool of high-quality private companies, which it says are likely attracting fresh capital. Fewer exits and ongoing capital calls are also likely to have pushed allocations higher, according to the report.
Other allocations moved in different directions. Public equities increased to 25%, up two points from 12 months earlier and marking the highest stock allocation in more than two years. Cash and equivalents fell to 7%, the lowest level recorded since data collection began in 2007, as Members moved liquidity into growth sectors. Real estate declined to 23%, down three points from a year earlier. Smaller allocations went to fixed income (6%), cryptocurrency (2%), commodities (2%) and hedge funds (1%).
Michael W. Sonnenfeldt, Founder and Chairman of TIGER 21, said that when uncertainty rises, Members deploy capital into opportunities they believe will create advantage and long-term growth. Michael Woods, TIGER 21 Group Chair, said Group Meetings have steadily moved toward private markets, with Members leaning into areas where their experience, networks and operational expertise can be applied. TIGER 21, founded in 1999, has nearly 2,000 Members with an average net worth of $140 million, operating across North America, Europe, the Middle East and Asia.
TIGER 21 attributes the shift to the steady expansion of private market opportunities and a deeper pool of high-quality private companies, which it says are likely attracting fresh capital. Fewer exits and ongoing capital calls are also likely to have pushed allocations higher, according to the report.
Other allocations moved in different directions. Public equities increased to 25%, up two points from 12 months earlier and marking the highest stock allocation in more than two years. Cash and equivalents fell to 7%, the lowest level recorded since data collection began in 2007, as Members moved liquidity into growth sectors. Real estate declined to 23%, down three points from a year earlier. Smaller allocations went to fixed income (6%), cryptocurrency (2%), commodities (2%) and hedge funds (1%).
Michael W. Sonnenfeldt, Founder and Chairman of TIGER 21, said that when uncertainty rises, Members deploy capital into opportunities they believe will create advantage and long-term growth. Michael Woods, TIGER 21 Group Chair, said Group Meetings have steadily moved toward private markets, with Members leaning into areas where their experience, networks and operational expertise can be applied. TIGER 21, founded in 1999, has nearly 2,000 Members with an average net worth of $140 million, operating across North America, Europe, the Middle East and Asia.
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