Key Takeaways
- • Envestnet announced on June 18, 2025 an expansion of its alternative investment capabilities, launching professionally managed model portfolios with semi-liquid alternative allocations and alternative ETFs through its Unified Managed Account (UMA) platform.
- • Partners include BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors, with Envestnet stating advisors can allocate to interval funds through the UMA platform by the end of 2025.
- • Envestnet cites the decline in U.S. publicly traded companies, from approximately 8,800 in the mid-1990s to around 5,400 today, as a driver for shifting value creation toward private markets.
- • Envestnet discloses that Premier Partners (BlackRock, SSGA, Fidelity and Franklin Templeton affiliates) pay it compensation for the endorsement, creating a material conflict of interest.
- • Envestnet's integrated alternatives ecosystem now spans CAIS, iCapital, Arch and Canoe Intelligence, supporting statement aggregation and capital call tracking for advisors.
Summary
Envestnet, a wealth technology and solutions provider serving approximately $6.5 trillion in platform assets according to the company, announced a major expansion of its alternative investment capabilities. The initiative centers on professionally managed model portfolios with allocations to semi-liquid alternatives and alternative ETFs, developed with BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors, and available through Envestnet's Unified Managed Account (UMA) platform. Envestnet describes the effort as one of several steps to facilitate access to semi-liquid and illiquid investments at scale.
The company framed the move around a structural shift in public markets. Envestnet cited the reduction in publicly traded companies from approximately 8,800 in the mid-1990s to around 5,400 today, arguing that more value creation is moving into private markets and that non-traditional assets offer diversification beyond traditional 60/40 portfolios. Dana D'Auria, Group President of Envestnet Solutions and Co-Chief Investment Officer, said alternatives including real estate, infrastructure, private equity, private credit and hedge funds offer unique return sources and, in some cases, lower correlation to traditional assets.
Partner commentary centered on income, private market access and customization. Eve Cout, Head of Solutions for BlackRock's U.S. Wealth Business, cited advisor demand for income from non-traditional sources and separately managed account personalization. Fidelity's Jordan Burgess described open-architecture custom model portfolios available to eligible wealth management firms. Franklin Templeton's Dave Donahoo and State Street's Allison Bonds Mazza described semi-liquid private asset integration and democratization of private market exposure, respectively.
Envestnet stated that advisors can integrate alternatives either through advisor-traded sleeves or fully managed models with embedded semi-liquid strategies. The company said it will allow advisors to allocate to interval funds through the UMA platform by the end of 2025. Envestnet's alternatives infrastructure has expanded since 2016, when it integrated CAIS into its Tamarac platform, with iCapital added in 2022, a structured investments program in 2023, and Arch and Canoe Intelligence added as reporting partners in 2025. Aaron Bauer, Head of Strategic Partnerships at Envestnet, said the integrations are intended to broaden alternative investment data available across the platform.
The release also discloses that the Premier Partners will pay Envestnet compensation for the endorsement, which the company acknowledges creates a material conflict of interest. It further notes that the release refers to products that may be in development and are not yet available.
The company framed the move around a structural shift in public markets. Envestnet cited the reduction in publicly traded companies from approximately 8,800 in the mid-1990s to around 5,400 today, arguing that more value creation is moving into private markets and that non-traditional assets offer diversification beyond traditional 60/40 portfolios. Dana D'Auria, Group President of Envestnet Solutions and Co-Chief Investment Officer, said alternatives including real estate, infrastructure, private equity, private credit and hedge funds offer unique return sources and, in some cases, lower correlation to traditional assets.
Partner commentary centered on income, private market access and customization. Eve Cout, Head of Solutions for BlackRock's U.S. Wealth Business, cited advisor demand for income from non-traditional sources and separately managed account personalization. Fidelity's Jordan Burgess described open-architecture custom model portfolios available to eligible wealth management firms. Franklin Templeton's Dave Donahoo and State Street's Allison Bonds Mazza described semi-liquid private asset integration and democratization of private market exposure, respectively.
Envestnet stated that advisors can integrate alternatives either through advisor-traded sleeves or fully managed models with embedded semi-liquid strategies. The company said it will allow advisors to allocate to interval funds through the UMA platform by the end of 2025. Envestnet's alternatives infrastructure has expanded since 2016, when it integrated CAIS into its Tamarac platform, with iCapital added in 2022, a structured investments program in 2023, and Arch and Canoe Intelligence added as reporting partners in 2025. Aaron Bauer, Head of Strategic Partnerships at Envestnet, said the integrations are intended to broaden alternative investment data available across the platform.
The release also discloses that the Premier Partners will pay Envestnet compensation for the endorsement, which the company acknowledges creates a material conflict of interest. It further notes that the release refers to products that may be in development and are not yet available.
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