Key Takeaways
- • Bank of America's Merrill Wealth Management and Bank of America Private Bank launched the "Alts Expanded Access Program" in fall 2025, offering private equity fund investments exclusively to ultra-high-net-worth (UHNW) clients with minimum $50 million in assets.
- • The program provides selective access to non-broadly distributed private equity funds focused on emerging themes, niche strategies, and evolving sectors, with clients conducting independent due diligence and investing directly with fund managers.
- • First fund will launch in September 2025; the initiative reflects broader industry trend of wealth managers democratizing alternative assets as institutional investors reduce private equity allocations due to high interest rates and economic uncertainty.
- • Bank of America's 2024 study of wealthy Americans found that 93% of high-net-worth investors plan to increase alternative allocations, with alternatives currently comprising 17% of their portfolios, signaling strong demand for expanded private market access.
- • The expansion targets a critical competitive gap: while mega-PE firms (Blackstone, Apollo, KKR, Ares) now serve clients with as little as $1–5 million, BofA positions itself to capture ultra-wealthy clients seeking "differentiated access" and exclusivity in private markets.
Summary
Bank of America is entering the private equity access space for ultra-high-net-worth clients through a newly launched program designed to meet evolving wealth management demands. Merrill Wealth Management and Bank of America Private Bank announced the Alts Expanded Access Program, which will become available in fall 2025 to clients with a net worth of $50 million or more. The first fund under this program will launch the following month, representing a strategic expansion into alternative investments for BofA's private banking division.
The program operates on a selective, client-directed model that distinguishes it from traditional wealth management offerings. Rather than acting as an intermediary, BofA provides advisory support and access to fund manager materials while allowing qualified investors to conduct their own due diligence and invest directly with managers. The funds available through the program focus on specialized opportunities in emerging themes, niche strategies, and evolving sectors—investments historically reserved for institutional investors such as pension funds and endowments. Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, emphasized that "differentiated access is becoming more and more critical" and that exclusivity resonates with the ultra-wealthy cohort.
This move reflects a broader industry shift in private equity accessibility. Traditionally, private equity required substantial capital commitments and sophisticated risk management capabilities available only to institutional and ultra-wealthy investors. However, major PE firms including Blackstone, Apollo Global Management, Ares Management, and KKR have begun lowering barriers to entry, now attracting clients with $1–5 million in investable assets. BofA's $50 million minimum positions the bank at the ultra-premium segment of this expanding market, capturing clients seeking curated, specialized opportunities.
Market data supports the strategic timing of BofA's initiative. According to the bank's 2024 Study of Wealthy Americans, 93% of high-net-worth investors plan to increase their allocation to alternatives in coming years, with alternatives currently representing 17% of typical portfolios. Simultaneously, institutional investors—historically the largest private equity allocators—have begun reducing positions amid elevated interest rates and macroeconomic uncertainty, creating competition for alternative capital from new demographic segments. BofA's program directly addresses this convergence by offering UHNW clients structured access to non-traditional investments while maintaining the advisory guidance and exclusivity that differentiate premium wealth management services.
The program operates on a selective, client-directed model that distinguishes it from traditional wealth management offerings. Rather than acting as an intermediary, BofA provides advisory support and access to fund manager materials while allowing qualified investors to conduct their own due diligence and invest directly with managers. The funds available through the program focus on specialized opportunities in emerging themes, niche strategies, and evolving sectors—investments historically reserved for institutional investors such as pension funds and endowments. Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, emphasized that "differentiated access is becoming more and more critical" and that exclusivity resonates with the ultra-wealthy cohort.
This move reflects a broader industry shift in private equity accessibility. Traditionally, private equity required substantial capital commitments and sophisticated risk management capabilities available only to institutional and ultra-wealthy investors. However, major PE firms including Blackstone, Apollo Global Management, Ares Management, and KKR have begun lowering barriers to entry, now attracting clients with $1–5 million in investable assets. BofA's $50 million minimum positions the bank at the ultra-premium segment of this expanding market, capturing clients seeking curated, specialized opportunities.
Market data supports the strategic timing of BofA's initiative. According to the bank's 2024 Study of Wealthy Americans, 93% of high-net-worth investors plan to increase their allocation to alternatives in coming years, with alternatives currently representing 17% of typical portfolios. Simultaneously, institutional investors—historically the largest private equity allocators—have begun reducing positions amid elevated interest rates and macroeconomic uncertainty, creating competition for alternative capital from new demographic segments. BofA's program directly addresses this convergence by offering UHNW clients structured access to non-traditional investments while maintaining the advisory guidance and exclusivity that differentiate premium wealth management services.
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.