Investor Outlook: North American private wealth

North America-based private wealth investors frequently allocate more than 20% of AUM to private markets, according to our latest survey, and expect allocations to infrastructure to expand faster than any other asset class

• Private markets are core to many North American private wealth portfolios, with single-family offices leading adoption and investor interest in infrastructure growing fastest

• Investors favor specialist managers, particularly in private equity and VC, where manager selection is viewed as a key driver of returns

• Many private wealth investors highlight liquidity and flexibility as key reasons to invest via evergreen structures, while stronger LP–GP alignment is often considered an important feature of closed-end funds