Peter Aliprantis: An Inflection Point for Private Wealth
Peter Aliprantis explains how EQT will democratize access to private equity and real assets for the next generation of investors.
After more than 20 years in wealth management, I have seen the industry evolve through innovations, blind spots and new frontiers. One of the most compelling opportunities today is to improve how financial advisors – and by extension individual investors, particularly in the U.S. – can access private markets.
At EQT, we are on a mission to democratize access to private equity and real assets for the next generation of investors.
Going beyond product innovation, we are fundamentally reimagining how to deliver institutional-caliber investment solutions specifically for the private wealth channel by creating new infrastructure, aligning purpose with education, and building trust through transparency and consistency.
The Private Market Opportunity
An overwhelming majority of companies with revenues above $100m are private, according to Hamilton Lane and Capital IQ: 90 percent in the U.S., 95 percent in Europe, and 85 percent in Asia Pacific. And in the U.S., public markets are shrinking as companies stay private longer. According to Morningstar, the median age of U.S. companies at IPO rose to 10.7 years in 2024, up from 6.9 years a decade earlier. Regional dynamics also highlight opportunities in the private markets. European valuations remain attractive with private equity entry multiples 1.5 times lower than U.S. levels, and lighter deal competitions due to 60 percent less private equity capital raised compared to the U.S. In Asia Pacific, the buyout market remains underfunded and underpenetrated while the region accounts for 60 percent of the global population and 45 percent share of global GDP.
Performance also mirrors this structural shift. Last year, Cambridge Associates compared the performance of the Private Equity Index to the MSCI World Index of Equities over a 15-year period. While the MSCI World Index rose by 11 percent annually, the Private Equity Index climbed 16 percent, an outperformance of 585 basis points.
Private markets can be more resilient during market downturns while public markets tend to react quickly and sharply to uncertainty. And private assets can act as a volatility dampener in any investment portfolio, especially when government bonds are not moving as they ought to. One recent example is the market slump prompted by the tariff announcements in the U.S. – both stocks and U.S. Treasury bonds tanked while private assets outperformed by comparison.
As public markets shrink and IPO activity slows, private markets are positioned for long-term growth and investing in private markets is critical to achieve a well-diversified portfolio.
From Institutions to Intermediaries to Individuals
Historically, private market investment has been dominated by institutional investors like pension funds, sovereign wealth funds and endowments with the scale and resources to deploy significant capital over long durations. But that paradigm has been changing.
Today’s private wealth investors – small business owners, entrepreneurs and next-gen wealth inheritors – now seek the same portfolio diversification, inflation protection and uncorrelated returns that institutions have long enjoyed, and they expect their financial advisors to facilitate that access.
Yet too many legacy systems in retail wealth management are built for public markets, not for the nuances of private equity. Bridging this gap is where we can make a real difference.
Evergreen Funds: The Structure of the Future
One of the biggest friction points in private equity access has always been product structure. Traditional private equity funds – closed-end with long lock-up periods – do not always align with the liquidity preferences of individual investors. That is why EQT is embracing evergreen fund structures in the private wealth space.
These funds offer ongoing subscriptions, NAV-based pricing and more flexible liquidity windows, which resonate with financial advisors and their clients. They allow us to match the long-term nature of private investments with the realities of individual investor behavior without compromising the investment rigor.
Importantly, evergreen strategies can also support better portfolio construction through vintage year diversification, helping smooth out performance variability over time.
Importantly, evergreen strategies can also support better portfolio construction through vintage year diversification, helping smooth out performance variability over time.
While closed-end funds are still impacted by the J-curve effect of showing initial negative returns followed by positive returns as portfolio companies become more valuable over time, investors in evergreen funds can avoid that pattern since capital is deployed continuously. Cash flows begin sooner and the return profile is more even. Periodic liquidity windows can also give advisors a defined path to meet client cash-flow needs and reporting can be more streamlined. A single evergreen vehicle consolidates multiple vintages into one line item, simplifying statements, performance attribution and year-end reporting. In many jurisdictions it can also be wrapped in a regulated feeder, enabling tax-efficient treatment for both taxable and tax-exempt accounts.
Private markets can be opaque, especially for investors and advisors not familiar with their mechanics. Terms like “drawdowns”, “capital calls”, “vintage year diversification”, and “liquidity waterfalls” can be intimidating. At EQT, we view education as a core pillar of our strategy.
Last year, we launched ThinQ, our digital education platform designed to help financial advisors and their clients understand private markets: how they work, how they perform and how they can fit into a broader portfolio strategy. We want to arm advisors with the same level of knowledge that institutional gatekeepers have so they can guide clients with confidence.
Informed investors are better investors. They ask better questions, make better decisions and have longer-lasting relationships with their investment partners.
Authentic Brand-Building in the U.S.
As a firm with deep Nordic roots, EQT has built an exceptional reputation globally with a “no limit to better” mentality. But in the U.S., we are still writing our story.
Building our U.S. presence means more than just importing products. We are developing a brand that resonates with U.S. advisors and investors by focusing on transparency, sustainable investing and long-term alignment.
But none of that happens overnight. It requires consistent messaging, genuine relationships and a commitment to understanding the unique dynamics of the U.S. private wealth ecosystem.
Bridging the Generational Wealth Shift
We are standing at the edge of a massive generational wealth transfer. Cerulli Associates estimates that $84tn is expected to move from Baby Boomers to younger generations over the next two decades. This younger cohort is digital-first, impact-oriented and more open to alternative investments than any generation before them.
They want access, but they also want purpose. They expect their investments to reflect their values, and they ask hard questions about sustainability, diversity and transparency.
EQT is uniquely positioned to meet that demand. With extensive experience investing in transformative companies across the globe, we invest in long-term trends that shape the future of society, whether that involves contributing to the transition to clean energy, modernizing and future-proofing digital infrastructure, and backing the next generation of healthcare and tech innovation, regardless of borders.
This focus on thematic investing combined with our locals-with-locals model operating in 25 countries reinforces an active ownership approach that we have employed for 30 years. We future-proof our portfolio companies by improving companies and assets that can thrive amid constant change. Businesses become engines of growth by driving returns, advancing industries and propelling economies forward.
The Path Forward: Making Private Markets Mainstream
To truly make private markets accessible to the private wealth channel, we need an ecosystem-wide shift.
- Modernize infrastructure: From subscription processes to custodial integrations, systems that support alternative investments just as easily as public ones are necessary.
- Empower advisors: Tools, training, and digital experiences must be built with advisors in mind. They are the trusted gatekeepers to their clients' financial futures.
- Demystify the asset class: Through ongoing education and simplified communication, we can replace confusion with confidence.
- Build enduring partnerships: This is not about transactional product sales; it’s about long-term alignment, shared purpose and trusted relationships.
At EQT, we are not just adapting to the future of wealth management, we are helping shape it. Every investor should have access to the same caliber of opportunities that institutions enjoy. We are committed to building the structures, tools and trust needed to make that vision a reality.
Private markets are going mainstream – and we’re proud to help lead the way.
Peter Aliprantis joined EQT in October 2024 as a Partner and Head of Private Wealth Americas, based in New York City. Prior to joining EQT, he spent 12 years at TPG Angelo Gordon as a Managing Director, focusing on new business development and intermediary distribution. With over 25 years of experience in private wealth, he has worked across private banks, wirehouses, family offices, and digital platforms.
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