Carne: Private markets ‘retailisation’ may boost semi-liquid fund assets

Carne: Private markets ‘retailisation’ may boost semi-liquid fund assets

21 april 2026

Private Markets

New research from Carne Group reveals that both wealth managers and private markets fund managers expect assets under management (AUM) held in semi-liquid vehicles to exceed $3 trillion by 2030. The semi-liquid market has already demonstrated explosive momentum, with AUM nearly tripling between 2020 and 2024 to approximately $349 billion. 

The survey findings show that wealth managers plan to put a lot more of their clients money into private markets funds, and private market fund managers are planning to launch more semi-liquid funds aimed at the retail market.

Nearly eight out of 10 (78%) private market fund managers surveyed expect the sector to surpass $3 trillion by 2030. Wealth managers are equally bullish: 54% expect AUM to reach between $3 trillion and $3.5 trillion, while 18% believe the figure will climb even higher.

Semi-liquid funds operate as open-ended investment vehicles, providing sophisticated and mass-affluent retail investors with access to typically illiquid assets like private equity, with periodic redemption windows.

Carne’s research reveals 72% of wealth managers surveyed already use semi-liquid funds for their clients. The remaining 28% are preparing to follow suit almost immediately.

The speed of adoption is reflected in the anticipated weightings within client portfolios. Nearly a third (32%) of wealth managers surveyed expect to have 5% of their clients' total investible assets in semi-liquid funds within three to four years. This conviction strengthens over a slightly longer horizon, with 66% expecting to hit that 5% allocation within four to five years.

While the demand from wealth managers is clear, the supply side is also moving quickly. Currently, only 2% of the private market fund managers surveyed have launched a semi-liquid fund. However, the survey reveals a massive potential pipeline of new entrants.  19% of private market fund managers surveyed are considering launching a semi-liquid fund within the next 12 months.

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