This research note is based on the 2025 Alts Leaders Survey. Respondents include the majority of wirehouse/regional firms, all the top independent broker-dealers, and a growing share of the National RIA firms. The survey captures 65.9% of all known capital flows to private market alternatives in the private wealth segment.

I received inquiries regarding my recommendation quoted above from my OpEd of November 6th, which can be found on Investment News or on my website, AltsMI opinion section, inquiring as to how to monitor flows.

This research note uses data from the 2025 Alts Leaders Survey, which tracks product approval activity across leading distribution platforms in the Wirehouse/Regional, Independent Broker-Dealer, and National RIA channels.

This research note is based on the combined data of the 2025 Alts Leaders Survey for the years 2025 and 2026, as well as Robert A. Stanger & Company for 2020–2024 data.

This research note is based on the 2025 Alts Leaders Survey. Respondents included wirehouse/regional firms, all the top independent broker-dealers, and a growing representative portion of the National RIA firms.

This research note is based on the 2025 Alts Leaders Survey. The charts below reflect the weighted average responses delineated by peer group.