The Private Markets Opportunity in Europe’s Retail Wealth Channel
- Sam Franklin
- Mar 12, 2020
- 7 min read
UNLOCKING €2.4 TRILLION THROUGH STRATEGIC ACCESS, INNOVATION AND REGULATION
Prepared by Sam Franklin CAIA, Director, GP Solutions
European wealth managers are on the cusp of a structural shift.
While institutional investors have long embraced private markets, high-net-worth individuals (HNWIs) and affluent investors across Europe are only just beginning to access these opportunities. The shift is accelerating, driven by regulatory reform, innovative fund structures and growing appetite for diversified strategies. General Partners (GPs) that embrace retail-friendly products, reduce minimums and build local distribution strategies will be well-positioned to capture a share of the projected €2.4 trillion in new retail allocations to private markets by 2030.
THE ALLOCATION GAP: UNTAPPED CAPITAL IN PRIVATE WEALTH
Globally, HNWIs allocate around 15 percent of their portfolios to alternative investments. In Europe, however, allocations to private assets remain strikingly low.
Deloitte forecasts that EU retail investors’ holdings in private capital will rise from around €924 billion in 2023 to €3.3 trillion by 2030 . A modest five percent portfolio reallocation could translate into more than €1 trillion in new capital entering private markets, offering an unprecedented growth opportunity for GPs.
EUROPE’S LEADING WEALTH MARKETS: WHERE TO FOCUS
The opportunity is concentrated in a handful of mature, high-value wealth markets.
France, Germany and the United Kingdom lead with the largest concentrations of private wealth, each hosting between 2.5 and 2.8 million HNWIs and trillions in household assets. Italy, the Netherlands, Spain and Switzerland also represent significant pools of private capital . Notably, six countries – the UK, France, Germany, Switzerland, Italy and the Netherlands – account for approximately 85 percent of asset management activity by AUM across Europe. These represent the core battlegrounds for distribution and product innovation.
LOWERING MINIMUMS: ENABLING AFFLUENT ACCESS
Historically, private funds have required multimillion-euro commitments, excluding all but the ultra-wealthy. This dynamic is now changing.
Lower minimums open access to Europe’s growing mass-affluent segment – individuals with investable assets between $100,000 and $1 million, collectively holding around $10 trillion .
Recent innovations in private market fund structuring have significantly lowered the barriers to entry for investors, particularly through regulatory and vehicle design reforms. The evolution of both closed-end and open-end structures has made it easier for a broader investor base to access private assets that were once limited to institutions and ultra-high-net-worth individuals. For example, on the open-ended side, under ELTIF 2.0, the minimum investment threshold has been reduced to €10,000, making funds far more accessible to retail and massaffluent investors.
Similarly, on the closed-ended side, the Luxembourg RAIF structure when distributed through feeder structures allows for entry points from €100,000. These lower thresholds enable advisors to include private markets in more portfolios, not just the largest ones, while allowing even HNWIs to diversify across multiple funds.
MOMENTUM IN PRODUCT INNOVATION
The past two years have seen a sharp rise in retailaligned fund vehicles.
ELTIFs have grown from 28 in 2020 to 184 by April 2025, with over 237 authorised by mid-year. Luxembourg remains the key jurisdiction, hosting more than half of all ELTIFs.
In the UK, the Long-Term Asset Fund (LTAF) has gained traction, with 23 fund launches by mid2025 . Both regimes are designed to unlock long-term, illiquid strategies for defined contribution pensions and wealth clients.
Major GPs are adapting quickly. Hamilton Lane and Partners Group have launched ELTIFs tailored to individual investors, often using semi-liquid or evergreen structures . These designs allow managers to balance
FORECASTS SIGNAL SUSTAINED GROWTH
Retail capital is forecast to become a dominant growth driver for private markets.
Deloitte anticipates European retail investors will triple their private capital holdings by 2030. In the United States, retail private capital is expected to grow thirtyfold in the same period, from around $80 billion to $2.4 trillion . Global AUM in private markets is projected to rise from roughly $13 trillion to over $30 trillion by the end of the decade . As institutional flows become saturated, this incremental growth is expected to come primarily from the wealth management segment.
ADVISOR SENTIMENT: ALTERNATIVES GO MAINSTREAM
Among wealth managers and fund selectors, private markets are increasingly seen as essential.
A 2025 survey of European selectors found that 74 percent identified diversification as a key benefit, while 60 percent cited high return potential. The shift in sentiment is visible across geographies. Fund selectors in France and Spain show strong interest in private credit, while those in the Nordics and Germany lead in private equity allocations . Alternatives are becoming part of the standard toolkit for wealth managers.
REGULATION AS A CATALYST
Policy reform is playing a decisive role. ELTIF 2.0, which came into effect in 2024, simplifies fund rules, reduces barriers and allows greater flexibility for retail investment.
The UK’s Mansion House reforms set targets for pension schemes to allocate to unlisted assets, fuelling the LTAF regime. Both ELTIF and LTAF provide regulated, retail-friendly pathways to long-term private capital exposure. Regulatory harmonisation, lower minimums and advisor education initiatives are laying the groundwork for scaled retail participation in private markets.
STRATEGIC PREFERENCES: WHAT WEALTH INVESTORS WANT
Private equity continues to dominate, favoured for its growth potential and historical returns. Wealth investors already familiar with private markets often hold 8 to 10 percent in private equity.
The emergence of evergreen vehicles is making these strategies more accessible and liquid. Private credit, however, is emerging as a clear second pillar. With its income-orientation and lower volatility, it appeals to clients seeking steady yields in a higher-rate environment. Real assets and infrastructure also feature, particularly among those seeking tangible or inflationsensitive investments.
CONCLUSION: A MULTI-TRILLION EURO OPPORTUNITY
The convergence of regulation, product innovation and investor demand is opening private markets to a vast new audience across Europe.
GPs that adapt early by reducing minimums, structuring accessible vehicles and focusing on core European wealth hubs will be best positioned to capture the opportunity. The retail wealth channel is no longer aspirational. It is real, growing and increasingly central to the future of private market distribution.
For more information on how Titanbay can support your fund structuring, technology, operations and distribution enablement, contact a member of the GP Solutions team.
Richard Kiddle
Head of GP Solutions
Sam Franklin
CAIA Director, GP Solutions
George Garrett
Director, GP Solutions
Hakki Mustafa
VP, GP Solutions
About The Author
Sam Franklin CAIA Director, GP Solutions, Titanbay Sam is part of Titanbay’s GP Solutions team, helping European general partners design and implement scalable fund structures and distribution strategies that unlock access to new investor channels. Working closely with Titanbay’s product, legal, and technology teams, Sam ensures managers can efficiently raise and deploy capital through innovative, compliant, and investorfriendly solutions.
With 14 years of experience spanning equity distribution, fund research, placement, investor relations, and capital formation, Sam has built a strong track record working with some of the world’s leading private market managers. His expertise spans both public and private markets, giving him a well-rounded perspective on how institutional and private wealth capital can be mobilised more efficiently.
Drawing on a global network of investors, service providers, and GPs, Sam plays a key role in advancing Titanbay’s structuring and technology capabilities for fund managers.
📄 Download the full whitepaper: The Private Markets Opportunity in Europe’s Retail Wealth Channel.
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3. Nueberger Berman, 2025: https://www.nb.com/en/global/press-releases/diversification-andreturn-potential-drive-demand-for-private-assets-acrosseurope#:~:text=Private%20Equity%20Remains%20the%20Foremost,Private%20Market%20Asset%20C lass
4. World Population Review, 2025: https://worldpopulationreview.com/country-rankings/highnet-worth-individuals-by-country
5. Ogier, 2025 https://www.ogier.com/news-and-insights/insights/an-overview-of-eltif-inluxembourg/#:~:text=The%20Luxembourg%20legal%20and%20regulatory,of%20the%20number%20 of%20funds
6. Northern Trust, 2025: https://www.northerntrust.com/canada/insights-research/2025/assetservicing/accessing-the-european-semi-liquid-fund-market-opportunity-4-themes-so-farfrom-
7. Private Banker International, 2025: Private Banker International 8. BlackRock, 2025: blackrock.com 11 THE PRIVATE MARKETS OPPORTUNITY IN EUROPE’S RETAIL WEALTH CHANNEL
Footnotes & Important Disclosures
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