Over the past two decades, the democratisation of private market investments has gained momentum, moving them from the exclusive purview of pension funds, sovereign wealth funds and endowments, to being an integral component of portfolios designed and managed by investment and wealth practitioners.

Private equity, private debt, and private real assets are now widely accessed through a growing range of structures, vehicles and platforms, reflecting the search for differentiated return drivers beyond traditional public markets. At the same time, global managers are bringing more of the...