These large investment houses, often specialising in private market investments such as private equity and venture capital, have shifted their focus to wealthy individual clients.

US-listed Blackstone has teamed up with almost 80 different partners as it seeks to win business from Europe’s HNW investors, Bloomberg reported. 

The firm has tripled the number of private banks, wealth managers and insurers it works with over the past two years, Rashmi Madan, Blackstone’s head of private wealth for the EMEA region, told the news service. In 2025 it has signed up with 25 new distribution partners in countries including Germany and France.

A challenge is Europe’s fragmented regulatory landscape, the report noted.

There’s still some “under-education” among financial advisors, according to Madan.

“But I think they will, over time, spend time and track the performance of the products – and see how that particular product reacts in different markets,” she said. “And I think over time you’ll see adoption.”

As reported by this news service here, Blackstone, along with peers such as Carlyle and KKR, is tapping into the private client market as a new source of investor. With traditional clients – institutional investors for example – already fully allocated to sectors such as private equity, credit and venture capital, private clients offer an alternative distribution route for funds. Exits from previous capital commitments were delayed after the post-pandemic spike to interest rates made its impact.

The decision by the Trump administration to allow 401(k) retirement accounts to hold private market investments, and the partial loosening of the US Accredited Investor rule, have contributed to the shift. Parallel developments have taken place in Europe, such as via the European Union's ELTIF structure.

(See a related story here about Blackstone's wealth business.)