The study across the private equity, private credit, real estate and infrastructure sectors found that managers invest on average 12 per cent of their wealth excluding property, VCTs, and the enterprise investment scheme (EIS) in private markets.

Around one in 12 said that between 25 per cent and 50 per cent of their investments are in private markets and 2 per cent of fund managers questioned have none of their personal investments in private markets.

That average number is set to rise over the next three years to nearly 18 per cent, Wealth Club’s research found. Around a fifth will be investing between 25 per cent and 50 per cent in private markets with 2 per cent saying they will have more than half of their personal investments in private markets. Only 1 per cent will have no private markets in their portfolio, the survey, issued last week, shows.

Wealth Club commissioned independent research company Pureprofile to interview 100 UK private markets fund managers working across the private equity, private credit, real estate and infrastructure sectors in June 2026

Fund managers are marginally more likely to invest in private markets through semi-liquid funds, the research found. Around 52 per cent said they primarily use the structure while 50 per cent said they invest directly in private markets. More than two out of five used traditional closed-ended funds while 26 per cent invest through listed investment trusts.

The availability of more wrappers and structures is likely to play a role in increasing investment in private markets by the fund managers questioned.

Almost all said they would definitely or probably invest in private markets through a self-invested personal pension (SIPP) while 95 per cent would definitely or probably invest in private markets through an individual savings account (ISA) wrapper.

Wealth Club, which launched its private funds supermarket in November 2024, opened the first Private Markets SIPP in the UK earlier this year marking an inflection point in the democratisation of alternative investments in the UK. It allows sophisticated investors to hold a range of semi-liquid private markets funds managed by global firms including Brookfield, CVC and EQT with minimum investments from as little as £10,000 ($13,000).

"It's reassuring that almost all private markets fund managers invest their own money in private markets. Investors want fund managers whose interests are aligned with their own, and this level of personal commitment is a powerful vote of confidence in the long-term prospects of the asset class,” Alex Davies, founder and CEO of Wealth Club, said.

“What's particularly telling is that many plan to increase those allocations further over the coming years. When the people closest to the opportunities are committing more of their own capital, it's a strong signal that they remain optimistic about what lies ahead.

“The research also highlights the growing popularity of semi-liquid and evergreen funds among private markets professionals themselves. These structures are helping bridge the gap between institutional and individual investors, making private markets easier to access without sacrificing the long-term characteristics that have made the asset class so attractive. It's also striking how many fund managers would like to invest through SIPPs and ISAs if given the opportunity, reinforcing our belief that this could become a significant growth area in the years ahead."

After what was a tough time for private equity in 2022 and 2023, and despite an evolving macro environment, a recent survey released by New York-headquartered also shows that 90 per cent of surveyed advisors are either increasing or maintaining their private equity allocations.