Private markets are becoming a more prominent part of wealth-management conversations. In the fourth annual CAIS-Mercer survey of nearly 800 financial advisors, 90% said they currently allocate to alternative investments, 88% plan to increase those allocations over the next two years, and 49% reported allocating more than 10% of client portfolios to alternatives. Private equity, private credit and real estate were among the most widely used alternative asset classes. That activity creates more opportunities for wealth managers and private fund managers to develop relationships. In practice, the opportunity is most relevant to RIAs, multifamily offices, private banks and advisors operating

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