Adams Street Partners Finds Advisers Keen on Private Markets

More financial advisers are jumping on the private market bandwagon, according to Adams Street Partners’ 2026 Adviser Outlook report, “Private Markets Go Mainstream.”

Of advisers surveyed, 70% said they thought an increased number of clients will invest in private markets over the next three years, up slightly from 67% last year, while 89% agreed that private markets will eventually outperform public markets.

When asked if their clients were satisfied with the performance of their private market investments, 95% of advisers answered affirmatively, and 93% of advisers agreed with the sentiment that private markets are a crucial component of a successful portfolio strategy.

Recommending Private Markets

Considering retirement plans, 87% of advisers said they would recommend private market investments to retirement plan clients, with 47% saying they would be “very likely” to do so.

According to the report, private equity has historically been excluded from 401(k) plans due to concerns related to liquidity, valuation, transparency and fees, but there has been a significant regulatory push to expand access into the $9 trillion retirement market.

Adams Street Partners surveyed advisers prior to the release of the Department of Labor’s proposed rule on private investments in 401(k) plans, which includes a regulatory safe harbor for fiduciaries who seek to include alternative investments and specific examples of ways to implement the investments.

Stephen Biggs, managing director and head of alternative investments at the Matther Group, cautioned in the Adams Street Partners report that compliance with the Employee Retirement Income Security Act may slow adoption of alternative investments in defined contribution plans.

“Plan sponsors are cautious in adopting change,” Biggs said in the report. “You can have a wave of new products, but there’s going to be a crawl-before-you-walk mindset. Plan sponsors, consultants and advisers will wait for someone else to take the first step.”

Biggs added that for advisers working with retirees, the priority in private market investments is generating income without excessive risk.

“Those in retirement don’t have to worry about market returns as much if they know they’re getting income,” Biggs said in the report. “An 8% or 9% return from private credit can go a long way toward covering expenses.”

Adams Street Partners surveyed more than 100 financial advisers and registered investment advisers over a six-week period from November through December 2025. Respondents were based in the U.S., EMEA [Europe, the Middle East and Africa], and APAC [Asia-Pacific].