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Summary: Private market asset managers and service providers are increasingly hiring talent from the private wealth sector to expand their fundraising channels. According to a Jensen Partners study,
Apollo, Blackstone, Ares, KKR, and EQT were the most active recruiters of private wealth capital-raising talent in 2022.
The hiring of private wealth professionals by alternative asset managers saw a significant increase of 115% compared to the previous year. Asset managers are turning to private wealth and other alternative pools of capital as institutional dollars become more limited. Wealthy individuals and families are seeking exposure to private asset classes that have historically delivered high returns.
In response, asset managers are expanding their fundraising networks. Rothschild & Co. recently formed a private markets group to cater to this growing demand. Private equity remains a key focus for the firm, accounting for 60-65% of its allocations. Family offices, a typical client of private wealth, are also increasing their strategic allocation to private equity.