Wellington Management, Vanguard, and Blackstone announced Wednesday they are introducing two new investment funds aimed at a growing number of wealthy individuals, offering access to both public and private markets.
Historically, private equity, private infrastructure, private real estate, and private credit have been largely the domain of institutional investors such as pension funds. Now, asset managers are increasingly making these options available to individuals looking to grow their personal wealth.
The first of the two new offerings, called the WVB All Markets Fund, will combine public equities, fixed income, index strategies, and Blackstone’s private markets products. The second, the WVB Blackstone All Privates Fund, will provide broader access across Blackstone’s entire investment platform, according to a joint statement from the companies.
Both funds will be made available to high-net-worth and mass-affluent clients who bank with Merrill and Bank of America Private Bank, accessible through their financial advisors.
Mark Sutterlin, head of alternative investments at Merrill and Bank of America Private Bank, noted the growing demand: “Our clients are increasingly seeking broader access to private markets.”
The push comes as global wealth among high-net-worth individuals reached $98.3 trillion by the close of 2025, according to data from Capgemini.
Despite the new offerings, some wealthy investors have been pulling money out of private credit and certain private equity funds in recent months, citing concerns over asset valuations and heavy exposure to software companies that could be hurt by the rapid growth of artificial intelligence.
Senior executives in asset management have pointed out that the retreat from private credit has been driven more by perception than by actual fund performance.
While some private credit strategies have seen slower inflows, Blackstone President Jon Gray previously noted that private equity recorded strong inflows in June. In Wednesday’s statement, Gray said private markets offer wealthy individuals access to “premium returns, lower volatility, and diversification.”
