Peter Aliprantis, a 25-year veteran of private markets distribution, has watched advisors grapple with the asset class from his perches at FrontPoint Partners and TPG Angelo Gordon. Now a partner and head of private wealth Americas at EQT, the Stockholm-based firm managing roughly €341 billion in private capital and real assets, he sees a persistent misstep: treating a private markets allocation as a one-off product purchase rather than a deliberate portfolio construction exercise.
"The biggest mistake is treating a private markets allocation like a single product decision rather than a portfolio construction decision," Aliprantis said. "Writing one check into one product and calling the job done." That approach, he argues, is becoming less tenable as clients themselves grow more sophisticated.
Client demand, not advisor push
The prevailing narrative often casts advisors as the drivers pushing clients into private markets. Aliprantis challenges that framing. "It's less about a temporary rotation or advisors chasing a trend, and more about client demand catching up to a structural reality," he said. "Most economic growth happens in companies that might never end up in public markets."
Data supports the structural case. Hamilton Lane's 2026 Global Private Wealth Survey, polling 390 financial advisors worldwide, found that 86% of private wealth professionals intend to increase their private market investments over the next year, with portfolio optimization cited as the top motivator. Aliprantis notes that client conversations have shifted from basic explanations of private equity to sharper inquiries about vintage diversification, general partner track records, and deal flow quality.
Infrastructure: the picks-and-shovels play
Infrastructure is a standout allocation target, with 46% of survey respondents planning to boost exposure in 2026, just behind venture capital and growth at 47%. But Aliprantis draws a clear line between passive infrastructure—toll roads, ports, regulated utilities—and the active, private-equity-style approach EQT employs. "We're typically investing in companies at an earlier phase of their lifecycle—what's known as value-add infrastructure—meaning that we're focused on growth, scale, operational improvement, and getting the right management in place," he said.
The most compelling opportunity, in his view, is the infrastructure underpinning artificial intelligence: data centers, renewable energy platforms, and fiber networks. "We're not betting on which platform wins, whether that's Claude, ChatGPT, Gemini, or anyone else," he said. "We're focused on the underlying infrastructure that lets any of them exist." This picks-and-shovels logic—owning the rails rather than the trains—is a familiar institutional strategy that Aliprantis believes translates well to the wealth channel, provided advisors understand what they are buying.
Evergreen vehicles: not all equal
The democratization of private markets has largely come through evergreen structures—interval funds, non-traded REITs, and business development companies—that lower minimums and liquidity barriers. Aliprantis welcomes this accessibility but cautions that it does not guarantee quality. "Not all evergreens are created equal," he said. "Easier access for wealth investors doesn't mean equal access—clients and advisors both need to look under the hood at the quality of the deal flow an evergreen vehicle is actually offering exposure to."
He urges advisors to ask whether wealth investors are tapping the same deal pipeline as institutional clients, and whether the vehicle is diversified across regions, sectors, and vintages—or concentrated in a single market or strategy. "The advisors doing this well are the ones asking these questions upfront," he said, "not assuming that easier access means equivalent quality."
Construction over sequence
Aliprantis also dismisses the notion of a prescribed order for building a private markets allocation—starting with private equity, then credit, then infrastructure. Historical entry patterns, he says, often reflect product timing rather than investment logic. "Capital naturally flows in and out of different sectors over time," he said. "The important question isn't which asset class comes first—it's making sure your portfolio is truly diversified across asset classes, sectors, and geographies."
Getting it right, he says, means treating private markets like any other asset class: diversified, sized to the client's liquidity needs, and revisited over time. For advisors who adopt that approach, Aliprantis sees a durable, structural opportunity—one that is not going away. As private market allocations hit record levels and operational hurdles persist, the need for disciplined construction is more pressing than ever. Advisors who embrace this mindset can differentiate themselves, as affluent investors increasingly prioritize planning over mere portfolio management.
