High-net-worth investors are not retreating from alternative investments despite a year of unsettling headlines about private credit. A new survey from Goldman Sachs Asset Management, fielded between June 29 and July 31, 2026, polled 1,000 U.S. investors with at least $1 million in investable assets and found that satisfaction among current alternatives owners remains exceptionally high. The main barrier to broader adoption, the data suggest, is not performance but a persistent education gap.
Risk perception around alternatives did rise in 2026. Roughly 63% of respondents now view alternatives as high or very high risk, up from 56% a year earlier. But that aggregate figure masks a sharp divide: among investors already familiar with the asset class, only about half share that view, compared with nearly three-quarters of those who are unfamiliar. The pattern indicates that perceived risk is largely a function of unfamiliarity, not actual experience.
Among current owners, 93% say they are satisfied with their alternatives, and 97% report performance in line with or better than expectations. More than a third plan to increase their allocation over the next two years—a higher proportion than those planning to add to equities, fixed income, or cash. Even negative media coverage of private credit, which dominated financial news in 2025 and into 2026, has done little to alter investor sentiment. Of those aware of such stories, 56% said the coverage had no impact on their outlook, and 14% said their view became more positive.
Kristin Olson, global head of alternatives for wealth at Goldman Sachs, said investors increasingly recognize the role private markets can play in a diversified portfolio. "Understanding the role private markets can play and how they work can help investors create diversified portfolios that support their investment goals," she said.
The survey's most actionable finding for advisors is the persistent education gap among non-owners. About half of all respondents said they were familiar with alternatives—a figure that has not shifted dramatically and represents a significant untapped opportunity. Among those unfamiliar with the asset class, top concerns were volatility and risk, followed by a lack of understanding of how alternatives work and worries that private markets are not as well-regulated as public ones.
Familiarity changes behavior. Investors who are familiar with alternatives are five times more likely to say they plan to start investing in the asset class within the next 12 months. Comfort with illiquidity also improves markedly with knowledge: three-quarters of familiar investors say they are comfortable holding illiquid investments, versus just over a third of those who are not. This aligns with a broader industry theme that advisors exploring how to bridge the knowledge gap have identified over recent years. Explaining illiquidity and lock-up provisions remains among the most challenging conversations advisors face, and the Goldman data underscores that getting it right pays dividends in adoption.
Even negative experiences with redemption issues appear not to deter committed investors. Among those who had faced some form of redemption challenge—such as caps, delays, or suspensions—nearly half said the experience made them more willing to invest in alternatives going forward. The interpretation: when investors understand the mechanics of gating provisions, they see them as structural protections rather than product failures.
The generational divide is stark. The survey found that 92% of millennial respondents with more than $1 million in investable assets currently own alternatives, compared with 48% of Gen X and just 22% of baby boomers. Nearly half of millennial owners plan to increase their allocation over the next two years. Millennials also engage with advisors on alternatives at a significantly higher rate: more than two-thirds discussed the asset class with their advisor, versus fewer than half of Gen X and fewer than a quarter of boomers. On average, millennials discussed 3.8 different alternatives strategies with their advisors, compared with 2.9 for Gen X and 2.8 for boomers.
Retirement-plan attitudes are equally striking. Among employed millennials with workplace retirement plans, more than 90% said they would be likely to invest in alternatives if offered through their plan, versus about half of Gen X and fewer than half of boomers. Kyle Kniffen, global head of alternatives for third-party wealth at Goldman Sachs Asset Management, called this a significant opportunity for advisors to deepen client relationships. "Millennials are highly engaged with their advisors, discuss alternatives with them and nearly all would recommend their advisor to friends or family who want to learn about the asset class," he said.
This engagement is significant in the context of the broader wealth transfer underway in the U.S., where trillions in assets are expected to shift to younger generations. Advisors who can bridge the education gap may be well-positioned to capture that flow. For more on the regulatory landscape, see the compliance burden for alts managers. And for a look at how private credit is intersecting with annuities, see scrutiny over defaults.
