The complexities of introducing private equity to HNWs

Episode notes

Episode #71: The Realities of Private Wealth in Private Markets Guest: Cyril Demaria-Bengochea, Julius Bär What happens when private equity pivots from institutional capital to private wealth? In this episode, Ross Butler speaks with Cyril Demaria-Bengochea , Head of Private Market Strategy at Julius Bär & one of the most respected thinkers in private markets. Cyril blends academic rigour with industry expertise, drawing on his work with Invest Europe , ILPA , & the European Commission . Together, they explore the complex realities of opening private markets to individual investors, & why true democratisation may still be a long way off. From Institutions to Individuals As institutional funding slows, fund managers are turning to private wealth, but it's not a simple swap. Cyril unpacks why $5M+ investors still struggle to access private equity meaningfully, & how portfolio construction must adapt to this fragmented investor base. Evergreen Funds & the Democratisation Myth Despite the buzz, evergreen vehicles still represent just 1 - 2% of AUM . Cyril explains why they are a tool, not a solution, & why true democratisation needs a more nuanced strategy.

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