安联（Allianz）：2026闸门之后：私募市场民主化的承诺与风险研究报告（英文版）（21页）.pdf

1、1 In Summary Private markets are opening up to retail,and the product has to be rebuilt to fit.Global private markets have grown more than twentyfold since 2000 to over USD17trn,propelled by institutional adoption of the Yale endowment model that tilted long-duration capital aggressively into illiqu

2、id assets.The next leg of growth runs through wealth channels and mass markets,where investors lack the governance,illiquidity tolerance and manager-selection capability.Semi-liquid evergreens have become the workhorse for wealth,while the mass market is reached primarily via DC plans,regulated reta

3、il funds,public-private hybrids,and insurance wrappers,structures in which a fiduciary,insurer,regulatory template or the product design itself makes the call rather than the end investor.Three forces have converged to push democratization:savers need enhanced returns and diversification,governments

4、 need to mobilize private savings for public priorities and asset managers need new pools.Diversified private-market exposure can improve portfolio efficiency,lifting expected returns from 6.2%to 7.9%while keeping stressed downside risk(CVaR)around-3%versus-5%for traditional liquid portfolios.Govern

5、ments see a policy lever to address a USD400trn retirement gap by 2050,growing inequality as value creation stays private and infrastructure needs that public budgets cannot fund.For asset managers,the move is increasingly necessary:institutional fundraising is slowing as the traditional capital poo

6、l matures and large LPs reach their target allocations.The pitch is real,but a closer look reveals a more nuanced picture.First,the return story is compelling at face value:buyout funds have delivered 12-14%annually against 7-9%for public equities.But strip out leverage and most of the private-equit