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Private markets by design

We help asset owners invest in private markets with confidence through the close dedication of a specialist team backed by the capabilities and perspective of a global investment firm.

Private markets: moving from access to outcomes

In our latest Global Asset Owner Barometer research with large asset owners, 96% of the respondents’ portfolios include private-market exposure, up from 80% in 2025 and 20% of asset owners are intending to increase their commitments in private markets over the next 12 months.

At the same time capability and selectivity are key. The same research shows over a quarter of large asset owners (27.7%) anticipate gaps in their ability to underwrite or conduct due diligence and 20.7% foresee gaps in their direct or indirect capabilities within the next three years.

News

Marsh completes the acquisition of AltamarCAM

Strengthening Marsh’s private markets capabilities including in secondaries, co-investments, bespoke accounts, and evergreen vehicles.
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Optimising private markets in your portfolio

Whether you’re seeking to better understand the potential for dispersion in performance or reach traditionally hard-to-access managers, we take the time to understand your unique challenges and opportunities. 

Marsh recently acquired AltamarCAM, a specialist private markets asset manager, further strengthening Marsh’s private markets capabilities especially in secondaries, co-investments, bespoke accounts and evergreen vehicles. Through the acquisition of AltamarCAM, Marsh’s private markets assets under management grows to $75 billion.[1] Our clients experience the close dedication of a highly specialist team backed by the capabilities and perspective of a global investment firm.

We do this through:

  • Close, personal service from an experienced team that works as an extension of your staff
  • Flexible working model
  • End-to-end governance and operational oversight 

  • Open architecture sourcing of differentiated managers and investment opportunities globally.
  • 280+ dedicated alternatives specialists across verticals and asset classes[2]
  • Secondaries and co-investments: deep experience and specialist capabilities

  • Diversified access across multiple asset classes, shaped by a total portfolio approach to opportunity and risk
  • Flexible implementation through commingled funds, mandates and SMAs 
  • Integrated perspective across public and private markets, liability management, and currency hedging

Strategies and investment areas

What do I need to consider when investing in private markets?

First, you need to decide how much of your total portfolio you’re comfortable allocating to less liquid, long-term investments. You should consider your ongoing cash flow requirements and recognize that the capital you commit to private market investments will be invested incrementally over time, and you will need to have cash available when a capital call arrives.

In private markets, the difference between the returns made by the best and worst performing asset managers can be considerable and are often much wider than in traditional asset classes. We believe capturing the most attractive opportunities requires active sourcing, research and access to high-quality, specialist private markets asset managers. Asset manager selection is where you need to choose the right collaborator who understands your needs and has the depth of experience to help you implement a private markets solution.

Due to the capital-intensive nature of private market investments, most asset managers focus on a small number of assets in their portfolios. For example, in private equity or infrastructure, there may be as few as ten underlying assets in an individual manager’s fund. Allocating to a range of private markets strategies can help diversify your portfolio by number of underlying investments, manager, strategy, geography and vintage year.

Most private markets managers offer their investment strategies through closed-end fund structures and raise capital infrequently, with limited capacity. You need to put a robust commitment plan in place to build up and maintain your exposure at your desired target level over time.

Once you’ve implemented your strategy, we believe it is vital to monitor underlying investments and ensure you are comfortable that your portfolio is on the right track. This is called good governance. It’s particularly critical to assess your liquidity budget and commitment plan on an ongoing basis. This helps keep your strategy and target allocation in line with your desired position.

Operational, legal and tax due diligence is crucial, given that investment structures are in limited liquidity vehicles, with little option to action any changes after your initial commitment. These areas require careful consideration and rigorous assessment before committing to any private market investments.

How we can help you integrate private markets into your investment portfolio

  • Asset manager research

    MarshInsight provides institutional investors with access to Marsh’s forward-looking research, including operational due-diligence reports, along with data and analytics on asset managers and thousands of strategies across public and private markets.

  • Consulting and advice

    Marsh’s private markets specialists bring a holistic perspective to help you define a private markets strategy that is best aligned to your overall investment objectives. We advise on strategy, asset allocation and governance structure.

  • Investment implementation

    We can help you design and execute your private markets investment strategy. Working as an extension of your team, we help you with governance and due diligence, risk mitigation, cost management. We flex our solutions to suit your investment needs.

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We are ready to help you manage, expand, enhance or fine-tune your private market portfolios.

Read our important notices

1. This figure represents the global combined assets managed by Marsh Investments and AltamarCAM as of June 30, 2026. The data is being presented for informational purposes only, and readers should be aware that prior to 4 November 2026, these entities were not affiliated in any way and their investment management activities were distinct. With respect to any commitment-based private funds managed by either Marsh Investments or AltamarCAM, the AUM data includes committed but uncalled capital, which may also be reflected in client assets otherwise managed by Marsh or its affiliates. The AUM data presented herein may differ from AUM figures calculated for regulatory reporting purposes.

2. Source: Marsh, as at 30 June 2026