Consolidation Trends - The asset management industry may experience a wave of consolidation due to pressure on the middle ground from the rise of ETFs, private markets, and AI spending [2] - The winner-takes-most dynamic seen in tech industries is extending to asset management, further driving consolidation [3] Private Markets Growth - There has been a 40% increase in semi-liquid funds, primarily aimed at wealthy individuals for private markets [3] - Private markets are considered one of the most exciting opportunities in asset management, particularly for wealthy individuals [4] - Bringing private markets into the 401k market is a potential long-term opportunity [4] High Net Worth Market - The growing number of wealthier individuals provides a secular tailwind for the private market [5] - Specialist credit vehicles are of significant interest, with traditional firms seeking to acquire access to specialist credit managers [6] - Partnerships are forming to offer private market ingredients to a more democratized level of clients [6] Evergreen Funds Performance - Large private market firms raised approximately 10% of their funds from wealthy individuals in the first half of last year, which has increased to 16.67% this year (1 in 6) [7] - Semi-liquid funds are identified as the single fastest-growing area within the asset management industry [7]