They unlocked accessibility, slashed costs and opened up diversification across listed asset classes in a way that previously only institutions could manage. Over roughly a decade, ETF assets grew perhaps 10× (or close to that) as retail and adviser channels embraced them, and advisers drove that transformation.
Today, I believe we are at that moment again, but this time the frontier is the private markets: unlisted assets, private credit, infrastructure, growth equity, secondaries. And for forward-looking advisers, the opportunity is now to help clients participate in this next wave of transformative investing.
The scale and momentum of private markets
Industry estimates reveal compelling growth ahead. Global private markets are projected to grow from about US $13 trillion today to over US $20 trillion by 20301. In short: the private capital universe is large, growing, and moving from institution-only towards the private client and adviser channel.
What’s more, the structural drivers are strong: companies are staying private for longer, IPO markets are constrained and private credit/infrastructure needs are intensifying.
Venture capital and growth-equity Net Asset Value grew from roughly US$652 billion in 2015 to about US$2.78 trillion recently, more than a four-fold increase over the past decade.
On the domestic front in Australia, surging asset prices have pushed 70,000 more Australians into the high-net-worth bracket, a 10 per cent rise in a year. Despite market volatility, the total investible wealth of HNW Australians climbed 18 per cent to a record $4 trillion (up from $3.39 trillion in 2024)2.
Which means a growing pool of clients, and – critically – of assets seeking more diversified, less correlated, higher-return ambition. In short, your clients are primed.
Why now is the “ETF moment” for private markets
If we look back, the ETF revolution succeeded because of three things: accessibility, cost-efficiency and diversification. Advisers embraced it, platforms embraced it, investors embraced it. It democratised previously closed-door strategies.
Now apply that logic to private markets:
- Accessibility: For decades private markets were reserved for the largest institutions. Today, new vehicles are opening via adviser channels, wealth platforms and specialist managers to deliver access to private equity, infrastructure, private credit, secondaries and more.
- Cost & capability improvements: With advances in structuring (evergreen funds, semi-liquid vehicles, feeder structures) and technology platforms, the cost of accessing private markets is coming down.
- Diversification and return potential: Private markets offer exposure to growth, operational transformation, and asset classes not directly correlated to listed markets. That makes them compelling in a world of elevated valuations and compressed yields.
So yes, for advisers who helped clients ride the ETF wave, the next frontier is right here. The timing is compelling, as listed markets show higher valuations and low yields, private markets offer a chance to reset portfolios for the next 5-10 years.
“91% of advisers plan on increasing their allocation to alts in the next two years”3
How VentureCrowd is enabling that shift
At VentureCrowd we see a clear opening for advisers. The private markets are expanding quickly, the universe of quality issuers is growing, and technology is lowering the barriers for both access and scale. Our role is to bring those forces together on a platform built specifically for this moment.
On one side, we enable private market issuers across venture capital, property, private credit and funds to seamlessly list compliant, investor-ready offers on our platform. On the other side, investors gain the ability to discover opportunities that suit their goals, supported by AI-powered matching, insights and streamlined onboarding. For advisers, this creates something they have not had before: a dedicated digital channel for high quality deal flow across multiple private asset classes, delivered in a way that is efficient, transparent and scalable.
Advisers can use our platform to access curated private market opportunities backed by deep due diligence, standardised documentation, clear structures and an end-to-end digital investment process. The platform is built to feel familiar, simple and adviser-friendly, while hiding the complexity of private market governance, compliance and investor management. And as more issuers list on the platform, advisers gain a broader pipeline of opportunities without needing to source or assess deals one by one.
The shift to private markets is underway, and advisers are looking for ways to participate confidently. Our platform gives them a practical pathway to do exactly that: a single destination where issuers can raise capital, investors can find suitable opportunities, and advisers can guide clients into private markets with the efficiency and clarity they expect from the listed world.
We believe the next generation of portfolio construction will include private markets as a meaningful component, not just a “satellite allocation,” but a core strategic allocation for growth-seeking clients.
Implications for the adviser community
For advisers who want to lead and differentiate, here are four practical imperatives:
- Re-educate your clients. Explain that the investing world is shifting, from listed equities, ETFs and passive to private assets, deal-flow driven strategies and long-term horizon allocations.
- Expand your toolkit. Make sure you have access to private market vehicles, infrastructure, private credit and secondaries that are properly structured for adviser access.
- Frame the story. Use the language that your clients understand: “This is the next ETF-style moment for private assets.” Position private markets not as exotic, but as a natural evolution of their growth portfolio.
- Manage expectations and liquidity. Private markets are less liquid and more “set-and-hold” than listed ETFs. But that is exactly why they offer opportunity in today’s environment of public-market froth and compressed yields.
“We are standing at a unique inflection point: a large, growing private market universe; a rising pool of HNW and adviser-channel assets, technology & structuring (like our Kai engine) that make private markets more accessible than ever. The ETF era unlocked listed market access. This is that moment for private markets.”
For advisers who embrace this wave, who lead the conversation, who educate their clients and deploy thoughtfully, there’s an opportunity to redefine what growth and diversification look like for the next decade.
Every generation of advisers earns their stripes by leading clients into the next frontier. The private market frontier is here. Let’s lead it together.
For more information head to https://www.venturecrowd.com.au/s/advisers
Steve Maarbani is CEO of VentureCrowd, a pioneer in adviser-accessible private market strategies powered by institutional-grade AI.
Sources
1 Morgan Stanley Private Equity Outlook 2025
3 CAIS Mercer 2025 Alternative Investment Survey
