How Can You Invest in Private Equity via a Wealth Manager?

Private equity is no longer the exclusive preserve of institutions and ultra-high-net-worth families. Increasingly, high-net-worth individuals are gaining access to this dynamic asset class through their wealth managers, unlocking a range of professionally managed vehicles that span diversified funds, evergreen structures, and even direct company investments.

Unlike public companies listed on the stock market, these opportunities in private equity, private credit, and venture capital give investors alternative investments that can drive sustainable business growth.

But while access has broadened, the routes in are not all created equal. Each structure, from listed trusts to feeder funds, comes with its own liquidity profile, fee model, and level of investor involvement. Understanding how they work, and which is right for your situation, is essential.

This guide breaks down the key ways wealth managers help private clients invest in private equity, including real-world examples, pros and cons, and where each structure fits in a portfolio:

1. Fund-of-Funds – Diversified entry across strategies, vintages, and managers
2. Evergreen Private Equity Funds – Flexible access with periodic liquidity
3. LTAFs - Regulated UK funds offering semi-liquid access to private equity for private clients ^[1]
4. Listed Private Equity Trusts – Traded vehicles offering liquid exposure to private markets
5. Feeder Funds – Aggregated access to flagship institutional funds at lower minimums
6. Discretionary Mandates – Private equity integrated into a fully managed portfolio
7. Co-Investments – Direct exposure to specific deals with enhanced control and lower fees

With the right advice, private equity can offer meaningful long-term returns and diversification, but it requires careful structuring. Whether you're looking for smoother access or selective exposure, this guide will help you understand the options, and how a wealth manager can help you navigate them.

How Can You Invest in Private Equity via a Wealth Manager?

Wealth managers play a crucial role in opening doors to private equity opportunities that individual investors would otherwise struggle to access. Through curated fund-of-funds, evergreen vehicles, LTAFs, listed trusts, feeder funds, discretionary mandates, and even co-investments, wealth managers simplify the process of manager selection, due diligence, and portfolio integration. Their expertise ensures private equity exposure aligns with your long-term goals, liquidity needs, and risk profile ^[2].

1. Fund-of-Funds: Diversified Entry into Private Equity

Fund-of-funds (FoFs) are pooled investment vehicles that invest in a broad mix of private equity funds, rather than directly into individual companies. This multi-layered approach gives investors access to a diversified portfolio, spanning different fund managers, sectors, strategies (such as buyouts, growth equity, or secondaries), and vintage years ^[3].

Because private equity investments tend to be long-term and illiquid, this level of diversification can help smooth out the timing and variability of returns. Some real world examples of fund-of-funds are:

• Partners Group Global Value Fund: Invests across hundreds of underlying private market positions.
• Schroders Capital Private Equity Fund-of-Funds: Offers exposure to European and US buyout and growth equity managers.
• BlackRock Private Equity Partners: Provides global access across strategies, with rigorous manager selection.

Benefits:

• Risk reduction: Reduces exposure to any one manager, strategy, or vintage year, helping to mitigate concentration risk.
• Access to elite managers: FoFs can often get allocations to oversubscribed flagship funds that would otherwise be inaccessible to private investors.
• More stable return profile: Cashflows and performance are smoothed across the life of many funds, reducing volatility and supporting more predictable cash generation over time.

Considerations:

• Double layer of fees: Investors typically pay both the fund-of-funds manager and the underlying fund managers, which can reduce net returns.
• Long duration: Most FoFs retain the typical PE lifecycle of 5–10 years, with staged capital calls and a long-term commitment required.

2. Evergreen Private Equity Funds: Flexibility Meets Access

Evergreen funds provide a bridge between traditional closed-ended private equity funds and more liquid investment vehicles. They are designed to give private clients ongoing access to private markets while easing some of the constraints around lock-ups and administration.

Unlike closed-ended funds that tie up capital for 5–10 years, evergreen structures allow investors to subscribe and redeem (subject to terms) on a quarterly or semi-annual basis. This flexibility makes them attractive for those seeking exposure to private equity within a diversified portfolio, but without committing to a decade-long cycle. Below are some real world examples:

• Partners Group Private Markets Fund: Diversified exposure to private equity, credit, and infrastructure in an open-ended format.
• Schroders Capital Semi-Liquid Private Equity Fund: Institutional-grade strategies with client-friendly liquidity and transparency.
• Moonfare Evergreen Fund: Platform-based access to private markets with more frequent liquidity options.

Benefits:

• Semi-liquidity: Redemption opportunities typically offered quarterly, subject to notice and fund liquidity.
• Continuous onboarding: Subscriptions can be made at regular intervals, avoiding vintage restrictions.
• Streamlined reporting: Standardised valuations and regular performance updates improve transparency.

Considerations:

• Liquidity controls: Redemption requests may be gated or delayed during stressed market conditions.
• Valuation lag: NAVs are model-based and reported periodically, which may not reflect real-time market values.

Evergreen funds offer a practical entry point for private clients who want exposure to private equity with more flexibility. They are not a substitute for traditional funds but can serve as a complementary allocation that balances access with long-term growth.

3. LTAFs: A New Gateway to Private Equity for Private Clients

Long-Term Asset Funds (LTAFs) are a recent UK regulatory innovation designed by the Financial Conduct Authority (FCA) to broaden access to private markets. They bridge the gap between institutional funds and private clients, offering a managed route into illiquid assets with stronger oversight, flexibility, and suitability controls ^[4].

Unlike traditional private equity funds, which usually restrict access to professional investors, LTAFs can be reached via wealth managers and discretionary portfolios. They often require lower minimums, provide simplified onboarding, and in some cases can be held within ISAs or SIPPs. Here are some real world examples of LTAF's:

• Schroders Capital Climate+ LTAF: Exposure to private equity, infrastructure, and natural capital with an ESG focus.
• Aviva Investors Real Assets LTAF: Targets UK infrastructure and long-lease real estate with blended private equity exposure.
• BlackRock LTAFs (in development): Aims to expand retail access to diversified private market strategies.

Benefits:

• Regulated structure with FCA oversight and governance designed for private clients.
• Semi-liquid access through quarterly or semi-annual redemption windows.
• Diversified exposure across private equity, credit, infrastructure, and real assets.

Considerations:

• Liquidity constraints may apply during periods of market stress.
• Valuations are model-based and updated periodically, creating pricing lag.
• Limited performance history as LTAFs are a new structure.

LTAFs mark an important step in democratising access to private markets. They allow UK high-net-worth investors to participate in private equity and other long-term strategies without committing to decade-long lock-ups, and are likely to become a standard tool in wealth manager portfolios.

4. Listed Private Equity Trusts: A Liquid Route into Private Markets

Listed private equity investment trusts provide a liquid gateway into private equity. Traded on public stock exchanges, they offer exposure to portfolios of private companies while retaining the flexibility of listed shares.

These vehicles invest either directly in private businesses or indirectly through private equity funds. Because they are exchange-listed, investors can buy and sell without the long lock-ups typical of traditional private equity ^[5]. Here are some examples of listed PE trusts:

• HgCapital Trust (HGT): Co-invests alongside Hg’s flagship funds, with a focus on software and tech-enabled businesses.
• Pantheon International (PIN): One of the longest-running listed PE vehicles, investing across hundreds of fund positions globally.
• ICG Enterprise Trust (ICGT): Targets mid-market buyouts in the UK and Europe, blending primary and secondary strategies.

Benefits:

• Daily liquidity through public markets.
• No capital calls, as capital is deployed upfront.
• Transparent reporting with regular NAV updates and portfolio disclosures.

Considerations:

• Shares can trade at discounts or premiums to NAV depending on sentiment.
• Market volatility can influence prices even when underlying assets are stable.
• Investors have no control over the timing of portfolio exits or distributions.

Listed PE trusts make private equity more accessible, combining liquidity and transparency with long-term growth potential. They remain subject to public market dynamics, so they work best as a complement to traditional private equity funds rather than a substitute.

5. Feeder Funds: Institutional Access at Lower Minimums

Feeder funds act as gateways for private investors to access flagship private equity funds that usually demand multi-million minimums. By pooling commitments from multiple clients, they create a single vehicle that secures allocations to leading managers, opportunities traditionally reserved for pensions, sovereign wealth funds, and large family offices.

• Moonfare: Curated access to buyout and growth equity funds from managers such as KKR, EQT, and Carlyle, with minimums from around £50,000.
• Titanbay: Similar structure with additional due diligence and platform support for wealth managers.

Benefits:

• Access to global buyout and growth equity managers normally closed to individuals.
• Lower entry points of £50,000–£100,000, compared with institutional thresholds in the millions.
• Streamlined administration, with platforms managing onboarding, reporting, and fund communication.

Considerations:

• Long timelines remain, with five- to ten-year commitments typical of private equity.
• Layered fees, as platform charges are added to underlying fund fees.
• No investor control over asset selection or exit timing.

Feeder funds have opened private equity to a wider investor base by lowering barriers and simplifying access. They are best seen as a practical route into elite funds, but one that comes with trade-offs: less flexibility, higher fees, and the same long lock-ups as traditional private equity.

6. Discretionary Mandates: Bespoke, Integrated Allocations

Discretionary mandates are the highest-touch way for private clients to access private equity. Instead of selecting funds or feeders, investors hand decision-making to a wealth manager, who integrates private equity into a fully managed portfolio.

These mandates usually combine multiple fund types, from flagship buyout funds and secondaries to evergreen vehicles and listed trusts, aligned to long-term objectives and individual risk profiles.

• Rothschild & Co and Cazenove Capital: Curated private equity allocations delivered through in-house teams or third-party managers.
• LGT Wealth Management: Incorporates private markets into multi-asset discretionary portfolios for broader diversification.

Benefits:

• Fully managed approach, covering fund selection, due diligence, cashflow, and rebalancing.
• Bespoke allocations designed around your goals, liquidity needs, and portfolio mix.
• Institutional rigour through structured processes and investment committees.

Considerations:

• High entry thresholds, often around £500,000, reflecting the scale of private equity investing.
• Limited control, as fund-level decisions rest with the manager.
• Layered fees, with discretionary charges in addition to underlying fund costs.

Discretionary mandates are suited to investors who want professional oversight and tailored private equity exposure within a broader portfolio. They deliver convenience and expertise but require larger portfolios and a willingness to delegate control.

7. Co-Investments: Direct Exposure with Lower Fees

Co-investments allow private clients to invest directly into a specific company deal alongside a private equity manager, usually outside the main fund structure. They appeal to experienced investors by offering greater control and reduced fees compared with traditional fund commitments.

Instead of committing to a blind pool of companies, investors are presented with a single live transaction, often in a sector or region they understand, and can decide whether to participate.

A wealth manager may secure access to a co-investment alongside HgCapital, a leading tech-focused private equity firm, into a UK software-as-a-service company. The client can invest directly in the deal, gaining exposure to a high-growth business without committing to the entire HgCapital fund.

Benefits:

• Lower cost of access, often with reduced or no management fees and carried interest.
• Deal-level control, with investors choosing which opportunities to back.
• Potential for enhanced returns due to lower fees and higher selectivity.

Considerations:

• High selectivity and complexity, as deals move quickly and require rapid due diligence.
• Large minimums, typically £250,000 to £1 million per deal.
• Concentration risk, since exposure is tied to a single company.

Co-investments are best suited to sophisticated private clients with the scale, expertise, and appetite for hands-on involvement in private markets. Managed well, they can complement fund allocations by providing sharper pricing and targeted upside potential.

What Is the Best Way to Access Private Equity as an Individual Investor?

Private equity can be accessed through fund-of-funds, evergreen funds, listed trusts, feeder vehicles, discretionary mandates, and co-investments. Each option has its own risk, liquidity, and cost profile. The best route depends on your investment horizon, portfolio diversification needs, and willingness to commit capital long-term ^[6].

Whether you're seeking long-term growth, semi-liquid exposure, or deal-specific opportunities, private equity now offers more routes than ever, especially with a wealth manager guiding the process.

The right structure will depend on your investment horizon, liquidity preferences, and level of involvement. With expert advice and access to institutional-grade funds, private equity can be a valuable component of a high-net-worth portfolio.