- Private market participation is set to broaden significantly, with 88% of European retail/wholesale investors expecting to allocate in five years
- ELTIF familiarity has risen to 74% in Europe, with 21% of fund selectors now recommending or allocating to the structure
London, September 24, 2026 – European fund selectors expect private markets participation to broaden, as adoption of newer structures such as European Long Term Investment Funds (ELTIFs) continues to grow, according to the Global Private Investment Markets Study conducted by Research in Finance in collaboration with Neuberger.
The study features insights gathered from 1,051 fund selectors across Pan-European and UK markets, spanning 715 retail* and 336 institutional** respondents. It also revealed net positive allocation intentions among retail fund selectors across seven private asset classes explored in the research, with a large majority of all those with existing holdings of each asset class planning to maintain or increase their target allocations.
Lack of liquidity is seen as the most significant perceived obstacle in Europe, cited by 65% of respondents, up from 57% last year. Lack of transparency (48%) and high minimum investments (37%) are also among the principal barriers.
Despite these concerns, European fund selectors continue to see a range of benefits from private markets. Portfolio diversification remains the most commonly cited benefit at 74%, followed by high returns potential (55%), capital growth (43%), decorrelation from other assets (41%) and a long-term investment focus (39%). Encouragingly, the share citing an inability to access private markets as a barrier fell to 21%, down from 26% last year, as a widening set of access routes and growing product awareness open private markets to a broader range of investors.
Private Markets Participation Set to Broaden Across Europe
The percentage of European retail/wholesale investors allocating to private markets is expected to rise to almost 9 in 10 (88%) over the next five years, up from 63% that are currently investing in private markets. Institutional participation in private markets is already higher at 75%, although this is expected to increase to 85% in five years. This points to further broadening of the private-markets investor base, particularly within the retail and wealth channels.
A net 25% of European allocators expect to increase their existing private credit exposure over the next 12 months, keeping the asset class in demand. Investors are growing more selective, however, with private equity (37%) and unlisted infrastructure equity (29%) both expected to outpace private credit for net allocation increases.
ELTIFs Momentum Builds Throughout Europe
ELTIF familiarity and use in Europe have significantly increased year-on-year, with 74% of fund selectors reporting being familiar with the structure - up from 68% in 2025. Further, 1 in 5 (21%) already recommend the structure to clients or allocate themselves, up from 13% last year. A further 18% plan to start recommending or allocating to ELTIFs over the next 12 months.
Across private market fund structures more broadly, evergreen vehicles are preferred in most European markets. Among retail/wholesale investors, preference for evergreen structures is particularly strong in France (59%), the Nordics (62%) and Switzerland (63%), although Italy and Spain show a slight preference for traditional draw-down funds, while the UK stands out for its preference for investment trusts.
José Cosio, Head of Intermediary – Global ex US at Neuberger, comments: “Private markets are now more established, enabled by broadening access, improved investor understanding and a clear demand for diversification. The continued momentum behind ELTIFs and evergreen products is encouraging, with investors taking advantage of the more flexible and user-friendly access routes for private markets to complement their existing closed-ended programmes.
“Manager selection is a critical differentiator in private markets, historically with top quartile managers consistently outpacing the pack. We believe this, along with education, appropriate product design, and high-quality investments, will be essential to delivering attractive long-term outcomes for clients."
In selective regions, Neuberger has launched NB Private Markets Academy, a comprehensive platform offering on-demand learning, expert insights and resources designed to educate and empower financial advisors and investors as they navigate the private markets investment universe.
About Neuberger
Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $613 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again this past year, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of June 30, 2026.
Neuberger Private Markets is a division of Neuberger and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of June 30, 2026, Neuberger Private Markets manages over $170 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 500 professionals with a global presence in 11 countries globally.
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