Private Market Exposure via Interval Funds

High returns, low risk – too good to be true?

Nicolas Rabener
10 min read
3 Aug 2026

SUMMARY

  • Retail investors are getting private market exposure via interval funds
  • AUM has increased by 200%+ to $139bn since 2020
  • However, the returns are overstated and risks understated

INTRODUCTION

The private equity industry is facing a growth challenge as its traditional capital providers – institutional investors like pension funds and family offices – have maxed out their PE allocations. Some, like Apollo and KKR, have acquired insurance businesses to access a different, more permanent source of capital. Others have started targeting retail investors via financial advisors.

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