The best private equity and alternative asset advisers in 2026 - Spear's
Spear’s 2026 rankings highlight advisers for private equity and other alternative assets for UHNW investors. It cites McKinsey’s claim of over $1 trillion in 2025 private equity deal value and notes major firms’ AUM. It also discusses private credit liquidity concerns after Blue Owl Capital ended quarterly redemptions and EQT’s £2.7 billion purchase of Coller Capital.
How this was made
The 30-second read
Why it matters
For traders, the only clearly tradable elements are the EQT acquisition of Coller Capital and the Blue Owl redemption restriction, both of which relate to capital allocation and liquidity risk. The rest is largely promotional or industry framing around UHNW access to private markets.
Market read
The article supports a risk-on versus risk-off read within private markets: secondaries growth is constructive, while private credit liquidity restrictions are a caution flag.
What to watch
The article does not provide deal terms beyond price, financing structure, or expected impact on margins, and it does not quantify how much of OWL’s investor base is affected by the redemption cap.
Background
The piece is a Spear’s Private Equity and Alternative Assets Index overview, mixing market statistics with examples of liquidity stress in private credit and a notable secondaries acquisition.
Ticker impact
The article quotes Blackstone’s global head of portfolio solutions on simplifying access to its private markets platform for individuals.
Limited near-term impact; any effect would be indirect via sentiment toward private-market access.
The article does not disclose new financial results, guidance, regulatory action, or a specific transaction tied to Blackstone’s stock.
Apollo is named among the five biggest private-market firms controlling over $4 trillion in assets under management.
No actionable impact expected from this article alone.
The text provides no Apollo-specific event, decision, or disclosure beyond general market statistics.
KKR is included in the group of top private-market firms cited as collectively controlling over $4 trillion in assets under management.
Negligible impact.
The article does not report a KKR transaction, guidance, or regulatory/legal development.
Ares is listed among the five biggest firms controlling over $4 trillion in assets under management.
Negligible impact.
No Ares event is described, only inclusion in a statistic.
Brookfield is named among the five biggest firms controlling over $4 trillion in assets under management.
Negligible impact.
No Brookfield-specific transaction, guidance, or risk event is disclosed.
EQT is described as purchasing British secondaries firm Coller Capital for £2.7 billion, highlighting EQT’s secondaries strategy.
Moderate positive bias for EQT sentiment, with potential volatility around deal execution and integration details.
The article provides a specific deal size and rationale, which is actionable for traders tracking M&A and secondaries positioning.
Blue Owl Capital is cited as permanently ending quarterly redemptions and imposing a 5% quarterly withdrawal cap, raising private credit liquidity concerns.
Potential negative read-through for OWL and the broader private credit complex, though timing depends on whether the market already priced it.
The article states a specific policy change (redemptions ended, withdrawal cap), which is directly relevant to OWL’s risk and flows.
Market effects
Highlights two sector narratives: private credit liquidity and valuation/refinancing scrutiny, and growing demand for secondaries to manage illiquidity.
Primarily global, with the EQT-Coller deal priced in GBP and investor access themes aimed at UHNW clients worldwide.
Reinforces cross-border capital allocation trends into private markets and the risk premium investors may demand amid liquidity constraints.
Counterpoint
The rankings and adviser-access framing may not translate into near-term fund flows or earnings changes, so stock impact could be limited versus broader market moves.
Key entities
- alternative asset adviserBlackstone
Quoted on simplifying access to its private markets platform for individual investors.
- private equity adviserEQT
Announced purchase of British secondaries firm Coller Capital for £2.7 billion.
- private credit adviserBlue Owl Capital
Ended quarterly redemptions and imposed a 5% quarterly withdrawal cap.
- hedge fund managerSaba Capital Management
Boaz Weinstein cited discussing confidence and liquidity risk in private credit.
