Private Wealth in Private Credit Part 2: Platform Equals Power
Much has been written on the emergence of the mass affluent or “retail” channel for private markets. Of course, wealthy individuals have funded entrepreneurial activity since antiquity, but now, through trusted intermediaries, they are investing like never before into private markets fund managers.
What is the best way to access this exciting capital pool and who do you need to hire to make it happen?
UNDERSTAND THE LANDSCAPE
According to McKinsey, the total addressable market for private credit in the U.S. alone could exceed US $30 trillion over the coming years and, at the same time, wealth‑management channels are increasingly allocating to private credit: a Greenwich survey found that 63 % of wealth managers expected to increase their allocations to private credit in the next year.
In other words, there is both a rising supply of investor capital in the wealth segment, and private credit is a rapidly expanding asset class more than happy to absorb it. For firms that can tap private wealth distribution effectively, the scale could be material.
Getting access is a challenge, to begin with, but it doesn’t end there. Intermediaries need to feel comfortable with your products if they are going to prioritize them over others.
Firms that succeed in this space are clear-eyed about:
How advisors choose between products
What kind of education and support they need
How to build a team that can manage platform relationships and deliver consistent engagement
GETTING IN THE DOOR
Before you can activate a platform, you have to get on it—and that process is often more complex than it looks. Entry typically depends on the strength of your relationships at the top of the organization or your ability to align your offering with a specific product gap or strategic focus. In some cases, firms succeed through longstanding personal connections with senior decision-makers; in others, they bring a differentiated strategy that fills a clear need. Either way, persistence and preparation matter. Platforms want to see clean structures, proven teams, strong returns, and a clear plan for advisor support. Without these, conversations tend to stall—no matter how compelling the pitch.
WHAT SUCCESS REALLY TAKES
Being listed on a private wealth platform is only the start. To build real traction, firms need to understand how advisors select products—and why some great funds get left on the shelf.
Offerings often compete with dozens of similar-sounding strategies. And private credit itself can be more difficult for some less experienced or sophisticated investors to understand. Unless your fund stands out with a clear, repeatable story (and the relevant advisor is motivated to tell that story), it’s unlikely to gain meaningful share. Many managers make the mistake of assuming visibility equals selection. It doesn’t, but their nonchalance is your opportunity.
Firms that succeed here treat private wealth as a long-term distribution strategy. They invest in dedicated resources to educate advisors, answer questions, and make the onboarding experience seamless. It’s not about one meeting—it’s about making every interaction frictionless, attentive and rewarding.
BUILDING THE RIGHT TEAM
To do this well, most firms need people in two areas:
Platform Access and Strategy
These individuals guide the firm through onboarding and know how to work with gatekeepers. They understand which conversations matter, how to structure the product for the platform’s audience, and how to get it through review processes, efficiently.
Advisor Engagement and Enablement
Your front-line salespeople will need to empower and encourage advisors to talk about your strategy and recommend it to their clients. That means simplifying complex ideas, building relationships without being pushy, and supporting many interactions over time, building trust through clarity and responsiveness.
HIRING CONSIDERATIONS
Beyond the standard qualities needed for success in private markets distribution roles, the people who thrive in these roles often share specific experience and character traits:
Experience:
Developing and extending relationships with decision-makers at wealth platforms and RIAs, including the ability to generate referrals and introductions
Training and educating (ideally a client audience, but experience of delivering technical training to internal staff is useful, too)
Character traits:
Comfort working with lean teams or building new functions (and audiences) from scratch
An understanding that success is cumulative, not transactional
FINAL THOUGHT
The private wealth channel can be one of the most effective ways to grow AUM in private credit, but success requires the right strategy and the right people.