Expanding Access to Private Markets: A Systemic Imperative for Inclusive Investment

In a world where income and wealth disparities continue to widen, one fact is clear: the assets that will shape tomorrow’s growth — infrastructure, energy, data centers, high-growth private companies — remain largely inaccessible to the vast majority of savers.

Historically reserved for institutional investors, private markets nonetheless have a vital role to play in reshaping capitalism into a more balanced model. Today, advanced economies face a dual challenge: on one side, anxious middle classes confronting uncertainty; on the other, an urgent need for long-term capital in critical sectors like infrastructure, climate, healthcare, and digitalisation.

To address this tension, the controlled opening of private markets to individual savers — through retirement plans, model portfolios, or target-date funds — could mark a decisive shift. The goal isn’t to expose households to unmanaged risk, but rather to diversify long-term portfolios with historically more resilient assets, such as private credit or strategic infrastructure.

The need for this shift is especially evident in the energy infrastructure transition. As the world seeks to meet rising demand while decarbonizing its grids, long-term capital is required for projects with complex timelines and high up-front costs — from small modular reactors and energy storage systems to hyperscale data centers and smart grid infrastructure. These investments are typically locked within private markets and funded by a handful of global asset managers. Broadening access to these assets would not only unlock value for individual investors, but also accelerate the deployment of essential energy infrastructure. It is a matter of both inclusion and resilience.

The numbers speak for themselves: pension funds with exposure to alternative assets consistently outperform traditional savings plans. Over a 40-year period, even a modest 0.5% annual performance difference can generate 15% more capital at retirement. This raises a legitimate question: who benefits from keeping these assets behind closed gates?

Democratising access to private markets — through technology, increased data transparency, and better regulatory frameworks — could correct one of the structural anomalies of modern capitalism: a system in which the most value-generating assets are locked away, even as systemic challenges call for collective solutions.

This is about redefining access to growth itself. The debate is open.