Riding the crest of the wave: what IPEM Wealth 2026 means for GPs
With more than 3,500 participants gathering in Cannes earlier this month, IPEM Wealth 2026 confirmed a defining shift in private markets: wealth integration is no longer experimental – it is structural.
Across two days of panels featuring leaders from Carlyle, Blackstone, Goldman Sachs, KKR, Permira and others, one message was consistent: private wealth is becoming core capital.
For GPs, this transition brings opportunity – but also operational, structural and leadership implications.
Below are the five defining themes that emerged.
1. Evergreens are moving from access product to core allocation
The conversation around evergreen structures has matured. The debate is no longer whether they work, but how they scale within discretionary mandates.
Panels emphasised that wealth-ready evergreen platforms require:
– Governance and liquidity discipline
– Robust reporting frameworks
– Clear communication infrastructure
– Deployment pacing aligned with long-term strategy
In short, evergreens must be engineered, not marketed.
2. Wealth AUM is scaling; infrastructure must follow
Private wealth AUM is projected to grow from $2.7 trillion to $9.3 trillion by 2028. Yet scaling in wealth is not simply a distribution question. It requires thoughtful product architecture, operational discipline, and education-led engagement. Language is also evolving. The shift from “liquid” to “semi-illiquid” reflects a broader effort to reset expectations while preserving long-term positioning. The next generation of investors – digitally native, impact-conscious, and transparency-driven – will increasingly shape capital flows. GPs that build wealth capabilities early will benefit from stronger retention and deeper client relationships.
3. Brand is now distribution infrastructure
In wealth, brand precedes product. Private banks and discretionary platforms frequently begin with trust in the manager before drilling into strategy details. Effective wealth branding now requires:
– Clear, consistent communication
– Multi-channel education
– Short-form, digestible content
– Transparency without oversimplification
The ability to educate at scale – while preserving nuance – will differentiate leaders from followers.
4. Product proliferation carries risk
IPEM highlighted a growing tension: is the industry launching too many perpetual vehicles? A crowded shelf risks confusing advisers and diluting capital deployment discipline. The prevailing sentiment in Cannes was clear: a small number of scalable, coherent solutions often outperforms an expansive product menu. Restraint may become a competitive advantage.
5. Portfolio construction is shifting
Discussions around a potential 50/30/20 portfolio framework – with 20% allocated to private markets – reflect a broader structural evolution. Private markets are increasingly viewed not as satellites, but as core components within diversified wealth portfolios. This shift reinforces the permanence of wealth integration.
The strategic implication for GPs
IPEM Wealth 2026 underscored a central reality: succeeding in private wealth requires more than launching a fund. It demands:
– Integrated evergreen platforms
– Wealth-specific distribution expertise
– Operational maturity
– Governance and pacing discipline
– Brand credibility and educational capability
Private wealth is becoming foundational to long-term capital strategy. For firms entering or scaling in this space, building the right internal capability — across product, distribution, client service and leadership – will determine who captures this structural growth.
Download the full IPEM Wealth 2026 report for deeper analysis across:
- Evergreen integration models
- Institutional vs wealth capital dynamics
- UK wealth opportunity
- Portfolio construction evolution
- The emerging GP playbook for 2026–2030
Michael McConnell is Head of Capital Formation & Investor Solutions in our Private Capital practice and leads on private wealth mandates for the business.