Advisors Driving Greater Client Demand for Private Markets, Blackstone Survey Shows
Clients are increasingly seeking diversification and showing greater interest in private markets compared with last year, according to Blackstone Private Wealth’s Fall 2025 Advisor Pulse survey of 196 financial advisors across its global network.
When asked about portfolio priorities, 38% of advisors cited diversification as the top concern, reflecting heightened concentration in public equity markets. Higher returns (29%), capital preservation (17%), and income generation (14%) followed. Notably, 60% of advisors reported that clients are expressing more interest in private markets this year than in 2024, focusing on assets less correlated to public markets.
Private real assets — especially real estate and infrastructure — emerged as favored tools to achieve diversification. Over half (55%) of advisors highlighted private real estate as “very important” for portfolio diversification, with 36% pointing to relative value versus public markets and 5% citing inflation mitigation. In infrastructure, 58% cited diversification as the primary driver, compared with 20% pointing to higher returns and 12% citing inflation protection.