Surge in Private Market Adoption Among Wealthy Investors, Led by Millennials, Goldman Survey Finds 

A new study by Goldman Sachs Asset Management reveals a significant shift in how high-net-worth (HNW) and ultra-high-net-worth (UHNW) investors are engaging with private markets. Based on responses from 1,000 U.S. investors with more than $1 million in investable assets, the survey, “Opening the Door to Alternatives,” highlights accelerating adoption of alternatives, a generational transformation in portfolio construction, and an ongoing disconnect between investors and advisors on private market education. 

Key Findings: 

Adoption rises with wealth: 

Among investors with over $10 million in assets, 80% allocate to alternatives, compared with 39% of those holding $1 million to $5 million. Adoption peaks at 91% for investors above $20 million, where allocations extend beyond private real estate to include private equity, growth equity, and credit strategies. 

Persistent cash holdings: 

Cash represents 20% of net worth across all wealth tiers. Nearly 95% of respondents reported saving monthly, with cash serving as a liquidity buffer for taxes and housing costs. 

Generational shift: 

Millennials allocate 20% to alternatives, nearly double Gen X (11%) and more than three times Baby Boomers (6%). Millennials are also more familiar with alternatives (96%) and hold significantly lower exposure to public equities (27%) than Boomers (48%). 

Advisor engagement gap: 

Although 80% of investors use a financial advisor, only 41% have discussed alternatives in their advisory meetings—lagging far behind discussions on ETFs (60%) and tax strategies (69%). Millennials increasingly rely on social media for information, while Boomers turn to traditional financial media. Still, brand trust remains critical, with 86% of respondents saying they would prefer investing in alternatives through a recognized financial institution. 

“Private markets are rapidly gaining traction well beyond institutional investors,” said Kristin Olson, global head of alternatives for wealth at Goldman Sachs. “As wealth grows, alternatives are becoming the cornerstone of portfolio construction—valued for diversification, performance, and access to innovation.”  

The research, conducted in partnership with 8 Acre Perspective, surveyed U.S.-based investors between July 18 and August 8, 2025, spanning both HNW (over $1 million) and UHNW (over $30 million) segments.