Connection Capital’s 2025 client survey reveals private markets as a firmly embedded, strategic choice for high-net-worth investors
Connection Capital has released its Alternative thinking: how high net worth investors are approaching private markets whitepaper, presenting findings from the firm’s annual client survey. The results show that private markets are no longer the “alternative” – they are a core, structural element of diversified, high-performing portfolios.
The survey, conducted between 9 June and 4 July 2025, gathered responses from 148 high-net-worth and ultra-high-net-worth clients, including entrepreneurs, senior executives, family offices, and seasoned investment professionals. It provides a clear picture of how sophisticated investors are positioning themselves in an environment shaped by subdued growth, political uncertainty, and divergent interest rate expectations.
Key findings include:
- Private markets as core exposure: 66% of respondents allocate more than 10% of their portfolio to alternatives, with 25% committing over a quarter.
- Return potential is paramount: 78% invest in private markets to target returns beyond those available in public markets, with 85% willing to accept illiquidity for superior outcomes.
- Strong outlook for private equity: Over 75% plan to maintain or increase their allocation in the next 12 months, despite current market challenges.
- Regional shift: Confidence in the UK and Europe is growing, with concerns about US policy uncertainty tempering enthusiasm for American opportunities.
- Policy sensitivity: 43% say aligning capital gains tax with income tax would prompt a reduction in equity exposure.
Claire Madden, Founder and Managing Partner at Connection Capital, said: “It’s no surprise that private markets continue to attract growing interest from well-informed investors who understand the value of access, alignment, and a long-term approach.”
Our 2025 client survey revealed how high-net-worth investors are positioning for opportunity in private markets. Explore the insights, trends, and strategies shaping their approach in the full Alternative thinking whitepaper.