Why Goldman Is Expanding Investor Access to Private Markets

Maybe two isn’t always better than one.

Goldman Sachs consolidated its alts businesses into one alternative investments platform last month, targeting wealthy clients who want more access to private markets and secondaries. The announcement came days after Goldman’s earnings call for the second quarter of 2026, which showed higher-than-expected earnings per share and record revenue growth. It’s the latest initiative by a major bank in the alternatives space; last fall, Merrill Wealth Management and Bank of America launched their own alts platform, specifically for clients with a net worth of at least $50 million.

“Goldman combining their secondary [markets] business into this new platform and providing a way for investors to get some liquidity makes a lot of sense,” said Loren Fox, director of research at Fuse Research Network. “There are other platforms out there that enable that kind of liquidity in the secondary market, but if you’re already a client at Goldman Sachs, why not?”

Ultra-Interested

It’s no secret that firms are increasingly eyeing their high-net-worth and ultra-high-net-worth clientele, with increasing numbers of offerings meant specifically for them. The former group is also starting to require as many services as the latter, placing pressure on RIAs and wirehouses to become one-stop shops. “At some point firms that are already serving high-net-worth and ultra-high-net-worth investors have to figure out: ‘How can we add more differentiation?’” Fox said. “If you’re Goldman Sachs, you’re thinking: ‘What makes us different from JPMorgan Private Bank or Bessemer Trust?’” The move may also make logistical sense, Fox added, since having the bank’s secondary business and private market liquidity business in one unit may “increase efficiencies” and drive “cross-fertilization” between the two.

Goldman is also likely trying to maintain its competitive edge in the market:

• Morgan Stanley’s alts platform, which has been around since 1977, now holds over $300 billion in client assets.
• Fidelity launched its alternative investments platform in 2013, and it has since grown to more than $50 billion in AUM.

Trickled Pink. Another primary draw is simply strong client demand. A recent survey found that over 70% of Roth IRA investors said they turned to self-directed investing because they wanted to invest in assets that traditional plans did not allow (i.e., alts). As smaller investors get more exposure to private markets, Fox said it’s going to have a “trickle-up effect,” so that high-net-worth clients will be more interested in exclusive-access vehicles like secondaries and direct investments.

“The industry is moving toward a wide variety of vehicles to broaden investment into private markets,” Fox said. “[Goldman’s alts consolidation] will not just ride that wave, but also help strengthen it.”