This edition of the Investments Roundup features AssetMark reporting on private market gains, F2 acquiring HBMJ, CAIS launching a secondary marketplace and forming partnerships, Cerulli on active ETF inflows and product development, GeoWealth adding J.P. Morgan and starting a private model marketplace, Pictet launching ETFs in U.S., Goldman introducing a private equity ETF, Cetera debuting private wealth portfolios, Envestnet launching manager models, VistaShares rolling out an energy infrastructure ETF and Schwab acquiring Forge.
Larry's Take
While AI floods our industry with innovation, another quieter but equally swift innovation is changing the world of investments. This month, news related to private markets dominates our Investments Roundup, and for good reason.
While the merits of the “democratization” of private market investments is debated by some, the fact before us is that private markets are sweeping into the mainstream in model portfolios, ETFs, consulting capacity and – most importantly – the minds and expectations of clients and advisors.
Just like AI, private markets have arrived, and the only option advisors don’t have is to ignore the trend. Advisors must weigh these advancements clearly in both their ability to enhance client portfolios and the risk that always comes with fast-moving innovation.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@ascentix.com.
Private Markets Shifted From ‘Niche To Necessity,’ AssetMark Advisor Survey Finds
Advisor priorities have shifted, with private market investments moving from “niche to necessity,” according to an advisor insights survey by AssetMark. Ninety-one percent of the 400 U.S. financial advisors surveyed for “AssetMark Advisor Insights: Private Markets 2025” responded that access to private market investments had become critical for differentiation, AssetMark said.
Among advisors not currently offering private markets investments, 68% said they planned to add such investments within the next year, according to AssetMark. Of that group, 59% said they would consider switching firms in order to have private markets access. Among advisors already offering private market investments, 83% said they expected allocations to grow over the next three years, AssetMark said, noting that the number reflects rising client expectations – especially for high net worth clients – and increasing advisor conviction.
“Advisors are signaling that private markets are no longer an optional service—they’re a strategic necessity,” said Michael Kim, CEO and President of AssetMark. “Our research shows that clients’ desire for diversification, exclusivity, and inflation protection is accelerating adoption, and advisors are preparing to meet these expectations.”
F2 Acquires HBMJ Consulting, Adding Hedge Fund Expertise
Chicago-based F2 Strategy acquires HBMJ Consulting, a New York City area consultancy founded in 2004 by Dan Hunter. The firm provides technology and consulting services to hedge funds, private credit firms and alternative investment firms. Its focus is financial accounting systems, such as portfolio and partnership accounting platforms.
All 18 HBMJ team members will remain with the integrated company. F2 said the deal is its fifth acquisition since a majority investment from Renovus Capital in June 2023. Earlier this year, F2 purchased Aliter Investment Services, which provides pooled investment services.
“Just as F2 is a trusted partner to wealth management firms, HBMJ fills that same role for hedge funds,” said Doug Fritz, Executive Chairman and Co-Founder of F2 Strategy. “Like our previous acquisitions, HBMJ was built by an industry insider whose team brings unmatched knowledge and cultural alignment. That makes this partnership a natural fit and another powerful step forward in serving clients across the entire ecosystem of investments and advice.”
CAIS Launches Secondary Marketplace And Forms New Partnerships
Alts platform CAIS partners with Overland Park, Kansas-based LODAS Markets to launch a secondary marketplace for private funds. The marketplace is expected to begin operations in the first quarter of 2026, providing liquidity for alts, CAIS said.
The deal integrates LODAS’ secondary trading technology into CAIS’ platform, enabling advisors to offer more streamlined alternative investment options to their clients. “For the first time, advisors will be able to access both primary and secondary alternative investments in one place,” said Matt Brown, Founder and CEO of CAIS.
Separately, CAIS announces technology integrations with Envestnet, Orion and Vestmark to connect data and workflows across the platforms. With the new partnerships, CAIS users can manage alternative investments alongside public assets within a single platform. The announcement follows CAIS’ February launch of an enterprise solution combining alts and traditional investments.
Cerulli: Active ETF Product Development Meets Strong Inflows
Flows into active ETF products coincided with recent product development by issuers, reports Cerulli Associates. The firm said that ETF issuers and asset managers must meet this ongoing demand growth by adapting their distribution and coverage models. Active ETF assets soared to $1.17 trillion in the second quarter of 2025 from $71 billion in 2018, Cerulli said.
Seventy-one percent of ETF issuers surveyed in the report said that it is difficult to obtain shelf space on broker-dealer platforms for active ETFs. It highlighted that education is key to distribution and adoption of active ETFs, as 58% of issuers said that advisors need more education on the products, with only 17% disagreeing.
“As development of active ETFs progresses, ETF issuers will need to maintain collaboration with wealth management teams to boost product placement, enhance educational resources, and tackle potential challenges for successful distribution,” said Kevin Lyons, Senior Analyst at Cerulli.
GeoWealth Adds J.P. Morgan To Its Integrated Alts Solution
Chicago-based GeoWealth, a turnkey asset management platform (TAMP) and fintech solutions provider, expands its partnership with J.P. Morgan Asset Management to give advisors more access to alternative investments. Advisors will be able to use both public and private investments – including semi-liquid private assets, ETFs, equity SMAs and mutual funds – within a single model portfolio.
J.P. Morgan and GeoWealth have partnered since 2017 on ETF model portfolios. J.P. Morgan also participated in GeoWealth’s past funding rounds. GeoWealth, founded in 2010, is a provider of customizable, open-architecture technology that enables model portfolios, along with mid- and back-office functions like reporting, billing and portfolio accounting.
“GeoWealth’s Unified Managed Account technology is redefining how advisors access and manage alternative investments within their portfolios. By collaborating with industry leaders, we’re introducing technology that streamlines the integration of private market assets, automates complex processes, and enhances overall efficiency,” said Colin Falls, CEO of GeoWealth. “This advancement empowers advisors to devote more attention to their clients’ financial goals and strengthens the advisor-client relationship.”
Swiss Firm Pictet Launches Its First Three ETFs In U.S.
Pictet Asset Management announces the launch of three actively managed ETFs, its first in the U.S. The Pictet AI Enhanced International Equity ETF aims to outperform traditional quantitative international funds by using AI modeling to predict alpha. The Pictet Cleaner Planet ETF invests in the theme of transitioning to cleaner energy.
The Pictet AI & Automation ETF invests in companies that the firm believes will benefit from the continuing growth of AI and automation. Pictet Asset Management is part of the Geneva-based Pictet Group, which has over $800 billion in assets under management (AUM).
“These strategies embody our 220-year commitment to independent thinking and pioneering investment strategies built upon robust research,” said Elizabeth Dillon, CEO of Pictet Asset Management (USA). “They are designed as durable portfolio building blocks that reflect our forward-looking approach to emerging technologies like artificial intelligence and our deep investment expertise in global megatrends.”
Goldman Launches Private Equity Tracking ETF
Goldman Sachs Asset Management launches an ETF designed to represent the performance of the MSCI World Private Equity Return Tracker Index, an index of public companies that approximate a global private equity portfolio. The Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE) provides exposure to public equities that, as a group, are intended to mimic private equity returns.
The ETF is managed by a quantitative team with more than 35 years of experience in liquid alternative strategies, Goldman said. GTPE is listed on NASDAQ and has an expense ratio of 0.50%. Goldman Sachs Asset Management currently has a total of 61 ETFs globally. It is the investing arm of Goldman Sachs, which had approximately $3.5 trillion in assets under supervision as of Sept. 30.
“Investors are increasingly seeking exposure to private investments for the potential to enhance returns and add diversification,” said Brendan McCarthy, Global Head of ETF Distribution at Goldman Sachs Asset Management. “At the same time, there is a desire to access such exposure via a liquid and transparent structure. We are excited to partner with MSCI and bring GTPE to market, which seeks to deliver private market-like returns within the transparent, liquid and lower cost ETF structure.”
Cetera Launches Private Wealth Portfolios For HNW Investors
Cetera launches customizable portfolios for affluent and high net worth investors on Envestnet’s Private Wealth platform. Cetera Private Wealth Portfolios, designed by Cetera Investment Management, are available to advisors through the firm’s My Advice Architect platform. The platform had approximately $154 billion in AUM as of Sept. 30.
The offering is designed to help advisors provide market research, portfolio design, asset allocation investment recommendations and other support. Cetera said the private wealth portfolios can be compared to advisors having an outsourced CIO available to assist with their clients’ needs, Cetera said.
“Cetera Private Wealth Portfolios is a powerful addition to our growing platform, reinforcing Cetera's position as a premier financial services partner for advisors,” said Kerry Pierce, Head of Advisory Solutions at Cetera. “Through our Cetera Private Wealth Portfolios, we are enabling our advisors to deliver sophisticated, institutional-quality investment strategies to affluent and high-net-worth households, all without advisors having to build or scale their own investment infrastructure.”
Envestnet Introduces Manager Models From BlackRock And Franklin Templeton
Berwyn, Pennsylvania-based Envestnet debuts managed model portfolios with interval funds in response to growing demand for alternative investments. The models are from BlackRock and Franklin Templeton. Envestnet said additional models from Fidelity Investments and State Street are expected to launch in 2026.
The BlackRock Multi-Asset Income with Private Markets Models, which have $25,000 minimums, offer a blend of public and private credit, covered call strategies and dividend equities. The Franklin Templeton Multi-Manager HNW Portfolios include a 10% alternative investment allocation and offer five risk levels, from conservative to aggressive.
“As public markets continue to shrink and private markets drive innovation, advisors require a broader toolkit to deliver diversified, modern portfolios, and the alternatives their high-net-worth clients are asking for,” said Dana D'Auria, Co-CIO and Group President of Envestnet Solutions at Envestnet. “These new models integrate semi-liquid and liquid strategies, enabling seamless allocation to alternatives with point-and-click simplicity.”
GeoWealth Launches Private Model Marketplace To Expand Alts Access
GeoWealth launches a marketplace offering advisors access to managed private fund models with semi-liquid alternative investments. The Private Model Marketplace lets advisors customize their own models or use models built by GeoWealth’s partners: Apollo, BlackRock, Goldman Sachs Asset Management and J.P. Morgan Asset Management.
Advisors can combine the models with public models within a single custodial account or use them alone. They can get help with rebalancing, trading, reporting, billing and portfolio accounting from GeoWealth’s support team. GeoWealth also partnered with iCapital to provide support for funds within a model that require subscription documentation.
“In today’s market environment, clients are increasingly seeking new sources of diversification and growth within their portfolios,” said Jen Wing, SVP, Chief Investment Officer and Head of Investment Solutions at GeoWealth. “While many advisors recognize the opportunity in private markets, many are uncertain how to implement these strategies effectively, or simply lack the time to do so. By delivering institutional-caliber models with leading asset managers, the marketplace gives advisors a scalable way to integrate private markets into client portfolios.”
VistaShares Debuts Energy Infrastructure ETF Investing In ‘Electrification Supercycle’
Boston-based VistaShares launches a new thematic ETF providing exposure to companies in the energy infrastructure sector that they believe will benefit from AI growth. The VistaShares Electrification Supercycle ETF (POW) and seeks to invest in such themes as modernizing energy grids, integrated storage solutions and distributed power systems, the firm said.
POW is an actively managed fund with an investment committee that includes VistaShares CEO Adam Patti. Committee members include Co-Founder Jon McNeill (CEO and Co-Founder of DVxVentures); Advisors to the Investment Committee Sunny Madra (President of Groq) and Justin Lopas (Co-Founder and COO of Base Power); and Chief Investment Strategist Robert Whitelaw (former Chairman of the Finance Department at NYU’s Stern School of Business).
“The artificial intelligence infrastructure build-out has triggered a global arms race. The real bottleneck isn’t silicon, or compute – it’s power,” said Patti. “POW targets the companies upgrading the grid’s backbone - modernizing transmission lines, transformers, substations, voltage regulators and control systems - to solve America’s Power Problem and unlock the next phase of the AI economy.”
Schwab Acquires Private Market Platform Forge Global
Charles Schwab announces the acquisition of Forge Global, a private market platform and trading marketplace. Under the terms of the deal, Schwab acquired all of Forge’s shares for $45 per share, the company said. The transaction was valued at approximately $660 million.
The move expands Schwab’s ability to provide access to alternative investments for retail investors and advisors. The Forge platform has supported more than $17 billion in private share trading, Schwab said. Forge’s major stockholders, Motive Capital and Deutsche Börse, committed to support the acquisition, which is expected to close in the first half of 2026.
“Through Forge’s leading marketplace, we’re uniquely positioned to deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation for investors,” said Rick Wurster, President and CEO of Charles Schwab. “Schwab’s entry into this space also gives private‑share issuers more choice and liquidity for founders, employees, and early backers.”
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