Financial Services Observer

Morningstar

Greggory Warren

Research

86 Pages

Morningstar evaluates the business models and competitive positioning of the large stand alone US alternative asset managers. The author contrasts fee and margin pressure at traditional managers with a golden era of growth in private capital, especially in private credit. He also notes that more than 70% of recent private capital fundraising has gone to the largest funds.

Date published: December 4, 2025

Source: Investment Company Institute—Quarterly Retirement Market Data, Second Quarter 2025. Data as of Sept. 18, 2025.

Key Takeaways

Alternative manager scope: Describes how private equity, credit, real assets and secondaries define the core alternative asset toolkit.
Moat characteristics: Explains how scale, brand and performance records support durable economics for leading alternative platforms.
Retirement channel role: Frames defined contribution plans and individual retirement accounts as the next major growth frontier.
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