FEAR & GREED | Business News Q+A: The diversification problem driving private market demand
Mar 24, 2026
Juan Delgado-Moreira, Co-CEO of Hamilton Lane and private markets expert, explains why private equity, venture, private credit and real assets are gaining traction. He highlights the search for diversification amid mega-cap concentration. He discusses AI opportunities in unlisted firms and why illiquidity can be an attractive feature for investors.
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Public Markets Have Shrunk Driving Private Demand
- Public markets have become concentrated in a handful of mega-cap growth names, reducing diversification for investors.
- Juan Delgado-Moreira points to shrinking company counts in the US and growth opportunities like energy and infrastructure sitting mainly in private markets.
Institutional Track Record Is Pulling Wealth Into Private Markets
- Investors are following institutional experience into private markets for diversification and returns because large pensions have used them since the 1970s.
- The pull factor is access: wealth clients now ask managers why they can't get similar allocations.
Younger Investors See Private Markets As Comparable Risk
- Despite perceived risk, over 80% of respondents in Hamilton Lane's wealth survey do not view private markets as riskier than public markets.
- Younger investors understand liquidity differences and see comparable risk-return trade-offs in private exposure.