The private market push toward retail investors is a tectonic shift that will require greater data availability, clearer reporting, and more robust transparency. This expansion is marked by an intense battle for data dominance, as firms race to define the standards, control the pipes, and own the information flows that will shape the next decade of private market investing, according to the latest Cerulli Edge—U.S. Product Development Edition.

The growth of the private market investor base beyond institutional investors—supported by the buildout of semi-liquid products (e.g., interval and tender offer funds) and eventually even more liquid products—creates an increased revenue opportunity for private markets data and benchmark providers. These firms are expanding their efforts into the advisory channel by providing datasets and indices for such vehicles. While the opportunity seems tremendous, key questions remain surrounding the retail investor and advisor experience.

“As asset classes and strategies mature from niche offerings into mainstream investment options, investors increasingly demand stronger transparency, better benchmarking, and more robust data to support their decisions,” says Tayfun Icten, senior analyst. “Education alone is no longer sufficient for professional decision making in private markets.” According to Cerulli’s research, 39% of financial advisors cite the need for greater transparency as a key driver for expanding their allocations to alternatives.

As private market managers reach a wider audience, they will find that offering more granular data can be a key differentiator, if not an outright requirement. This dynamic has prompted many benchmarking and data‑focused companies to form partnerships, strike strategic alliances, or position themselves for acquisition.

“Each firm is attempting to complete a puzzle—integrating data sources, analytics, software, and workflow tools into a cohesive offering capable of supporting the full lifecycle of private market investing. The long‑term vision remains remarkably consistent with historical patterns: asset classes mature and progress from illiquid, opaque, alpha‑oriented strategies to more liquid, standardized, and ultimately commoditized expressions. The industry has seen this playbook before, and private markets now are following it with remarkable speed as they build more liquid solutions,” says Icten.

In this rapidly shifting landscape, the race is not merely about who has the data, but who can integrate it, interpret it, and transform it into actionable investment products. “As private markets continue their march toward retail, the firms that succeed will be those that best connect these pieces into a seamless, transparent, and scalable ecosystem,” he concludes.