{"id":3417,"date":"2023-12-04T07:45:00","date_gmt":"2023-12-04T07:45:00","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=3417"},"modified":"2024-07-23T09:12:10","modified_gmt":"2024-07-23T08:12:10","slug":"the-search-for-new-capital-and-the-emergence-of-hybrid-funds","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/the-search-for-new-capital-and-the-emergence-of-hybrid-funds\/","title":{"rendered":"The search for new capital and the emergence of hybrid funds"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">News<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">The search for new capital and the emergence of hybrid funds<\/h1>\n\n\n<p class=\"has-medium-font-size\">In the second article of a four-part series on raising capital in Europe, we explore the factors that have been driving the emergence of hybrid funds. Insights come from Antonis Anastasiou, Group Head of Product Development, and Conor O\u2019Callaghan, Head of AIFM Ireland.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\" \/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2023-12-04T07:45:00+00:00\">4 December 2023<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"architecture glass building\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-glass-building-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>The alternatives landscape is changing. While once reserved for institutional investors, pension funds and high-net-worth individuals, it is now opening its doors through the democratisation of alternative funds. A coming together of worlds so to speak, which are combining and innovating to create a hybrid world of liquid and illiquid funds, which are both now open to individual investors.&nbsp;<\/p>\n\n\n\n<p>There are a number of trends and drivers in the market that have been behind the emergence of these hybrid funds. Firstly, monetary tightening is resulting in institutional money pulling back from the market. Private asset AUM continues to grow, however traditional LPs are reducing new commitments with global fundraising declining by c. 10% in 2022, followed by further declines so far in 2023 \u2013 GPs have been forced to pursue alternative sources of capital to support fundraising.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising-1024x576.png\" alt=\"Global Fundraising  (USD bn)\" class=\"wp-image-3418\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Global-Fundraising.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>At the same time, a new demographic of investor is seeking to gain access to such markets. While private asset funds have long been used by institutional investors, due to regulatory restrictions, private individuals have been limited in their ability to allocate funds to the asset class. As this portion of the market is becoming more sophisticated and educated, individuals\u2019 appetite for private asset funds is growing as they recognize that gives them more options to build a more diversified portfolio. While allocations by this investor group accounted for 9% of Alternative AUM in 2017, that climbed to 16% in 2022, a 165% increase in AUM.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional-1024x576.jpg\" alt=\"\" class=\"wp-image-3452\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional-1024x576.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional-300x169.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional-768x432.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional-1536x864.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/12\/Alternative-AuM-Individual-vs-Institutional.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Hybrid funds have the traditional alternative fund strategies, while also incorporating open-end fund features and accepting individual investors, with the goal of bridging the gap between individual investors and private assets. Within the industry, that\u2019s often described as the \u2018democratization\u2019 of alternative funds, with Bain forecasting that individual wealth allocated to alternative investments will increase 12% annually over the next decade while institutional capital will grow by 8% annually over the same period. We have seen how large managers are directing their funds towards retail clients, with Blackstone expanding retail capital from $200 billion to $500 billion, while KKR are looking to raise up to 50 per cent of their new capital from private wealth and Apollo are looking to raise $50 billion in retail capital from 2022-26.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-new-regulations-pulling-in-the-same-direction-as-the-market-nbsp\" style=\"margin-top:var(--wp--preset--spacing--l)\"><strong>New regulations pulling in the same direction as the market&nbsp;<\/strong><\/h3>\n\n\n\n<p>Regulation is at the forefront of the market\u2019s needs and is allowing the market to deliver these types of products to individual investors at the very time it\u2019s looking to do so.&nbsp;<\/p>\n\n\n\n<p>In the UK, the Financial Conduct Authority has developed the open-ended Long-Term Asset Funds, or LTAFs, while in the US the term \u2018accredited investors\u2019 has been defined, enabling sophisticated investors who have a reduced need for protection to invest in alternative products. In Europe, welcomed enhancements to the European Long-Term Investment Fund, or ELTIF, came into effect in January this year, replacing the existing ELTIF regime. We will be exploring ELTIF 2.0 in greater detail in the next two articles in the series. \u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-now-is-the-time-to-take-advantage-nbsp\" style=\"margin-top:var(--wp--preset--spacing--l)\"><strong>Now is the time to take advantage&nbsp;<\/strong><\/h3>\n\n\n\n<p>This new regulatory landscape is providing a toolbox for managers, enabling them to develop products and expertise for the retail network. At Alter Domus, we are already working with managers to capitalize on these developments while overcoming the challenges that come with it, which we will be looking at in the fourth and final article.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><em>Read part one of this four-part series <a href=\"https:\/\/alterdomus.com\/insight\/pre-marketing-a-compelling-solution-to-capital-raising-in-the-eu\/\">here.<\/a><\/em><\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-598f35b6 wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--3-xl)\"><li style=\"color: 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class=\"wp-block-filter-blocks-container filter-more-insights-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-container filter-contacts-container filter-contacts-1\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Key contacts<\/h2>\n\n\n\n<div class=\"wp-block-columns filter-contacts-row is-layout-flex wp-container-core-columns-is-layout-398b3aa3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n            \n\n<div class=\"filter-contact-container\">\n    <div class=\"filter-contact-item\">\n        <div class=\"filter-contact-item-image\">\n            <img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square-1024x1024.jpg\" class=\"attachment-large size-large\" alt=\"Antonis Anastasiou\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square-1024x1024.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square-300x300.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square-150x150.jpg 150w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square-768x768.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Anastasiou-Antonis_square.jpg 1033w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>        <\/div>\n\n        <div class=\"filter-contact-item-content\">\n            <h4 class=\"filter-contact-name\">Antonis Anastasiou<\/h4>\n            <p class=\"filter-contact-region\">Luxembourg<\/p>\n            <p class=\"filter-contact-job-title\">Head of Corporate SPV &#038; Regulatory Services<\/p>\n\n            <div class=\"filter-contact-contact-details\">\n                <div class=\"filter-contact-details-icons\">\n                                            <span class=\"filter-contact-contact-item contact-email\">\n                            <a href=\"mailto:Antonis.Anastasiou@alterDomus.com\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by email\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/mail2.svg\">\n                       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src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/OCallaghan-Conor-e1693941885532.jpg\" class=\"attachment-large size-large\" alt=\"Conor O&#039;Callaghan\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/OCallaghan-Conor-e1693941885532.jpg 540w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/OCallaghan-Conor-e1693941885532-300x300.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/OCallaghan-Conor-e1693941885532-150x150.jpg 150w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/>        <\/div>\n\n        <div class=\"filter-contact-item-content\">\n            <h4 class=\"filter-contact-name\">Conor O&#8217;Callaghan<\/h4>\n            <p class=\"filter-contact-region\">Ireland<\/p>\n            <p class=\"filter-contact-job-title\">EU Fund Regulated solutions<\/p>\n\n            <div class=\"filter-contact-contact-details\">\n                <div class=\"filter-contact-details-icons\">\n                                            <span class=\"filter-contact-contact-item contact-email\">\n                            <a href=\"mailto:Conor.OCallaghan@alterdomus.com\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by email\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/mail2.svg\">\n                            <\/a>\n                        <\/span>\n                    \n                                            <span class=\"filter-contact-contact-item contact-phone\">\n                            <a href=\"tel:353860334142\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by phone\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/phone2.svg\">\n                            <\/a>\n                        <\/span>\n                    \n                                            <span class=\"filter-contact-contact-item contact-linkedin\">\n                            <a href=\"https:\/\/www.linkedin.com\/in\/conor-o-callaghan-cfa-660bb117\/?originalSubdomain=ie\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by LinkedIn\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/linkedin2.svg\">\n                            <\/a>\n                        <\/span>\n                                    <\/div>\n                            <\/div>\n        <\/div>\n    <\/div>\n<\/div>    \n    <\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" id=\"h-insights\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Insights<\/h2>\n\n\n  \n<div class=\"filter-latest-insights-container filter-block-wrapper test\" style=\"\">\n    <div class=\"filter-latest-insights-list-inner order-news-event-news\">\n\n        <article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"652\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg\" class=\"attachment-large size-large\" alt=\"technology man holding iPad showing data scaled\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-300x191.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-768x489.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1536x979.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-2048x1305.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 26, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Operational equity, powered by technology<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" aria-label=\"Click to read Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" 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class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business as usual may have a nice ring to it, but for alternative investment fund managers, there\u2019s really no such thing as \u201cusual.\u201d<\/p>\n","protected":false},"featured_media":1556,"template":"","cat-insight-type":[19],"cat-sectors":[11,12,13],"cat-services":[],"class_list":["post-3417","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-news","cat-sectors-private-debt","cat-sectors-private-equity","cat-sectors-real-assets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The search for new capital and the emergence of hybrid funds<\/title>\n<meta name=\"description\" content=\"In the second article of a four-part series on raising capital in Europe, we explore the factors that 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