{"id":138724,"date":"2026-02-12T16:51:59","date_gmt":"2026-02-12T15:51:59","guid":{"rendered":"https:\/\/www.we-wealth.com\/?post_type=news&#038;p=138724"},"modified":"2026-02-18T11:15:19","modified_gmt":"2026-02-18T10:15:19","slug":"alti-private-markets-at-the-center-50-30-20-portfolio","status":"publish","type":"news","link":"https:\/\/www.we-wealth.com\/en\/news\/alti-private-markets-at-the-center-50-30-20-portfolio","title":{"rendered":"AlTi, private markets at the center: beyond the 50\/30\/20 portfolio"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><strong>The AlTi<\/strong> <strong>line for large assets<\/strong><\/h1>\n\n\n\n<p>Nancy <strong>Curtin<\/strong>, <strong>Global<\/strong> <strong>Chief<\/strong> <strong>Investment<\/strong> <strong>Officer<\/strong> at <strong>AlTi<\/strong> <strong>Tiedemann<\/strong> <strong>Global<\/strong>, spoke at <strong>Ipem<\/strong> <strong>Wealth<\/strong> <strong>2026<\/strong> in Cannes to clarify that, for UHNW clients, pre-packaged formulas are often misleading.<\/p>\n\n\n\n<p>Her experience leading a team of over <strong>50<\/strong> professionals makes the approach operational and replicable for <strong>private banking<\/strong> and <strong>family<\/strong> <strong>offices<\/strong>.<\/p>\n\n\n\n<p>In the context of the expected growth in flows to <strong>private<\/strong> <strong>markets<\/strong>, the question is no longer whether to allocate, but how to manage <strong>illiquidity<\/strong> and operational risk.<\/p>\n\n\n\n<p>Estimates discussed in Cannes indicate individual assets increasing from <strong>2.7<\/strong> to <strong>9.3<\/strong> <strong>trillion<\/strong> <strong>dollars<\/strong> by <strong>2028<\/strong>, a trajectory that requires rigor in vehicle selection and liquidity planning.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>Private markets: core, not a fad<\/strong><\/h1>\n\n\n\n<p>Curtin reiterated that <strong>private<\/strong> <strong>markets<\/strong> have been integrated into <strong>UHNW<\/strong> mandates for over <strong>twenty<\/strong> <strong>years<\/strong> in <strong>AlTi<\/strong> practices, with the aim of applying <strong>endowment<\/strong> and foundation techniques to private portfolios.<\/p>\n\n\n\n<p>This means transforming the composition of the portfolio into a structure that aims for <strong>resilience<\/strong> against <strong>inflation<\/strong> and fiscal shocks, not simply chasing an illiquid premium.<\/p>\n\n\n\n<p>Therefore, for wealth managers and private bankers, access is not enough: what matters is the governance of the vehicle, the quality of the investor base, and the co-investment of managers.<\/p>\n\n\n\n<p>From an advisory perspective, the discipline is to avoid \u201cwatered-down\u201d solutions and favor those aligned with institutional investors and large assets.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>No Yale Model: customization and fiscal governance<\/strong><\/h1>\n\n\n\n<p>Curtin ruled out the universal applicability of standard rules such as <strong>50\/30\/20<\/strong> or generalized academic models.<\/p>\n\n\n\n<p>For <strong>UHNWs<\/strong>, what matters is tolerance for <strong>illiquidity<\/strong>, preferences for certain assets, and income needs that can vary dramatically from year to year.<\/p>\n\n\n\n<p>For a family office or private banker, this translates into governance processes that incorporate tax planning and legacy strategy from the outset of portfolio construction.<\/p>\n\n\n\n<p>The goal is to reduce the risk of tactical decisions dictated by deadlines and constraints rather than long-term convictions.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>The three-bucket operating scheme for managing different objectives<\/strong><\/h1>\n\n\n\n<p>Curtin proposes a functional model with three distinct containers to align risks and objectives: <strong>stability<\/strong>, <strong>diversification<\/strong>, and <strong>growth<\/strong>.<\/p>\n\n\n\n<p>This approach shifts the focus from the \u201casset class\u201d label to the function that each investment must perform in the overall portfolio.<\/p>\n\n\n\n<p>For wealth managers, this means designing mandates that clearly separate liquidity needs from long-term return needs, reducing the risk of forced sales.<\/p>\n\n\n\n<p>The point is to make it clear where performance is sought and where, instead, protection is paid for.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Stability: liquidity and cash flow protection<\/strong><\/h2>\n\n\n\n<p>The first bucket is dedicated to lifestyle and liquidity and is not designed to take on excessive risk.<\/p>\n\n\n\n<p>Curtin emphasizes the need to maintain a very short <strong>duration<\/strong> in this portion to prevent tax deviations or extraordinary expenses from forcing the monetization of growth assets.<\/p>\n\n\n\n<p>For those advising <strong>UHNW<\/strong> clients, the operating rule is simple: liquidity is a policy against the worst loss, i.e., the forced sale of the best assets.<\/p>\n\n\n\n<p>This is also where <strong>dry<\/strong> <strong>powder<\/strong> is built up to manage moments when the market misprices risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Diversification as ballast: stable returns and defense<\/strong><\/h2>\n\n\n\n<p>The second bucket acts as ballast to protect the portfolio, aiming for more regular returns and limiting <strong>downside<\/strong>.<\/p>\n\n\n\n<p>Curtin pointed out that, in recent periods, combined strategies of <strong>private<\/strong> <strong>credit<\/strong>, <strong>infrastructure<\/strong>, real assets, and absolute return have shown results of around <strong>10%-12%<\/strong>, emphasizing stabilization rather than the promise of linear performance.<\/p>\n\n\n\n<p>For <strong>UHNW<\/strong> portfolio managers, this means calibrating exposures that offer protection in drawdowns while maintaining <strong>tax efficiency<\/strong> for taxable clients.<\/p>\n\n\n\n<p>The value lies in overall resilience, not in individual components.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Growth: public and private in synergy<\/strong><\/h2>\n\n\n\n<p>The third bucket is dedicated to <strong>growth<\/strong> and combines passive exposures to broad markets, active management of themes, and a selected component of <strong>private<\/strong> <strong>equity<\/strong>.<\/p>\n\n\n\n<p>Curtin emphasizes that public and private are not substitutes but complements: private equity still requires long horizons and rigorous selection to achieve the expected premium.<\/p>\n\n\n\n<p>This segment requires wealth managers to implement governance that avoids both overexposure and the illusion of guaranteed returns from illiquidity.<\/p>\n\n\n\n<p>The construction must be consistent with the client&#8217;s objectives and real time horizon.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>Evergreen and liquidity ladder: selective utility<\/strong><\/h1>\n\n\n\n<p>Curtin appreciates <strong>evergreen<\/strong> funds for their ability to build a <strong>ladder<\/strong> of <strong>liquidity<\/strong> with differentiated windows, making them particularly useful in <strong>private<\/strong> <strong>credit<\/strong> and infrastructure.<\/p>\n\n\n\n<p>However, he rules out the automatic use of evergreen in <strong>private<\/strong> <strong>equity<\/strong>, where long duration is an integral part of the return engine.<\/p>\n\n\n\n<p>For those who build wealth management solutions, the assessment must focus on the consistency between the liquidity offered and the actual liquidity of the underlying asset, as well as the composition of investors.<\/p>\n\n\n\n<p>The risk to avoid is \u201csuperficial\u201d liquidity that translates into gating or repricing at the worst possible times.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>Manager selection: concentration where needed, diversification where required<\/strong><\/h1>\n\n\n\n<p>Curtin distinguishes between areas where manager <strong>concentration<\/strong> preserves alpha and areas such as <strong>private<\/strong> <strong>credit<\/strong> where <strong>diversification<\/strong> is crucial for capital protection.<\/p>\n\n\n\n<p>In private credit, the primary objective is capital recovery: the portfolio must be granular and managed by teams with experience in restructuring and adverse cycles.<\/p>\n\n\n\n<p>For hedge funds, on the other hand, selection focuses on managers with a replicable track record and attention to tax efficiency.<\/p>\n\n\n\n<p>For taxable clients, net return becomes the true measure of performance.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>The rule of thumb: bottom-up risk management<\/strong><\/h1>\n\n\n\n<p>The operational conclusion is that risk management is not a top-down exercise in percentages, but a <strong>bottom-up<\/strong> process that identifies what you own, what risks you are paying for, and how those risks interact with client objectives and cash flows.<\/p>\n\n\n\n<p>In a landscape where individual assets in private markets are expected to grow through <strong>2028<\/strong>, the ability to design portfolios governed by <strong>liquidity<\/strong>, <strong>protection<\/strong>, and <strong>growth<\/strong> becomes a competitive advantage.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><strong>Immediate implications for private bankers and family offices<\/strong><\/h1>\n\n\n\n<p>For those who build solutions for <strong>UHNW<\/strong> clients, the operational priorities are to validate the quality of vehicles and managers, structure a liquidity ladder consistent with the underlying assets, and integrate <strong>tax<\/strong> governance and <strong>legacy<\/strong> planning into portfolio construction.<\/p>\n\n\n\n<p>The push of private markets toward the wealth channel creates opportunities, but the value to the client depends on the advisor&#8217;s ability to govern illiquidity, <strong>concentration<\/strong>, and tax risk with clear operational disciplines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Ipem Wealth 2026, Nancy Curtin, CEO of AlTi Tiedemann Global: private markets as core assets for UHNW clients, 3-bucket framework, 10%-12% target in \u201cballast,\u201d evergreen only where liquidity is consistent. Bottom-up risk management: avoid forced sales, short duration, rigorous manager selection.<\/p>\n","protected":false},"author":85135,"featured_media":139202,"template":"","categories":[3738],"tags":[4028,4070,4074,3782],"collana-video":[],"class_list":["post-138724","news","type-news","status-publish","has-post-thumbnail","hentry","category-investments","tag-hnwi","tag-ipem","tag-private-credit","tag-private-markets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AlTi, private markets at the center: beyond the 50\/30\/20 portfolio | WeWealth<\/title>\n<meta name=\"description\" content=\"IPEM Wealth 2026: Nancy Curtin, CEO of AlTi Tiedemann Global, explains why private markets are core assets for UHNW investors, detailing a three-bucket allocation framework, a 10\u201312% ballast target, evergreen strategies with stable liquidity, and disciplined bottom-up risk management.\" \/>\n<meta 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