{ "docId": "019dd923-5e88-73ef-bd5a-82cf7b714f71", "docSlug": "bc4a0baabdc7f455", "documentTitle": "2023 global pe report roadshow deck", "authorId": "Bain", "authorName": "Bain", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 10, "pageCount": 16, "prevPage": 9, "nextPage": 11, "slideType": "industry_trends", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-82cf7b714f71/10", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-82cf7b714f71", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-82cf7b714f71.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-82cf7b714f71#slide-10", "components": [ { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "callout", "text": "The net result of rule changes and product innovation is that a growing number of individuals across regions are gaining access to more types of alternative investments.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0332f139-52e7-44a7-b082-7f1dd10a1ba2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.78, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "Moonfare, for instance, is a fast-growing direct-to-consumer platform based in Berlin that offers self-certified investors access to PE funds by pooling individual investments. iCapital is a much larger firm based in New York that uses a similar pooling model to aggregate investments in buyout and other types of alternative investments. But it targets accredited investors through private banks like UBS. Opto Investments employs a model similar to iCapital's but focuses on financial advisers rather than private banks. Notably, Opto offers software that supports back-office functions and investment decision making, which helps financial advisers manage the complexities of alternative asset classes.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ba37478-3797-4698-8b18-afde88be06c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "Economics. Historically, the private equity industry’s steep investment minimums and high fees have worked with regulatory restrictions to put funds out of reach for most investors. But as the industry matures and scales, it should get cheaper for individuals to find a seat at the table.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "444efb4e-bd56-4a4b-ae6b-95fb41c147c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "paragraph", "text": "As we discuss elsewhere in this report, the alternatives industry is also exploring how smart contracts and tokenization could potentially streamline these digital pathways. Firms like KKR and Hamilton Lane have launched tokenized fund structures that provide liquidity mechanisms for individuals. These models promise to cut administrative costs and improve economics for GPs, with the goal of lowering minimums and creating a retail-like user experience. The initiatives so far involve small slices of larger funds and are very much in the pilot stage. But they are generating wide interest among funds looking to build faster, more efficient bridges to the individual market.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80e90a26-4f63-4684-8706-52555e9865d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "paragraph", "text": "Already, digital distribution platforms have exerted downward pressure on fees—the fees charged by private banks and financial advisory firms in the middle of the distribution channel, not those charged by PE funds themselves. As a result, GPs are more than happy to keep structuring low- (or lower-) minimum funds for individuals that draw in new fee-generating assets. The banks and advisory firms, meanwhile, are working on innovative ways to streamline and cut costs in their own operations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ff54cbe-65ce-4f14-b253-fbe577952903", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "Liquidity. The private equity investment model is geared toward very large, patient investors willing to lock up their money for a period of years before they see any distributions. So, it’s no surprise that", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c26ec59a-458b-427e-8e8a-03c3370754ac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.12 }, "kind": "paragraph", "text": "The number of digital pathways, meanwhile, has exploded. Emerging digital players like Moonfare, iCapital, and Opto Investments have built platforms—some aimed at financial advisers, some aimed directly at individuals—that offer low-cost access to a wide range of alternative products.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cdef3db4-8ff7-4089-b392-b0c0b53f7ce4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.07 }, "kind": "title", "text": "Global Private Equity Report 2023", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e5e0cb8-f67b-4cc0-8b2f-f14dbed2411b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Concrete Language", "slug": "concrete-language", "agent": "Storyteller", "layer": "slide", "matchId": "019dd95a-1640-705b-b6be-014743e95d57", "evidence": "Dense body cites specific rule changes (40 Act, 401(k)) enabling retail access.", "confidence": 70 }, { "name": "Credibility Transfer", "slug": "credibility-transfer", "agent": "Storyteller", "layer": "slide", "matchId": "019dd95a-1640-705b-b6be-07cb430166ae", "evidence": "Cites regulators and named asset managers to validate momentum.", "confidence": 60 } ], "frameworks": [], "arcBeats": [ { "to": 13, "from": 9, "beatId": "019dd95a-0702-74a3-87e4-f87675da4e39", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "Focus broad middle, rule changes, liquidity products, and GTM plays matrix.", "position": 3, "confidence": 82, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 13, "from": 9, "name": "Quick Win Big Bet", "slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "019dd95a-088c-724c-b310-851eea874e86", "evidence": "Key message, then liquidity-product Figure 4 and the six GTM plays in Figure 5.", "position": 2, "objective": "Lay out the retail playbook: structural innovations and go-to-market plays", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 60, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }