Apollo explores $3 billion fund sale, KKR shrugs off turmoil, and new data tools aim to reassure investors
Private markets are confronting a pivotal test as wealthy individual investors grow more cautious, private credit managers defend the resilience of their portfolios, and firms roll out new transparency initiatives to shore up confidence.
A series of developments over the past week highlights how the industry is adjusting to rising scrutiny over valuations, liquidity and credit quality after years of rapid expansion.
Retail investors pull back
Individual investors, long viewed as the next major source of growth for alternative asset managers, are showing signs of hesitation.
According to the Financial Times, fundraising into evergreen private equity and venture capital vehicles rose just 2% in the first quarter from a year earlier, a sharp slowdown from the 55% increase recorded in early 2025.
Private credit has seen an even steeper cooling. The FT reported that fundraising in the category fell roughly 30% from both the prior quarter and the same period last year as concerns over writedowns and redemption limits weighed on sentiment.
The shift is notable because firms including Apollo, KKR, Ares and Blackstone have invested heavily in products designed for affluent investors, betting that private wealth would become a major driver of future asset growth.
Despite the recent pullback, KKR's inaugural 2026 End-Investor Survey suggests retail demand for private markets remains intact.
The survey found that many individual investors are increasingly familiar with private market concepts and are open to allocating to the asset class, even as they continue to weigh concerns around liquidity, risk and access.
The findings indicate that education and advisor guidance will play a critical role in converting curiosity into actual allocations.
The report aligns with KKR's broader view that private markets are becoming a more mainstream part of portfolio construction rather than a niche allocation reserved for institutions.
Apollo considers fund sale
Against that backdrop, Apollo Global Management is in talks to sell a $3 billion private credit fund.
The vehicle, MidCap Financial Investment Corporation, or MFIC, is a publicly traded business development company that invests in middle-market loans. Discussions are ongoing and may not lead to a transaction.
The potential sale underscores how secondary-market liquidity is becoming increasingly important as managers look for ways to reposition portfolios and meet investor demand for flexibility.
Apollo pushes for daily pricing
At the same time, Apollo is taking steps to improve visibility into private credit valuations.
The firm said it plans to provide daily pricing for its credit funds by September, a significant departure from the quarterly valuation schedules that have long been standard in private markets.
"When public markets reprice, private markets should too," chief executive Marc Rowan said during the firm's earnings call.
Apollo's assets under management have now surpassed $1 trillion, reinforcing the firm's position as one of the largest players in alternative investing.
KKR downplays market fears
KKR is also pushing back against concerns that volatility in private markets reflects deeper structural issues.
"The fact is, perception of the volatility of our business and industry is disconnected from the lived experience," co-chief executive Scott Nuttall said after the firm reported first-quarter results.
KKR raised $28 billion during the quarter, including more than $15 billion for private credit strategies, suggesting institutional appetite remains strong despite turbulence in public markets.
StepStone and PitchBook add deal-level benchmarks
As investors demand better information, StepStone Group and PitchBook announced a partnership to provide deal-level performance and operating benchmarks across private equity, venture capital, growth equity and infrastructure.
The offering will combine StepStone's SPI data platform with PitchBook's research and analytics tools to give users more detailed insight into value creation and underlying drivers of returns.
"Private markets investors are demanding greater transparency and more sophisticated analytics to navigate an increasingly complex landscape," said Tyler Johnson, Partner and Chief Technology Officer at StepStone Group.
The product is expected to be available in the second quarter of 2026.
A more demanding market
Taken together, the developments suggest private markets are entering a new phase in which fundraising growth can no longer be taken for granted and managers must provide investors with more frequent valuations, deeper data and greater liquidity options.
While large firms continue to attract institutional capital, the retail pullback is forcing the industry to prove that private market products can deliver both performance and transparency in more volatile conditions.
