AssetMark announced Tuesday the introduction of several new private markets interval funds and professionally managed strategies backed by alternative asset managers Apollo, Carlyle, KKR and Stepstone.
The formal launch comes about four months after the firm announced plans to introduce private market access for financial advisors and about two weeks after it released a survey suggesting many wealth management professionals would switch firms in order to gain such access.
Speaking with ThinkAdvisor ahead of Tuesday’s announcement, AssetMark Chief Wealth Solutions Officer David McNatt said the development is a major milestone for the platform at a time when financial advisors are being called upon to do more for their clients — especially retirement savers and clients in the high-net-worth market.
“Our goal with these strategies and everything we do is empowering advisors,” McNatt said.
The approach combines what McNatt described as rigorous due diligence, seamless integration and complete portfolio management to make private markets practical and scalable for advisors.
“This all comes together without the traditional barriers of high minimums, accreditation requirements, or complex tax and operational hurdles,” McNatt added.
The specific funds being made available include Apollo Diversified Credit, Carlyle Tactical Private Credit, KKR Real Estate Select Trust and StepStone Private Infrastructure. The funds are integrated into AssetMark’s unified managed account technology, McKnatt noted, allowing advisors to build customized private market exposure while benefiting from simplified paperwork and portfolio rebalancing.
For advisors seeking a fully outsourced approach, AssetMark is also providing goals-based strategies across growth, income and preservation. This approach combines multiple interval funds into a single solution at an investment minimum of $10,000.
Advisors can also access professionally managed, total portfolio solutions through GPS Select Access and Savos Personal Portfolios Access, starting at $250,000 minimums.
In a statement, AssetMark Group CEO and Chairman Lou Maiuri said the expansion into private markets is a “natural evolution” of the firm’s advisor platform.
“By bringing together the expertise of Apollo, Carlyle, KKR, and StepStone within our unified investment ecosystem, we’re equipping advisors with an ‘easy button’ to help clients pursue new sources of returns and diversification,” Maiuri said.
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