They see a $10 trillion opportunity in the next decade, but obstacles remain to widespread use of private investments.

Next gen clients have shown themselves to be less focused on tax implications and traditional investment returns, and more keen on making an impact both via their gifting and investing.

PE-style “whitelists” hamper efforts to expand the secondary market for fund stakes, as regulators raise liquidity concerns about private capital.

Private credit has fast become a Wall Street favorite and is attracting cash from hedge funds, sovereign wealth funds, insurers and pension providers as well as private equity firms.