Wealth advisers at banks and brokerages raked in over $2 billion in fees since 2017 by steering retail investors into private market funds, even as some funds now face net outflows. Sixteen funds, including those from Blackstone, Blue Owl, Apollo, and KKR, generated these fees through servicing costs alone, per a Financial Times analysis of regulatory filings. The trend reflects a surge in semi-liquid “evergreen” vehicles that let investors trade shares at intervals, fueled by a five-year bull market that expanded the wealthy retail base seeking diversification.