Carlyle Group’s wealth management division has nearly doubled in size since Harvey Schwartz took over as CEO in 2023. The unit is now on track to contribute roughly 20% of the firm’s overall capital flows, according to Bloomberg. This growth reflects a broader trend of affluent investors increasingly allocating to private markets.

Shane Clifford, Carlyle’s global wealth head, attributes the shift to a “silver tsunami” of wealth transferring from Baby Boomers to younger generations. He notes that allocations to private equity and related assets have jumped from 5-6% to between 10-30% of portfolios. This structural change is driving demand for new investment vehicles tailored for individuals.

Under Schwartz, Carlyle has rolled out funds allowing retail investors to buy and sell secondary private equity stakes. The firm is also competing with giants like Blackstone and Apollo for a slice of the $12 trillion in U.S. retirement plans. This marks a strategic pivot for private equity giants, who are now aggressively targeting long-term wealth capital alongside traditional institutional money.