In today's edition, a $177trn group of investors is increasing their private markets influence; Bank of America Merrill Lynch gets a new private markets tsar; GPs struggle to keep pace with AI adoption – particularly in Europe. Fresh insights RIAs: finding strength in numbers. Source: Getty Un-RIA-lised potential A more institutional mindset from registered investment advisers could spell major opportunity for private markets rainmakers. That's according to our colleagues at Buyouts, who report that this group is increasingly adopting investment committees, due diligence frameworks and portfolio construction processes that mirror those used by pensions, endowments and sovereign wealth funds (registration required).

The shift toward institutional-grade processes among RIAs signals a maturing investor base that could unlock significant capital for private markets funds. As these advisers formalize their approach with investment committees and rigorous due diligence, they begin to resemble traditional institutional allocators in both sophistication and scale. This evolution presents a compelling opportunity for fund managers seeking to diversify their investor base beyond traditional pensions and endowments. The trend also highlights the growing importance of operational readiness and transparency for GPs looking to access this expanding pool of capital.