Who runs private markets in the UK.
A map of the firms that build, run, distribute and service private-market funds: fund managers, administrators, depositaries, platforms and the advisers around them. With the research behind it.
Written for the firms that build, run, distribute and service private-market funds. Investing as an individual? Start at Learn →
- 12
- provider categories mapped
- 6
- layers of the market
How money moves through a private-market fund, and who touches it
The firms behind private-market investing go well beyond the fund manager. Six layers, from raising the fund to the advisers who structure it.
- 01
Fund management
Who raises and runs the fund
Fund managers and AIFMs
Firms raising and running alternative funds, from full-scope managers to small registered ones.
Delegated investment managers
Managers running portfolios on behalf of an appointed AIFM or fund board.
- 02
Fund infrastructure
Who holds, counts and values the assets
Depositaries and custodians
Safekeeping of fund assets, oversight duties and cash-flow monitoring.
Prime brokers
Financing, execution and securities lending for leveraged strategies.
Fund administrators
NAV production, fund accounting, capital calls and investor reporting.
Valuation and pricing firms
Independent valuations of unlisted holdings and private credit positions.
Transfer agents and investor onboarding
Register maintenance, subscriptions, redemptions and AML/KYC checks.
- 03
Distribution
How the fund reaches investors
Distribution platforms and wealth intermediaries
The platforms, advisers and wealth managers through which funds reach investors.
- 04
Liquidity
How investors get out before the end
Secondaries and liquidity venues
Marketplaces and processes providing exits and interim liquidity for closed-ended holdings.
- 05
Technology and data
What the market runs on
Tokenisation and digital-asset infrastructure
Fund tokenisation, digital transfer agency and on-chain record-keeping for private assets.
Data, reporting and regulatory technology
Regulatory reporting, portfolio monitoring and data infrastructure for private markets.
- 06
Professional services
Who designs and authorises the vehicle
Legal, tax and fund structuring advisers
Advisers designing vehicles, domiciles and wrappers, and taking them through authorisation.
The map is in build. Categories will expand as the research does. To request inclusion or a correction, contact us.
What we have published so far
Industry research uses the same directory and FCA data as the rest of Other., and is updated in place rather than re-issued.
Four ways firms use it
- Fund managers
Who else is raising in my space, and through whom?
Competing managers, the distributors carrying their funds, and the service providers they use.
- Platforms and distributors
Which funds and structures could I carry?
Managers open to new distribution, and the other platforms already carrying them.
- Service providers
Which managers and platforms might need us?
Firms by category, size and current providers. A starting point for a target list.
- Wealth managers
What is behind the products I am offered?
The manager, administrator, depositary and structure behind a fund, before it goes on the panel.
Inclusion is on published criteria, not payment
Other. Industry is editorially independent. Firms are included in our research and ecosystem map because they meet the category criteria, which we publish. There is no sponsored placement and no paid tier that changes what is shown. To request inclusion or a correction, contact us.
The industry view, monthly.
Research and map updates for the firms building, distributing and supporting private-market investments.
Firms that want to be considered for the ecosystem map can get in touch.