Any additional liquidity in private markets comes with a return trade-off that not every client will be happy to make.
That worries Mark Winterburn, head of UK advisory Julius Baer, who said wealthy clients are happy to lock up part of their portfolio for longer to access the illiquidity premium.
“The debate about semi-liquid funds is whether that premium will be retained or whether some of it will be lost due to the inability to adopt the same strategies as an illiquid private equity fund,” Winterburn told Citywire.