You have to choose your battles carefully in private markets
Durante generaciones, los mercados privados fueron territorio exclusivo de grandes instituciones, inaccesibles para quienes, pese a su fortuna personal, debían conformarse con los mismos activos públicos que cualquier inversor minorista. Hoy, ese orden está cambiando: los individuos de alto patrimonio están cruzando una frontera que antes parecía infranqueable, atraídos por retornos superiores y por la creciente concentración que hace de los mercados públicos un campo cada vez más estrecho. Este desplazamiento no es solo financiero; refleja una reconfiguración más profunda de quién tiene acceso al crecimiento real de la economía, en un momento en que la mayoría de las grandes empresas elige permanecer fuera de la vista pública.
- Los mercados públicos se han vuelto peligrosamente concentrados: más del 30% del valor del S&P 500 descansa en apenas 100 acciones, sofocando las posibilidades de diferenciación para cualquier gestor de cartera.
- El 86% de las empresas con ingresos superiores a 250 millones de dólares evita cotizar en bolsa, dejando fuera del alcance del inversor tradicional una vasta porción de la economía real.
- Los fondos privados ofrecen retornos hasta un 25% superiores a los mercados públicos, pero exigen precisión: entrar temprano o tarde en un fondo puede significar la diferencia entre el 25% y el 10% de rentabilidad.
- Los gestores de patrimonio en América Latina están empujando a sus clientes hacia una asignación de entre el 8% y el 24% en mercados privados, buscando alcanzar los estándares ya consolidados en mercados desarrollados.
- La menor liquidez de estos activos deja de ser un defecto y se convierte en una virtud: la estabilidad que ofrece compensa con creces la imposibilidad de salir en cualquier momento.
Durante décadas, los fondos de inversión privados fueron dominio exclusivo de pensiones, dotaciones universitarias y grandes gestores institucionales. Los individuos adinerados observaban desde los márgenes, con sus carteras atadas a los mismos mercados públicos accesibles para cualquiera. Ese mundo está cambiando, y más rápido de lo que muchos anticipaban.
Roberto Melzi, director de inversiones de Vicctus Multifamily Office, describe el cambio como imparable. En los últimos años, personas de alto patrimonio han ganado acceso a estrategias en deuda privada, capital privado e inmobiliario, categorías antes reservadas a los actores institucionales más grandes. La razón es clara: los mercados públicos se han vuelto demasiado concurridos. El S&P 500 tiene más del 30% de su valor concentrado en apenas 100 empresas, lo que hace casi imposible generar retornos que se diferencien del índice. Bruno Ghio, CEO de Allié Family Office, señala que en los mercados privados la ecuación es distinta: entrar temprano puede significar retornos del 25%, mientras que en un fondo tradicional de renta variable la diferencia entre entrar antes o después es prácticamente irrelevante.
Joanna Castro, de Credicorp Capital, observa que nuevos vehículos de inversión están abriendo puertas antes cerradas. Los datos respaldan lo que los gestores ven en terreno: los fondos privados han generado retornos superiores con menor volatilidad. Dependiendo del tamaño del patrimonio, estos fondos pueden representar entre el 8% y el 24% de la cartera total. Hoy la industria latinoamericana se agrupa en torno al 10-13%, pero los asesores buscan acercar a sus clientes al extremo superior, alineándose con lo que los inversores en mercados desarrollados ya mantienen.
Un factor adicional impulsa este movimiento: las grandes empresas prefieren mantenerse privadas. El 86% de las firmas con ingresos superiores a 250 millones de dólares no tiene información pública ni intención de cotizar. Incluso las startups tardan más en llegar a los mercados públicos, y cuando lo hacen, llegan ya como unicornios valuados en miles de millones. Esto significa que los fondos privados ofrecen acceso a un universo de negocios que jamás cotizará en bolsa. La menor liquidez de estos activos no es un defecto, sino el precio de una estabilidad y un potencial de retorno que los mercados públicos, en su saturación, ya no pueden garantizar.
For decades, private investment funds were the exclusive domain of pension funds, endowments, and other institutional money managers. The wealthy individuals who controlled billions in assets watched from the sidelines, their portfolios locked into the same public markets everyone else could access. That world is shifting, and it's happening faster than many expected.
Roberto Melzi, chief investment officer at Vicctus Multifamily Office, describes the change as unstoppable. Over the past several years, wealthy individuals have gained access to specialized strategies in private debt, private equity, and real estate—investment categories that were once closed to all but the largest institutional players. Now they are moving in. "This used to be terrain where only institutional investors operated," Melzi explained, "but high-net-worth individuals are already investing there."
The reason is straightforward: public markets have become too crowded and too concentrated. The S&P 500, which theoretically represents 500 companies, now has more than 30 percent of its value tied up in just 100 stocks. For a portfolio manager trying to beat the market, this creates a problem. Bruno Ghio, CEO of Allié Family Office, points out that generating returns that differ meaningfully from the index has become nearly impossible in these liquid, heavily trafficked markets. The solution, he argues, lies in private markets, where the stakes and the rewards are different. Enter a private fund early, and you might see returns of 25 percent. Enter late, and you might see 10 percent. In a conventional U.S. large-cap mutual fund, by contrast, the difference between early and late entry is negligible. "You have to choose your battles carefully in private markets," Ghio said. "You need to know how to pick the manager and the product."
Joanna Castro, executive director of investment advisory at Credicorp Capital, observes that new investment vehicles are opening doors that were previously locked. The data supports what wealth managers are seeing on the ground: private market funds have generated superior returns with lower volatility than traditional public markets. For families with substantial assets, this matters. Depending on the size of a person's portfolio, private funds can reasonably represent between 8 and 24 percent of total holdings—a significant allocation. Currently, the industry clusters around 10 to 13 percent, but Castro and her peers are pushing to move Latin American clients toward the higher end, closer to what wealthy investors in developed markets already hold.
One reason private markets are becoming more attractive is that major companies are increasingly choosing to stay private. Eighty-six percent of firms with annual revenues exceeding $250 million have no public information and no intention of going public. The friction and scrutiny that come with a stock exchange listing have become less appealing than remaining private. Even startups are taking longer to reach public markets; when they do, they often arrive as "unicorns" valued at a billion dollars or more, not as smaller, earlier-stage companies. This shift means that private funds offer access to a universe of businesses that will never trade on an exchange. Yes, these investments are less liquid than public stocks, but that illiquidity comes with a trade-off: stability and the potential for outsized returns. For a wealthy individual trying to build a durable portfolio that can weather market cycles while capturing growth, private markets have become not just an option but an increasingly essential piece of the puzzle.
Citações Notáveis
This used to be terrain where only institutional investors operated, but high-net-worth individuals are already investing there.— Roberto Melzi, Vicctus Multifamily Office
Private funds offer access to a universe of businesses that will never trade on an exchange, and despite being less liquid, they bring stability to portfolios.— Joanna Castro, Credicorp Capital
A Conversa do Hearth Outra perspectiva sobre a história
Why are wealthy people suddenly interested in private funds now, when these have existed for years?
They're not new, but access is. For a long time, you needed to be a pension fund or university endowment to get in. Now the doors are opening, and the timing matters because public markets have become too concentrated—too many eggs in too few baskets.
What's the actual difference in returns between entering a private fund early versus late?
It can be dramatic. You might see 25 percent returns if you're in from the beginning, but only 10 percent if you enter later. In a regular mutual fund, that gap barely exists. The timing and the manager selection matter enormously.
But aren't private funds riskier because they're less liquid?
They're less liquid, yes, but the data shows they actually deliver lower volatility than public markets while returning more. The trade-off is worth it if you have the capital to lock up for the medium to long term.
Why are so many companies avoiding public markets altogether?
Going public brings scrutiny, regulation, and friction. If you're already successful and generating cash, staying private lets you operate without that burden. Eighty-six percent of large companies choose exactly that.
What percentage of a wealthy person's portfolio should be in private funds?
It depends on the total size, but somewhere between 8 and 24 percent is reasonable. Right now, most wealthy Latin American investors are at 10 to 13 percent. Wealth managers are pushing them toward the higher end, where developed market investors already sit.
Is this a trend that will continue, or is it a bubble?
The fundamentals suggest it will continue. As long as public markets remain concentrated and companies prefer to stay private, the private market universe will keep growing. The question isn't whether wealthy individuals will allocate more—it's how quickly.