There is a point at which wealth stops being a simple allocation problem and becomes an architecture problem. For many European investors, that point arrives well before a family office becomes practical. The portfolio may already span operating businesses, property, listed securities, cash, succession needs and cross-border interests, yet access to private opportunities can still be fragmented, product-led or designed around institutional scale.
This is the €2–10 million gap: not a regulatory category and not a claim that every investor within it has the same needs, but a useful way to describe a structural tension. Wealth has become complex enough to require selection, documentation and coordination; the available solutions are not always configured around that complexity.
More wealth has not made decisions simpler
UBS reported that global personal wealth grew by 10.8% in US-dollar terms during 2025, with EMEA rising by 17.5%. The bank also stressed that gains were uneven and that exchange-rate movements contributed to the regional differences. Growth in wealth therefore does not automatically mean uniform financial confidence, identical risk tolerance or easier portfolio construction.
McKinsey’s 2026 survey of 5,490 respondents across 15 European countries points in the same direction. Among the 510 respondents classified as high-net-worth individuals, with more than €2 million in financial assets, the proportion describing themselves as risk-takers fell from 40% in the previous survey to 31%. At the same time, clients increasingly expected advisers to manage uncertainty, sustain trust and support the broader complexity of their financial lives—not merely pursue higher returns.
That combination matters. A more selective investor does not necessarily want fewer possibilities. The investor wants each possibility explained more clearly: what the asset is, which rights are acquired, how value is assessed, how long capital may be committed, who controls the structure and what can go wrong.
Private markets are becoming larger—and more relevant
J.P. Morgan estimates that private markets are now worth nearly US$20 trillion. Companies are remaining private for longer, while infrastructure, energy, technology and the reconfiguration of supply chains are creating capital needs that do not sit exclusively in listed markets. Access is broadening beyond institutions and the very wealthiest investors, but broader access should not be confused with simpler risk.
PwC Switzerland’s 2026 Wealth Management Insights describes alternatives as a permanent rather than marginal component of modern portfolios. In its industry survey, 34% of respondents identified private equity as the alternative product attracting the greatest client interest, followed by real estate at 15% and private debt at 14%. These figures measure reported interest, not suitable allocations or expected returns. Their significance is directional: demand is moving toward assets and transactions that require more explanation, not less.
This is why the access question cannot be reduced to a lower minimum investment. The real challenge is to preserve the disciplines normally associated with professional transactions—asset selection, legal structuring, custody or administration, valuation methodology, reporting and an intelligible exit framework—at a scale relevant to private wealth.
“Alternatives” are not one asset class
The word can conceal more than it reveals. Three opportunities may all be described as alternative while creating entirely different rights, risks and value drivers.
Real assets and collectibles
With a collectible real asset, the analysis begins with the object: authenticity, title, provenance, condition, scarcity, cultural relevance, custody, insurance and depth of demand. The buyer acquires the ownership or co-ownership rights defined by the structure. Any gain would arise from a change in the market value of that specific asset, not from an interest rate or coupon. Liquidity depends on finding a buyer for an object of that quality under the conditions prevailing at the time.
Bonds and private debt
A bond is a contractual claim. Its analysis turns on the issuer or borrower, use of proceeds, security package, seniority, cash-flow capacity, covenants, maturity, enforcement and the relationship between coupon and risk. Income does not make the instrument equivalent to cash, and a high coupon is not a substitute for credit analysis. Each transaction must be assessed on its own documentation and benchmarked at the relevant date.
Private equity and club deals
Private equity and club deals involve participation in a company, project or dedicated vehicle. The critical questions include governance, shareholder rights, valuation, dilution, financing, business execution, reporting and exit routes. The value is linked to the development of the underlying enterprise or transaction; timing and liquidity may be uncertain, and access alone does not create an edge.
Keeping these categories separate is the first test of serious portfolio construction. A tangible object, a debt claim and an equity participation cannot be compared through one headline number.
What disciplined access should contain
For private wealth, a credible access model should make complexity legible rather than hide it. Five elements are particularly important:
- A defined investment thesis. Why this asset or transaction, and which observable factors could create or destroy value?
- Rights that exist outside the marketing narrative. Ownership, claims, voting rights, restrictions and priorities must be established by the legal structure and transaction documentation.
- Independent evidence where it matters. Authentication, valuation, technical review, credit analysis or commercial due diligence should match the asset class.
- Operational stewardship. Physical custody, insurance, cash administration, reporting and record-keeping are part of the investment architecture—not back-office details.
- A realistic liquidity framework. The intended holding period, transfer restrictions, likely exit channels, costs and adverse scenarios should be understood before capital is committed.
Digital infrastructure can improve records and administration. It cannot create ownership that the legal documents do not grant, remove credit risk, guarantee a buyer or turn an illiquid asset into a liquid one.
A checklist before considering an opportunity
The right starting point is not “How much could it return?” but a sequence of more fundamental questions:
- What exactly do I own or claim?
- Which document and register establish those rights?
- What is the source of potential value creation or income?
- Which risks are specific to the asset, borrower, company or vehicle?
- How was the entry valuation established, and by whom?
- What fees and operating costs affect the economic outcome?
- What information will be reported during the holding period?
- What are the plausible exit routes, and what happens if none is available on schedule?
- How would the commitment affect portfolio concentration and liquidity?
These questions do not eliminate uncertainty. They make it governable.
The Altherum perspective: access is a process, not a promise
The opportunity created by the €2–10 million gap is not to imitate an institutional portfolio in miniature. It is to apply institutional disciplines proportionately: begin with the asset, distinguish the legal and economic structure, document the rights, organise custody or administration and assess exit conditions honestly.
That is the logic behind Altherum’s three distinct paths across real assets, club deals and bonds. They share a method, not a risk profile. Selection and structure precede digital administration; the documentation for each opportunity governs the investor’s rights.
As public and private markets converge, wealth above €2 million is likely to encounter a broader opportunity set. The useful question is not whether alternatives belong in every portfolio. It is whether a particular opportunity is understandable, appropriately structured and proportionate to the investor’s objectives, liquidity needs and capacity for loss.
Explore how Altherum approaches selection and structure, or request an introduction for a discussion tailored to your role.
This article is provided for general informational and educational purposes only. It is not investment advice, a recommendation, an offer or a solicitation. Real assets and private-market opportunities involve risks including loss of capital, valuation uncertainty and limited liquidity. Eligibility and access depend on the specific opportunity, jurisdiction and transaction documentation.