Private wealth is a hot topic in private markets. Managers are increasingly turning to individual investors – mainly through the wealth management or private bank channels – as sources of fundraising capital alongside their institutional client base. Impact-focused managers are following suit.
New Private Markets recently caught up with Marion Redel-Delabarre, head of private wealth at AXA IM Alts. The firm’s Global Health Private Equity strategy became the first Article 9 classified fund to go live on the iCapital platform, which connects qualified individual investors with private fund investment opportunities, in Q4 last year. What would normally be a €10 million minimum ticket size is reduced to €125,000 for those accessing the platform.
iCapital does not give details about the various funds on its platform. New Private Markets understands the healthcare fund is still its only Article 9 fund, although more are in the pipeline. An undisclosed US impact fund is also raising through iCapital.
AXA IM Alts’ healthcare fund has a target size of €500 million and AXA is targeting from 10 to 15 percent of that to come through the private wealth channel, said Redel-Delabarre.
Are there plans to open up other impact strategies, like natural capital, to individuals? “We will address it at some point in the future,” she said. “We will develop the expertise and offer it at the right time.”