Enhancing access to alternative investments

The rise of digital platforms providing enhanced access to alternative investments has transformed how these asset classes — traditionally reserved for institutional investors — are approached. With global non-institutional assets totaling approximately $53 trillion in 2023, only a small portion is allocated to alternative investments, underscoring significant untapped potential. This dissertation examines the emergence, current landscape, and future trajectory of digital investment platforms tailored for individual investors. Core themes include the factors driving their growth, their predominant business models, the benefits and challenges for both investors and asset managers, and the range of asset classes they cater to. Furthermore, the study explores potential market developments, the impact of emerging technologies, and evolving regulatory frameworks shaping the future of these platforms.

Leonardo Fior, a Business and Management graduate from Bocconi University, developed this publication as part of his Master’s thesis. He currently serves as a Business Analyst at McKinsey & Company in Milan.