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Wealth Managers Embrace Private Markets: $38M Funding Fuels Customizable Model Portfolios
8 Aug
Summary
- GeoWealth secures $38M Series C funding led by Apollo
- Advisors increasingly interested in private market allocations
- Model portfolios with private assets see rapid growth
In August 2025, GeoWealth, a Chicago-based turnkey asset management platform, has secured $38 million in Series C funding led by Apollo. This latest round of funding, which also included an $18 million growth investment from BlackRock last year, comes as advisors are increasingly interested in using private market allocations in model portfolios, especially for mass affluent clients who historically haven't had access to alternatives.
GeoWealth, which currently works with about 200 RIAs and has $32 billion in client assets under administration, plans to use the funding for product development and new hires, as well as to support its recently completed acquisition of the TAMP assets from Freedom Advisors. "Advisors are seeking turnkey access to private markets," said GeoWealth CEO Colin Falls.
The demand for private asset inclusions in model portfolios and similar strategies has been growing rapidly. Assets in third-party model portfolios, which include strategies not made in-house by RIAs, totaled more than $645 billion at the end of March 2025, a 62% increase from the previous year. "Investors are increasingly looking beyond public markets for greater diversification and differentiated returns," said Stephanie Drescher, chief client and product development officer at Apollo.
