Episode summary
ING - How to build a private markets platform within a European bank.
Alt Goes Mainstream
· · Hosts: Michael Sidgmore · Guests: Anneka Treon, Johan Kloeze
Summary
ING is trying to turn private markets into a core part of its wealth platform, not a niche add-on. The bank says it manages more than €260 billion of invested assets across 5 million clients, and the two executives argue that the real opportunity is to move clients from cash and short-term trading toward long-duration wealth creation and preservation. They frame that as “slow money versus fast money,” with private markets presented as a natural fit for long-term capital formation.
A central theme is that the traditional closed-end private markets model was too operationally awkward and too opaque for a mass wealth audience. ING moved instead toward evergreen fund structures, partnering with established managers and curating a limited set of offerings across private equity, private credit, infrastructure, and multi-alternatives. The executives argue that curation matters because private markets are not interchangeable: manager quality, liquidity management, and fit with the strategy are decisive.
Education is presented as the biggest challenge and the biggest moat. ING says it had to build a single story for advisers and clients that explains why private markets matter, how evergreen funds work, and why the platform belongs inside a bank app. The longer-term ambition is to expand access further, including through LTIFs, while continuing to humanize an asset class that the bank believes has too often been built for institutions rather than individuals.
Key takeaways
- ING’s core thesis is that private markets should help clients climb the wealth ladder through long-duration compounding, not just chase short-term returns.
- The bank says evergreen structures solved the operational drawbacks of closed-end funds and made private markets usable for a much broader wealth audience.
- ING argues that manager selection is critical because private markets are highly differentiated, unlike more commoditized public-market products.
- The hardest part was not the product mechanics but the education required to get advisers and clients comfortable with the why, the how, and the risks.
- ING sees private markets as a long-run growth engine for wealth management and says its platform is still in the early innings.
Notable quotes
“The biggest challenge was actually this educational part that takes it's not an intellectual challenge, but it takes time”
“our strategy for private bank wealth and investments. Why? Because there's just such a gap in the market to humanize things like private markets”
How the episode opens
This episode of the Altco mainstream podcast is brought to you by Ultimus. Ultimus is a leading full-ervice fund administrator for asset managers in both private and public markets. Offering a wide range of capabilities across registered funds, private funds, and public plans, as well as outsourced middle office services, delivering operational excellence, Ultimus helps firms manage the everanging regulatory environment while meeting the needs of their institutional and retail investors.
Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Trusted by institutions, investment consultants, registered investment adviserss, state governments, and fund managers, Ultimus provides solutions for nearly every investment structure in the marketplace. Visit www.ultimusf altimusf fundsolutions.com to learn more about Ultimus' technology-enhanced services and solutions or contact Ultimus executive vice president of business development Gary Harris on email at g har har har har har har har har har har har har har har har har har har har harris at ultimus funundsolutions.com we thank Ultimus for their support of alts going mainstream we're going mainstream we're going mainream all My family see you on mainream.
We're going mainream from Wall Street to Melrose Avenue. We're going to venture capitalists to athletes to leaders to the person who has collected trading cards. We're going to collision of culture and finance.
We're going. Welcome back to the Alcoa's mainstream podcast. Today's episode was filmed at ING's HQ in Amsterdam right after ING held its private markets day.
The firm has been actively building out its private markets capabilities to serve its private wealth clients. So, it was a treat to interview two of the people responsible for running ING's wealth management and private markets practice. We sat down with Anaka Triion, ING's global head of private banking, wealth management and investments and Johan Close, head of private banking and wealth management Netherlands to discuss ING's big ambitions in private markets.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ing private markets platform
- wealth management
- evergreen funds
- educating advisors and clients
- eltif expansion
Companies and tickers mentioned
- ING
Watch the episode
Watch “ING - How to build a private markets platform within a European bank.” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Alt Goes Mainstream, this episode and its artwork belong to Michael Sidgmore. Octagon is not affiliated with the show; this page is an independent summary.
