State Street is seeking to deepen its exposure to private markets secondaries as it looks to broaden access for retail investors, according to Yie-Hsin Hung, chief executive of State Street Investment Management.

Speaking to Bloomberg Television in Davos ahead of the World Economic Forum’s annual meeting, Hung said the firm was searching for “like-minded asset managers that are really interested in bringing those strategies to everyday people”.

State Street has already taken concrete steps in the space. In 2025, the Boston-based group acquired a minority stake in Coller Capital to capitalise on the rapid growth of the secondaries market, where investors buy stakes in private assets at a discount from existing holders. The strategy has expanded sharply as private equity firms struggle to exit portfolio companies through sales or IPOs.

The asset manager has also partnered with Apollo Global Management to allow individual investors to trade private credit, highlighting how large traditional firms are moving closer to alternative asset strategies historically reserved for institutions.

Hung cautioned that not all private market assets are suitable for exchange-traded fund structures, which require higher liquidity than most private investments can offer. Still, she said value creation in private markets remains compelling.

She added that geopolitical tensions and uncertainty have slowed capital flows into the US, prompting investors to seek greater regional diversification rather than abandoning the market altogether.

The comments underline how secondaries and private credit are becoming central to the retailisation strategies of large asset managers as demand for alternative investments broadens beyond institutional capital.

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