At IPEM Wealth 2026 in Cannes, Manuel Kalbreier from Neuberger Berman, one of the world's largest independent asset managers with $560 billion under management, explained why technology and evergreen structures are finally making private markets work for individual investors, not just institutions.
Key takeaways from this interview
01. Tech is the missing layer between investors and Private Markets For years, private markets access for individuals was hampered not just by regulation or minimums, but by clunky operational infrastructure. Manuel's focus at Neuberger Berman is building the technology layer that delivers transparency, reporting, and a seamless experience, matching the standards individual investors already expect from their public market holdings.
02. Match the liquidity to the asset. It's that simple. The most common mistake in private markets product design is mismatching liquidity promises with underlying asset realities. Manuel is clear: evergreen vehicles need to be architected around what their underlying investments can actually deliver and clients need to understand, upfront and clearly, under what circumstances liquidity can be deferred.
The starting point is always matching liquidity to the underlying assets. If you communicate that clearly and honestly to clients, the evergreen structure works very well for everyone.- Manuel Kalbreier, Neuberger Berman
03. Your father's pension problem is now your problem Manuel's most memorable point: a generation ago, employees trusted their employer to manage pension savings on their behalf. Today, that responsibility has shifted entirely to individuals who often lack the tools, vehicles, and knowledge to do it well. Evergreen private markets funds are part of the answer to that gap, offering accessible, diversified long-term exposure that mirrors what pensions once provided.
04. Diversify across strategies, vintages,and get the structure right A well-built private markets allocation for individual investors needs diversification not just by asset type, but by vintage year. Manuel also stresses structural efficiency: several years of product evolution have sharpened how evergreen vehicles are built, and the best structures today are meaningfully better than what existed even three years ago.
