Today’s ultra-high-net-worth (UHNW) investors require an approach to alternative investments that emphasizes access and accommodation.

While many have acknowledged the shift away from traditional equity and fixed income investment vehicles, few have fully adjusted their approach to alternative assets to emphasize both access to the full extent of the opportunity set and accommodation of assets accumulated through passion or personal conviction.

The importance of access in private equity investing is clear. According to Apollo Academy, in the U.S., 87% of companies with revenues above $100 million are privately owned, meaning a minority of the country’s largest companies are available for public investment. Public equities and associated vehicles aren’t sufficiently representative of the broader opportunity set. It’s with this in mind that the White House issued an executive order aiming to democratize access to alternative assets for 401(k) investors.

While private equity fund vehicles have been prevalent among UHNW investors historically, the landscape continues to shift as some of the largest businesses shaping the future remain private. The likes of OpenAI, Anthropic and xAI, at the forefront of the AI revolution, have eschewed public offerings, instead racing toward 12-figure valuations in a series of escalating private financing rounds. Those trends aren’t exclusive to AI, with behemoths like Stripe and Databricks representing a diversity of industries growing in private markets. (Disclosure: Destiny Alternative Funds II, part of Destiny Wealth Partners, LLC, which also conducts business under the name Destiny Family Office, has previously offered direct private investment in Anthropic, Databricks, Stripe and xAI. More info at disclosures.)

But as those private funding rounds grow in size and prevalence, so does direct investment access for eligible individuals. Failure to participate, whether due to choice or lack of access, leaves investors lacking in exposure to significant economic shifts.

A similar trend is unfolding in private credit, where low interest rates and receding participation from traditional lenders fostered explosive growth in private credit in recent years. Analysis from McKinsey revealed the asset class totaled nearly $2 trillion in 2023, growing almost 10 times since 2009. The study also suggests the addressable market for private credit in the U.S. could top $30 trillion. Though rates have risen, the proliferation of nonbank lending in asset-backed finance, infrastructure and other credit assets underscores the need for access to vehicles that provide exposure.

Additionally, while periods of net outflows have not been uncommon in hedge funds, hedge funds continue to demonstrate their merit in the alternative investment landscape. Recent episodes of volatility and sharp drawdowns in equity and fixed income have illustrated their appeal as risk-mitigation vehicles. For those investors skittish about traditional markets, low correlation or dampened volatility are attractive value propositions that strengthen with access to the right managers at reasonable fees.

But for many UHNW investors, access to these well-trodden alternative investment paths isn’t enough to meet their needs.

While investors often isolate their passion assets (art collections, classic cars, jewelry, etc.), as those assets grow in value and proportion to their balance sheets, integrating them into broader portfolio thinking can reduce vulnerabilities in allocation, planning and family dynamics.

As a lifelong collector of sports memorabilia, I have confronted the dangers of siloing my collection from the rest of my portfolio. While passion drove my collecting, the emergence of collectibles as an alternative asset class and recent rise in valuations have highlighted the importance of considering its financial implications in all my planning.

Recently, a sports card featuring jersey patches and autographs from Michael Jordan and Kobe Bryant sold for $12.9 million, and Kevin O’Leary revealed himself as one of the buyers, citing an abundance of research into the category’s merit as an asset class. It’s only the latest in a flurry of record prices recorded across sports memorabilia, movie props, luxury items and more.

Statistics support the notion that these assets are financially consequential among UHNW investors. A survey conducted by Art Basel and UBS revealed that collectors with over $50 million in wealth reported a 25% allocation to art. Similarly, a Goldman Sachs report found that 38% of family offices allocate to collectibles as part of their investment strategy.

Even longtime collectors of top-tier assets who didn’t buy with a view toward financial gain appreciate that they can ill afford to ignore their monetary impact.

Real estate offers an informative model for the way we should consider our collections. The value of our home is determined—literally—via appraisals. We protect it with insurance. Where it makes financial sense, we borrow against it. Importantly, we recognize its value in the context of our net worth, adjusting our portfolio allocations elsewhere to align with our objectives. Finally, we consider our home’s future for ourselves and our families, including it in discussions around ownership and trust and estate planning. Familial considerations are also relevant for collectors. In fact, 94% of HNW Gen Z and Millennial respondents in Bank of America’s Study of Wealthy Americans reported an interest in collectibles.

While our homes may be more valuable than our passion pursuits, we should apply similar rigor to all our assets, particularly as they rise in worth.

That approach doesn’t apply only to collectors. Investors who develop siloed allocations to assets like cryptocurrencies or gold should similarly take care to understand their positions in the context of their balance sheets. Even when those allocations are born from convictions or fascinations that feel dissimilar to the ones that shaped an investor’s traditional investment portfolio, investors and their advisors must plan carefully to avoid blind spots and optimize outcomes.

The alternative investment landscape has evolved. Many compelling opportunities require access that public markets don’t provide. But access may be for naught if investors don’t partner with their advisors to bring “alternative alternatives” out of isolation and into holistic balance-sheet thinking.

The irony is in the name: In 2026, investors shouldn’t view these assets as “alternatives” but as integral pieces of their efforts to build and maintain wealth.