In this ION Influencers fireside chat, Anna Barath, Chief Investment Officer and Head of Asset Management at Bite Investments, about one of the most transformative shifts in global finance: the democratization of private markets. Drawing on her background as an institutional investor at major pension and sovereign wealth funds, Barath explains how private assets are becoming accessible to a far broader investor base—and what that means for wealth managers, regulators, and asset managers alike.

Key Themes and Topics Discussed

1. From Institutional Investing to Private Markets Innovation

Anna Barath outlines her transition from large institutional investors—pension funds and sovereign wealth funds—to building Bite Investments’ private markets platform. The core institutional disciplines she brings with her include:

• Rigorous asset selection

• Strong governance frameworks

• Thoughtful portfolio construction

These principles now underpin Bite’s mission to deliver institutional-grade private market access to wealth managers and high-net-worth investors.

2. Democratization of Private Assets: A Structural Shift

The discussion frames democratization as one of the most significant trends in financial services today. Historically limited to institutions and ultra-high-net-worth individuals, private equity, private credit, and real assets are now becoming accessible through:

• Digital investment platforms

• Regulatory evolution

• Product innovation, including semi-liquid structures

This shift is unlocking higher-return opportunities for a much wider audience while creating a multi-trillion-dollar growth opportunity for the industry.

3. Who Are the New Private Market Investors?

Barath emphasizes the importance of clearly defining the end client. Bite’s core clients include:

• Forward-thinking wealth managers

• Smaller private banks and family offices

• High-net-worth individuals

Bite operates primarily in a B2B2C model, empowering intermediaries rather than disrupting the advisor–client relationship. The common thread among these investors is demand for:

• Lower minimum investments

• Greater transparency

• Robust digital infrastructure

• Institutional-quality products

4. Client Feedback as a Core Design Principle

A key differentiator discussed is Bite’s feedback-driven product development. Input from advisors and end clients directly shapes:

• Product features and structures

• Reporting and transparency tools

• Educational resources

Solutions range from off-the-shelf thematic portfolios to fully bespoke private market allocations for larger clients.

5. Designing Private Market Portfolios in Practice

Barath walks through the practical process of building private market solutions, starting with a clear investment policy statement (IPS). Key considerations include:

• Risk appetite versus risk capacity

• Return objectives and time horizons

• Liquidity needs and distribution preferences

• Structural choices (closed-ended, semi-liquid, or open-ended)

This disciplined framework ensures portfolios align with client objectives rather than chasing headline returns.

6. An Evolving and Highly Fragmented Market

The democratization trend is driving growth across multiple investor segments—from sophisticated high-net-worth clients to, increasingly, retail investors. As a result:

• The private markets investor base is highly heterogeneous

• Product solutions must be tailored to different regulatory and client needs

• Growth is occurring across all segments, not just at the top end of wealth

Bite positions itself as an enabler for intermediaries navigating this complexity.

7. Education as the Next Frontier

Education emerges as a critical enabler of adoption. Barath highlights the growing availability of:

• Webinars and digital learning tools

• Product guides and explainer content

• Risk-adjusted return frameworks

She stresses the importance of understanding private market risk, liquidity, and capital deployment mechanics, noting that better private market education often leads to improved public market portfolio construction as well.

8. Transparency and Data in Private Markets

While private markets will never mirror the daily pricing of public markets, Barath notes strong progress toward greater transparency, driven by:

• Investor demand

• Regulatory pressure

She argues that reporting frequency and valuation practices must be understood in the context of illiquid, non-traded assets, while acknowledging further improvements are still needed in fee and expense disclosure.

9. Regulatory Momentum Supporting Growth

Recent regulatory developments have played a pivotal role, including:

• Expanded and streamlined semi-liquid structures in Europe

• Lower minimum investment thresholds

• Broader definitions of qualified investors

• U.S. initiatives encouraging private market inclusion in retirement portfolios

Barath notes that regulation and innovation are increasingly moving in tandem, though digital infrastructure still needs to catch up.

10. Talent, Geography, and the Road Ahead

On talent, Barath remains optimistic, arguing that private markets expertise can scale alongside industry growth, especially with increased digitalization.

Geographically, Europe is often cited as an attractive opportunity due to:

• Valuation discipline

• Market fragmentation

• Underexplored niches across jurisdictions

However, she emphasizes that geography should always be secondary to risk-return objectives and client needs.

Looking Ahead: Private Markets Go Mainstream

The conversation concludes with a clear message: private markets are no longer “alternatives.” As access broadens, education improves, and regulation evolves, private assets are becoming a core component of diversified portfolios.

For wealth managers and investors alike, the challenge—and opportunity—lies in building scalable, transparent, and client-centric solutions that unlock the full potential of private markets in the years ahead.

Key timestamps:

00:07 Introduction to the Discussion
00:39 Background of Anna Barath
02:11 Democratization of Private Assets
03:54 Understanding Client Needs
05:29 Feedback Mechanisms in Product Development
08:54 Market Evolution and Client Solutions
12:06 Education in Private Markets
14:58 Transparency in Private Market Data
17:35 Regulatory Changes and Industry Impact
20:18 Talent Development in Private Markets
22:26 Investment Opportunities in Europe