Why the best private markets entry point might be a single deal

There is a well-worn tension in private markets advice. The institutional case for allocating to private equity, private credit and real assets is compelling in theory. The hurdle, for many clients, is less about returns and more about the first step. The complexity of the structure, the unfamiliarity of the underlying assets and the illiquidity of the commitment combine to make the opening move feel larger than it needs to be.

Christian Ryan, chair of FinCap, has built his platform around a different entry logic. Rather than requiring a client to commit to a diversified managed portfolio from day one, the FinCap model creates a pathway that can begin with a single, defined investment.

“We also see FinCap Direct as an entry point for new investors,” Ryan says. “Some investors will take the one-off opportunities first, get comfortable with the platform, and then allocate capital into the managed account solution in the future.”

That sequencing matters more than it might initially appear. Advisers working with clients who are curious about private markets but hesitant about long lock-ups or opaque fund structures can now offer something more tangible as a starting point: a specific asset, with a defined investment window, where the client can see exactly what they own.

A different ownership proposition

The FinCap Direct channel, which will launch alongside the platform’s managed portfolio solutions in the second half of 2026, is designed around the concept of direct asset ownership rather than fund participation.

When FinCap’s institutional investment partners identify a high-quality opportunity, whether a single-asset real estate raising, a pre-IPO technology stake or a specialist closed-ended vehicle, the FinCap Investment Committee conducts its own due diligence before offering the deal exclusively to platform members on specified open and close dates.

“The direct channel has been designed to deliver something meaningfully different from a traditional managed fund. Rather than owning a fund with 50 positions, investors will own that asset directly,” he says.

That distinction has genuine portfolio construction implications. Ownership of a specific asset, rather than a fund unit, gives the investor and the adviser a clearer line of sight to what they hold, how it is valued and what the investment thesis actually is. For clients who want to understand their portfolio in concrete terms, that transparency can be a meaningful advantage.

The initial asset classes available through FinCap Direct will span private equity and real estate, sourced from the firm’s roster of global and Australian investment managers.

On the private equity side, FinCap is working with Potentum Partners, founded by Steve Byrom and David Simons, who previously headed the private equity strategies and mandates for the Future Fund.

Potentum focuses on global small to mid-sized businesses in technology and high-growth sectors, the kind of exposure that has historically been the preserve of sovereign wealth funds and large endowments. According to Ryan, rather than owning a fund with 50 positions, investors own that company directly and privately, a very different proposition.

“FinCap is really the combination of the managed account offer and our direct offer. Together, they will provide clients and advisers the flexibility to pick and choose how they want to engage with private markets.”

The architecture of flexibility

What makes the FinCap structure interesting as a portfolio construction model is the deliberate relationship between its two channels.

The managed account offers diversified, professionally constructed exposure across private markets. FinCap Direct offers something more concentrated and more tangible. Together, Ryan argues, they give advisers a more complete toolkit.

“FinCap is really the combination of the managed account offer and our direct offer,” he says. “Together, they will provide clients and advisers the flexibility to pick and choose how they want to engage with private markets.”

That flexibility has practical value for advisers building private markets allocations incrementally across a client base.

Not every client will arrive at the same starting point. Some will want immediate diversification and are comfortable delegating construction decisions to the managed account structure. Others will want to begin with something they can examine closely before committing to a broader allocation. The two-channel design accommodates both.

On the real estate side, FinCap’s partnership with MA Financial illustrates what curated direct access can look like in practice. The focus is a specialised strategy owning and operating school camps on the east coast of Australia, a specific, income-generating portfolio of real assets with a clear operating profile, rather than a diversified fund of alternative property holdings.

For clients who find the concept of private real estate abstract, an investment with that kind of identifiable, physical character can help make the asset class feel more concrete.

Demand from advisers is building

FinCap is not the first firm to combine managed and direct channels, but the timing of its launch reflects a genuine shift in how advisers are approaching private markets allocation.

Demand for co-investment access, where investors can participate in specific deals alongside institutional capital rather than only through commingled funds, has been building steadily as advisers seek ways to offer institutional-grade exposure without forcing clients into structures they find difficult to explain or justify.

Ryan is clear that the demand is not hypothetical. “This is not a wish list. This will be available in the second half of 2026.”

The firm is backed by a strategic investment from Pinnacle Investment Management Group, one of Australia’s leading multi-boutique managers, which provides both distribution reach and operational credibility behind the platform’s launch.

For advisers looking to build a genuine private markets capability within their practice, the architecture FinCap has designed offers a considered answer to a familiar problem. The entry point does not have to be the whole portfolio. It can be one asset, clearly understood, directly owned, and from there, something more.