Updated

Large institutional investors have been quietly increasing their allocations to wealth-management products offered by private-equity giants Blackstone and KKR, according to new reporting. The trend signals growing institutional appetite for alternative-asset vehicles historically marketed primarily to retail and high-net-worth investors. The shift reflects broader efforts by private-equity firms to diversify their capital base beyond traditional institutional limited partners, tapping wealth-channel products as a new source of durable fee-generating assets under management.