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Young Investor Demand for Alternative Assets Is Reshaping Wall Street's Playbook

Young investors have eschewed traditional markets for allocations in alternative investments.Photographer: Eva Marie Uzcategui/Bloomberg

Wall Street has a new favorite investor. They’re young, they’re affluent and they’re skeptical that traditional markets can deliver wealth over the long haul. Shaped by financial crises and fueled by tech optimism, this well-heeled class of Millennials and Gen Z are moving their money into the buzzy world of alternative assets.

Think pre-IPO unicorns, real estate, crypto, collectibles, and more. From private banks to fintech platforms, the financial industry is rushing to keep up. Firms like Forge Global Holdings Inc. have lowered their minimum investment thresholds, pitching private-market access as aspirational — and attainable.