Inside BofA’s $50 Million Club: The Alts Expanded Access Program for UHNW Investors
Summary
Bank of America and Merrill are launching the Alts Expanded Access Program in autumn 2025, targeting ultra-high-net-worth (UHNW) clients with at least $50 million in net worth. The programme gives these clients direct, client-driven access to institutional-grade private market opportunities — private equity, private credit, real assets and niche strategies — that are typically reserved for endowments and sovereign wealth funds.
The move reflects a long-term shift: public markets have shrunk while private capital has surged into a multi-trillion-dollar asset class. BofA’s model emphasises selective sourcing, advisor-supported due diligence materials, and direct investments between clients and fund managers — putting investment control with the client rather than packaging solutions on their behalf.
Key Points
- Programme target: UHNW clients with $50m+ net worth; launches fall 2025.
- Direct access model: clients invest directly with fund managers after conducting their own due diligence.
- Selective sourcing: the programme focuses on hard-to-find, institutional-grade alternative funds and niche strategies.
- Supporting data: BofA Private Bank Study (2024) shows 17% of portfolios in alternatives and 93% of wealthy investors expect to increase allocations within 3–5 years.
- Generational shift: younger heirs view alternatives as core portfolio drivers rather than satellite holdings.
- Risks: illiquidity (7–10 year lock-ups), opaque valuations and concentration risk in niche sectors.
- Strategic implication: the programme reinforces wealth tiering, accelerates the institutionalisation of family offices and sharpens competition among private banks.
Context and Relevance
Over the past two decades, the number of publicly listed companies has fallen significantly, while private capital has expanded to roughly a $13 trillion global asset class. For family offices, CEOs and wealth planners, the signal is clear: institutional-style private market access is becoming a prerequisite for preserving and growing multi-generational wealth. BofA’s new offering both responds to demand and helps normalise private allocations at the top end of the market.
Author style
Punchy. This is a strategic play by one of the world’s largest private banks to own the future of ultra-wealth management. If you advise or sit on the boards of wealthy families, this is a change you need to factor into your allocation playbook.
Why should I read this?
Quick and blunt: if you manage serious family money or advise UHNW clients, you need to know where the deals are hiding. BofA’s programme shows private markets are no longer optional extras — they’re becoming the main event for top-tier portfolios.