Private Market Access Without the Hassle

Private markets have surged to $15T, but access remains complex. We explore two ways to gain exposure to private credit and asset managers without traditional hurdles.

Key Takeaways

Private market growth has quadrupled in the last ten years as investors look beyond traditional markets in search of high income. Private credit with a focus on direct lending to middle market companies underserved by traditional banks is leading this trend.
Historically, investors have faced obstacles when trying to access the private credit space, but ETFs such as BIZD and GPZ can offer convenient exposure without the hassle allowing retail investors access to the space.
The VanEck BDC ETF BIZD, offers liquid access to middle‑market private credit, letting retail investors tap into higher‑yield income opportunities without the typical complexity, lock‑ups, or direct lending arrangements.
The VanEck Alternative Asset Manager ETF GPZ provides exposure to leading public alternative asset managers, allowing investors access to the growth of firms that structure and manage private market capital across equity, credit, infrastructure, and real estate.

Private markets are growing rapidly. Just ten years ago, they represented around $4 trillion in assets. Today that number has grown to about $15 trillion and industry estimates maintain that pace of growth into the next decade.¹ This expansion reflects a major shift in how investors are seeking returns, as many look beyond traditional public markets in search of better income, diversification, and long-term growth.

But while private markets offer attractive opportunities, they are not always easy to access. High investment minimums, long lockup periods, and complex structures often stand in the way. However, at VanEck we have aimed to change that with ETF offerings that provide simple and liquid exposure to two important parts of the private market landscape.

Private Credit Exposure Made Simple

One of the fastest growing corners of private markets is private credit, particularly direct lending to middle market companies. These firms often fall outside the scope of traditional bank lending but still require capital for growth, acquisitions, and operational improvements. Historically, investors have faced various obstacles when trying to access this space directly, from minimum investment requirements to complex fund structures with limited transparency and liquidity.

VanEck’s BDC Income ETF (BIZD) offers simple and efficient access to this market by investing in a portfolio of publicly traded business development companies (BDCs). BDCs are specialized investment companies that provide loans directly to middle market businesses. By investing in BDCs, BIZD delivers diversified exposure to the underlying loan portfolios of these development companies, but with daily liquidity, transparency, and ease of access typically associated with ETFs. This diversified approach also helps reduce the impact of performance differences among individual BDCs, which can vary based on their asset mix, sector exposure, financing terms, and management quality.

One of the primary benefits of private credit is its income potential, and BIZD offers investors a way to tap into that. Loans originated by BDCs often carry higher yields than traditional fixed income investments, helping enhance portfolio income generation.

BDCs Offer High Income Potential | As of June 30, 2025

Source: FactSet. BDCs represented by MVIS US Business Development Companies Index; U.S. HY Bonds represented by ICE BofAML US High Yield Index; REITs represented by FTSE NAREIT Equity REITs Index; Utilities represented by Standard & Poor’s 500 Utilities Index; U.S. Stocks represented by Standard & Poor’s 500 Index; U.S. IG Bonds represented by Bloomberg Barclays Capital US Aggregate Bond Index; U.S. 10 Yr Treasury represented by ICE BofAML Current 10-Year US Treasury Index.

Most BDC loans are also floating rate, allowing them to adjust with interest rate movements and remain attractive in a higher-for-longer rate environment. This floating rate structure also provides diversification benefits when paired with traditional core bond holdings, which typically have fixed coupons and greater duration risk.

Overall, BIZD serves as an effective tool for investors looking to participate in the income opportunities associated with private credit without the barriers to entry of traditional direct private credit investments.

Investing in the Firms Powering Private Markets

Another way to tap into the growth of private markets is by investing in the companies that operate and manage the funds behind it. These are alternative asset managers, firms that oversee capital across private credit, private equity, real estate, infrastructure, and venture capital. As the organizations sourcing deals, structuring loans, and allocating private capital, they are positioned to benefit directly from the increasing demand for private market solutions.

While alternative asset managers have been around for a while, the role these firms play in the market is evolving. As demand for private credit and other private market strategies grows, these companies are expanding their business models. Many are reaching beyond institutional capital and into wealth management and retirement channels, broadening their investor base and solidifying their importance in today’s investment landscape. With access to long-term capital and resilient fee structures, they are well positioned to benefit from the continued shift toward private markets.

To help investors access this opportunity, VanEck introduced the Alternative Asset Manager ETF (GPZ), designed to offer access to the public equities of leading private asset managers like Blackstone, KKR and others. Through these firms, GPZ captures a broad spectrum of alternative asset management businesses, providing exposure to the growth taking place across the various private market categories.

Asset Exposure of Underlying Management Firm AUM | As of June 30, 2025

Source: Individual company filings and reports. Alternative management firm asset exposure is based on an aggregate weighted average calculation of constituents in the MarketVector Alternative Asset Managers Index.

With GPZ, investors can efficiently invest in the equity of firms driving growth across the private market ecosystem, gaining diversified exposure in a single, convenient ETF.

Exposure Made Practical

The appeal of private market investments has traditionally come with significant hurdles and complexity. BIZD and GPZ address these challenges, offering investors straightforward access to two distinct yet complementary areas of the alternative investment universe: middle market private credit and the asset managers leading the industry.

In an era where private markets are increasingly becoming part of investor portfolios, VanEck’s BIZD and GPZ ETFs present investors with access to the opportunity and benefits of these markets without the traditional hassles.

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Originally published 1 August 2025.

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