Alternative Asset Managers: Retail Alts Calc: Infra is now #1 category with ARES ACI #1 fund; BXPE close at #2

Research evidence excerpt

Alternative Asset Managers: Retail Alts Calc: Infra is now #1 category with ARES ACI #1 fund; BXPE close at #2

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Alternative Asset Managers

Retail Alts Calc: Infra is now #1 category

with ARES ACI #1 fund; BXPE close at #2

Industry Overview

The BofA Retail Alts Calculator 29 June 2026

In this monthly series, we create our proprietary datasets from SEC filings and other Equity

fund disclosures on the Alts’ evergreen strategies. This is a differentiator in how we United States

forecast the financials for the Alts and we will continue to publish this monthly. In Asset Managers

conclusion, the evolving secular opportunity with evergreens in the retail channel is a key

Craig Siegenthaler, CFA

fundamental underpinning for our LT bullish recommendation on the Alt stocks and our Research Analyst

Buy ratings on APO, ARES, BX, KKR, and OWL are partly supported by their progress in BofAS +1 646 855 5004

private wealth. The current media narrative is too negative and focuses on private credit craig.siegenthaler@bofa.com

redemption requests and misses the LT growth potential of Alts in the retail channel. Ivory Gao

Research Analyst

Two catalysts emerging; will flip private credit narrative BofAS+1 646 855 5034

We expect (1) redemption requests to decline significantly in 3Q26 (“fatigue & filled” ivory.gao@bofa.com

thesis after “2x request” thesis in 2Q26) and (2) non-accruals to plateau in 2H26. This KareemResearch SeifAnalyst

should cause the stock valuations to rebound (especially ARES & OWL), media attention BofAS

+1 646 855 5759

to continue fading, redemption limits to disappear (1H27) and sales to rebound (2H27). kareem.seif@bofa.com

Public BDC stock valuations are also an important variable for the sales rebound. Eli Abboud