Bank of America to Offer Private Equity Funds to Ultra-Wealthy Clients with $50 Million in Assets

Bank of America's Merrill wealth unit and Bank of America Private Bank have created a new program offering private equity investments to ultra-wealthy clients with at least $50 million in assets. The first fund will be available next month. This move comes as more financial firms give access to alternative assets to a broader swath of millionaires.

Bank of America's Merrill wealth unit and Bank of America Private Bank have announced the launch of the Alts Expanded Access Program, a new initiative offering private equity investments to ultra-wealthy clients with at least $50 million in assets. The program, set to debut in fall 2025, complements existing alternative investment options and provides qualified investors with avenues to diversify their portfolios.

The Alts Expanded Access Program is designed to cater to the evolving financial needs of ultra-high-net-worth (UHNW) clients, who increasingly seek non-traditional investments to diversify their portfolios. Traditionally, private market alternatives were the domain of institutional investors, but as wealth-building needs have evolved, more clients are seeking these investment opportunities.

Key features of the program include selective access to specialized opportunities in emerging themes, niche strategies, and evolving sectors. Clients will have the support of their advisors to understand the process and access fund manager materials, with the option to conduct due diligence and make investment decisions independently. The program is part of Bank of America's broader commitment to meet the evolving needs of UHNW clients with complex financial goals.

The new offering builds on the successful launch of other UHNW capabilities, such as Premium Access Strategies, which has grown to over $60 billion in client assets in under three years. This move comes as more financial firms are giving access to alternative assets to a broader swath of millionaires.

According to a 2024 Bank of America Private Bank Study of Wealthy Americans, alternatives comprise 17% of current portfolio allocations among high-net-worth (HNW) investors, with 93% planning to increase their allocation to alternatives in the coming years [1].

Investing in private markets involves significant risks, including those associated with companies with a limited operating history, securities that do not have a liquid market, and investments that are difficult to value. These investments are only appropriate for investors with substantial knowledge and prior experience in making private investments, who are capable of independently evaluating the merits and risks of such investments, and who have the wherewithal to bear investment losses [2].

For more information, contact Julia Ehrenfeld, Bank of America, at 1.646.855.3267 or Julia.Ehrenfeld@bofa.com.

References:
[1] https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/09/merrill-and-bank-of-america-private-bank-launch-new-alternative-.html
[2] https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/09/merrill-and-bank-of-america-private-bank-launch-new-alternative-.html