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The JPMorgan logo is a familiar sight at the US Open, but in the past two years another financial institution has found its way onto the television screens of tennis fans: Blue Owl.

It is one of the private credit manager’s first forays into mainstream advertising, as it is one of many firms trying to tap into a new investor base. For private capital fundraising, retail investors are the next frontier.

It’s fair to say the marketing strategies seem to be working. Wealthy individual investors allocated $48bn to private credit in the first half of 2025, according to RA Stanger. The figure is already greater than the entirety of funds raised in 2023, and it is expected to surpass the amount raised last year. It is part of an overall trend of growth since 2020.

“A lot of firms have recognized the enormous opportunity in the wealth channel over the last couple years,” Tony Davidow, senior alternatives investment strategist at Franklin Templeton, told 9fin.

And as private markets have grown over the last decade, particularly private credit, the wealth channel still represents a small portion of the assets under management. That is now likely to change.

“The wealth channel shouldn’t be deprived of the best of the best investments,” Davidow said.