Private credit and private equity have enjoyed explosive growth in recent years. Private-market assets topped US$15 trillion in 2024, and now investment solutions incorporating these assets are becoming widely available to nonaccredited investors. This panel will examine how wealth managers are responding to client demand by adjusting their asset allocation and portfolio construction approaches to incorporate these assets into portfolios for nonaccredited clients. Issues to be discussed include: • The role that hybrid public-private market solutions are beginning to play in retail asset allocation models and model portfolios • Training and supporting advisors to speak to clients about private-market solutions • How wealth managers evaluate the pros (benefits) and cons (risks) of introducing private-market solutions into portfolios of nonaccredited clients • The challenges of “optimizing” asset allocation with illiquid asset classes.