New study finds investment firms face an existential technology reckoning as multi-asset strategies blur the line between public and private markets
NEW YORK — April 1, 2026 — Indus Valley Partners (IVP), a leading technology and managed services firm serving alternative asset managers, today announced the publication of a new research report commissioned from Celent, a leading financial services research and advisory firm. Titled NextGen Portfolio Management Across Public-Private Markets: Technology and Data Strategies in an Age of Investment Convergence, the report examines the accelerating shift toward blended public-private investment strategies and the profound technology and operational challenges investment firms must overcome to survive and compete in this new landscape.
The report, authored by Cubillas Ding, Research Director at Celent, draws on extensive market interviews and survey data from buy-side and capital markets participants to highlight a critical gap: as asset managers race to capture the $26 trillion private markets opportunity projected by 2029, the technology infrastructure underpinning their operations is not keeping pace.
The Convergence Imperative
The paper documents a sweeping structural shift in asset management, driven by the challenges of generating alpha in public markets, increasing demand for private market exposure, and the emergence of blended product structures such as hybrid ETFs, interval funds, and multi-asset portfolios spanning public and private assets. Private markets AUM is projected to grow at a 12% CAGR through 2029 and could account for 44% of industry revenues, yet the technology stacks firms rely on were not designed to support this convergence.
“We are at an inflection point,” said Gurvinder Singh, Founder and CEO of Indus Valley Partners (IVP). “The firms that will define the next decade of asset management are not simply those with the best investment talent; they are the ones that can industrialize their technology, data, and operations to support genuinely converged public-private strategies at scale. What this Celent research makes clear is that for many firms, the gap between where they are and where they need to be is far larger than they appreciate. The time to act is now.”
Four Critical Failure Points
The research identifies four systemic technology and data challenges that place firms at risk as convergence accelerates:
Data Fragmentation Across Public and Private Markets. Private market data remains fragmented and unstructured, often locked in documents, emails, and spreadsheets, making it incompatible with the standardized, real-time data flows required for public market operations. Without a harmonized data foundation, integrated portfolio views, risk analytics, and timely reporting remain difficult to achieve.
Incompatible Technology Stacks. Public and private market systems were built for fundamentally different purposes and were not designed to work together. As firms attempt to bridge these environments, integration complexity and operational friction increase.
Outdated Systems Blocking Industrialization. Many firms continue to rely on legacy infrastructure that cannot support the scale and complexity required by converged strategies. Spreadsheet dependency remains widespread, creating operational risk and limiting efficiency.
Immature AI Adoption. While AI investment is growing, most firms remain in early stages of adoption. Fully leveraging AI to address convergence challenges – such as ingesting unstructured data and enabling cross-asset analytics – requires more advanced, process-aligned implementation than most firms have achieved to date.
Indus Valley Partners’ (IVP) Perspective: From Insight to Implementation
Indus Valley Partners (IVP) commissioned the research to provide an independent assessment of the challenges and opportunities created by convergence. With deep experience supporting middle- and back-office operations across private equity, private credit, real estate, and hedge fund strategies, IVP works closely with firms navigating increasing operational complexity.
“What we see every day with our clients is that the data and technology challenges documented in this report are not abstract future risks; they are live operational issues affecting firms today,” said Singh. “IVP’s role is to help firms address that complexity by building harmonized, AI-ready data foundations that converged strategies demand. This research validates what we’ve seen across the industry and provides a clear framework for what needs to change.”
Download the Report
NextGen Portfolio Management Across Public-Private Markets is available for download here. IVP will host a series of thought leadership events and publications in 2026 to further explore the findings, including deep dives on data harmonization, AI implementation for private markets, and operating model modernization.
About Indus Valley Partners
Indus Valley Partners (IVP) is a technology and managed services firm purpose-built for the alternative asset management industry. IVP’s proprietary software platforms serve as systems of record for some of the world’s leading private equity, private credit, real estate, and hedge fund managers, while its outcome-based managed services provide scalable middle and back-office operations support across the investment lifecycle. With a global delivery model and a client base spanning major institutional asset managers, IVP partners with firms to transform their operating models for the demands of a rapidly evolving industry. For more information, visit www.ivp.in.
About Celent
Celent is a research and advisory firm that helps financial institutions navigate business and technology transformation. We combine deep industry expertise, in-depth research, and practical consulting to support strategic decisions and drive innovation. With a global team of experienced analysts and a rich database of best practices and solutions, we deliver objective insights that help firms operate more effectively and stay ahead of change. Celent is part of GlobalData, the intelligence and productivity platform. Learn more at celent.com.
This report was commissioned by Indus Valley Partners (IVP), at whose request Celent developed this research. The analysis, conclusions, and opinions expressed are solely those of Celent. IVP had no editorial control over the content of the report.
