Carlyle Group and SEI Investments have launched a private markets fund targeting individual investors, with a minimum investment of $1,000, as alternative asset managers continue expanding their distribution into the wealth management market, according to a report by Bloomberg.

The SEI Carlyle Private Markets Fund, the first product launched under a partnership announced in April, will reportedly provide exposure to private equity, secondaries, private credit, real estate and collateralised loan obligations (CLOs). The fund will charge a management fee of 0.75% and may allocate up to 20% of its assets to liquid investments, including listed equities and bonds.

Carlyle, which managed $478.5bn at the end of the third quarter, will manage, sponsor and advise on its investment strategies included in the fund, while SEI will oversee portfolio construction, asset allocation and overall fund management. SEI reported more than $600bn in assets under management and approximately $1.4tn in assets under administration at the end of September.

The launch reflects a broader push by private markets managers to access individual investor capital as traditional institutional fundraising remains constrained. The closed-end fund, trading under the ticker PRVTX, follows similar initiatives by alternative asset managers seeking to distribute private markets products through established wealth management platforms.