Inside BofA’s $50 Million Club: The Alts Expanded Access Program for UHNW Investors

BofA and Merrill Debut Private Market Program for Wealthiest Clients: Bank of America (BofA) and its Merrill Wealth Management arm are expanding their private market footprint with a program aimed squarely at the rarefied tier of investors—those with a net worth of $50 million or more. Dubbed the Alts Expanded Access Program, the initiative launches in fall 2025 and reflects the increasing demand from the ultra-high-net-worth (UHNW) community for direct access to institutional-grade private market opportunities.

For CEOs, family offices, and global investors managing multigenerational wealth, the signal is clear: the world’s largest private bank is betting that alternatives—private equity, private credit, real assets, and emerging niche strategies—are becoming a core component of ultra-wealthy portfolios.

The shift from public to private wealth

The launch comes against a broader structural shift in capital markets. Over the last two decades, the number of publicly listed U.S. companies has fallen by nearly 50%, while private capital has ballooned into a $13 trillion global asset class. For the ultra-wealthy, access—not returns alone—has become the differentiator.

“Ultra-high-net-worth investors are no longer content with public equities and bonds,” notes Prof. Dr. Amarendra Bhushan Dhiraj, Executive Chair of CEOWORLD Magazine. “They want the same institutional-grade deals that endowments, sovereign wealth funds, and top-tier private equity firms have been accessing for years.”

Merrill and BofA are moving to bridge that gap—bringing exclusive, limited-access funds directly to clients who meet the stringent $50 million threshold.

Key Features of the Alts Expanded Access Program

The Alts Expanded Access Program is designed to complement Merrill’s and BofA Private Bank’s core alternative investment platforms while providing a bespoke, highly selective layer of opportunities.

• Selective Access: The program sources funds that are not broadly distributed, spanning emerging themes, niche strategies, and evolving sectors—areas that UHNW families increasingly demand.
• Supported Recommendations: Advisors provide clients with materials from fund managers, but the decision-making process remains client-driven.
• Direct Investment Model: Clients conduct due diligence and invest directly with fund managers, giving them a level of control and transparency often missing in packaged solutions.

This model reflects a deliberate pivot: from wealth managers “selling products” to empowering UHNW clients as institutional-style allocators.

The Data Behind the Demand

The move is underpinned by insights from the 2024 Bank of America Private Bank Study of Wealthy Americans, which surveyed hundreds of high-net-worth and ultra-high-net-worth investors. Among the key findings:

• 17% of portfolios are already allocated to alternatives.
• 93% of wealthy investors plan to increase allocations in the next three to five years.
• Among investors under 45, alternatives are seen not as a satellite allocation, but as a core portfolio driver.

The study also revealed a generational divide: younger wealth holders—particularly next-gen heirs—are far more comfortable embracing illiquid, long-duration strategies. For them, private equity, private credit, venture capital, and private real estate are not diversifiers; they are cornerstones of future wealth creation.

Building on a Proven Track Record

The program follows BofA’s earlier UHNW initiative, Premium Access Strategies, a dual-contract investment advisory program that amassed over $60 billion in assets in less than three years. The success of that platform demonstrated the appetite of America’s wealthiest families for institutional-style vehicles that combine exclusivity with scale.

By layering the Alts Expanded Access Program on top of its existing suite, BofA is signaling that alternatives are moving from optional to essential in UHNW wealth planning.

Why UHNW Investors Are Turning to Alternatives

For private equity investors, hedge fund managers, and billionaire family offices, the rationale for alternatives is multifaceted:

• Access to Growth: Many of today’s most disruptive companies—particularly in AI, climate tech, and biotech—stay private for longer. The only way to participate early is through private markets.
• Diversification: With public equity valuations stretched and bond yields volatile, alternatives offer differentiated return streams.
• Inflation Hedge: Real assets—such as infrastructure and private real estate—are attractive in an era of higher inflation.
• Legacy Planning: UHNW families increasingly see alternatives as a way to preserve purchasing power and transfer wealth across generations.

As one managing partner of a New York-based family office told CEOWORLD Magazine: “Public markets no longer define success. For UHNW families, it’s about finding asymmetric opportunities in private markets—and avoiding the herd.”

Strategic Implications for CEOs and Family Offices

For CEOs running family-owned businesses, wealth planners structuring estates, and private equity principals managing LP relationships, BofA’s program has broader implications:

• Rising Barriers to Entry: By setting the threshold at $50 million net worth, BofA is reinforcing the tiering of wealth access—not every millionaire will get a seat at this table.
• Institutionalization of Family Offices: UHNW families are being nudged to adopt institutional-grade processes—from due diligence to manager selection.
• Competition Among Private Banks: BofA is making a clear play to differentiate against JPMorgan, Goldman Sachs, and Morgan Stanley, which have long dominated the UHNW alternatives landscape.

This is as much a competitive positioning move as it is a client-service innovation.

The Risk Dimension

While the allure of private markets is undeniable, it comes with structural risks:

• Illiquidity: Lock-up periods of 7–10 years may not suit every family’s cash flow needs.
• Opaque Valuations: Unlike public equities, private market pricing can lack transparency.
• Concentration Risk: Niche strategies—such as early-stage biotech—can deliver outsized gains but also wipe out capital.

BofA’s client-directed model mitigates some of these risks by forcing UHNW investors to own their decisions—but it also assumes they have sophisticated internal teams or advisors.

The Bigger Picture: Wealth Creation in a Private World

If the late 20th century was defined by wealth created in public markets—think Microsoft, Apple, Amazon—the 21st century is increasingly defined by private wealth creation. From AI unicorns to private infrastructure funds, the best opportunities are increasingly off-limits to the average investor.

BofA’s Alts Expanded Access Program is both a response to and a driver of that trend. For billionaires, centimillionaires, and the upper echelon of HNWIs, it underscores a simple truth:

The future of wealth is private.

Executive Takeaways

• Bank of America and Merrill’s Alts Expanded Access Program launches fall 2025, targeting clients with $50M+ net worth.
• Designed for UHNW investors, it provides direct access to institutional-grade private market funds.
• Demand for alternatives is booming: 93% of wealthy Americans plan to increase allocations.
• Risks include illiquidity and opacity, but opportunities in AI, climate tech, and private credit make alternatives increasingly essential.
• For CEOs, family offices, and wealth planners, the program signals a new era: alternatives are no longer optional—they are the core of UHNW wealth strategy.