We built this framework because we watch the same market you do, and we keep seeing the same avoidable mistake: buying an asset class, or an access wrapper, rather than underwriting the manager and the true cost behind it. We call it the Access Trap. The democratization of private markets is genuinely good for clients — but the platforms and products that deliver that access are engineered to be evaluated on their headline number, and a fiduciary’s job is to evaluate them on their all-in number.
Two convictions follow. First, cost is a decision, not a given. The same strategy, bought through the right structure and the right share class, can cost a client a fraction of what it costs through the wrong ones — and that spread compounds over a fund’s life into real money. Second, manager selection dominates. Once you have controlled cost, what remains is whether the manager can actually generate a net return worth the fees you have now measured honestly. Fees you can know in advance; skill you have to underwrite.
About BIP Capital
BIP Capital is a private-markets investment firm that partners with financial advisors to bring disciplined, cost-aware manager selection to their clients. We work with 35+ advisory firms, manage $2B+ in assets, and bring 15+ years of performance built on a simple discipline: favor niche managers who resist unmanageable AUM growth, and measure every basis point of cost before we underwrite a single dollar of return.
Questions we’d put to you: When you last recommended a private-market fund, could you decompose all four cost layers from memory — including the performance fee that was not in the expense ratio? Where are the clients you serve on the direct-versus-platform decision, and have you priced the feeder layer in dollars over a full fund life? And if access is no longer the differentiator, what is — for your practice specifically? We’d welcome your pushback, your own data, and a conversation about how this framework holds up against the products on your shelf.
To discuss this framework, contact your BIP Capital relationship team.
This material is intended solely for the use of the individual or entity to whom it is addressed and may not be redistributed. It is provided for educational and informational purposes only, does not constitute investment, legal, or tax advice, and is not a recommendation of, or an offer to sell or a solicitation of an offer to buy, any security or fund. Named third-party funds are referenced only to illustrate publicly disclosed fee structures; BIP Capital is not affiliated with, and does not endorse, those funds. All fee, expense, and performance figures are drawn from third-party public filings and disclosures believed reliable as of mid-2026, are illustrative and subject to change, and must be verified against each fund’s current prospectus, Form N-2, or private placement memorandum before use. Past performance is not indicative of future results. Private-market investments involve substantial risk, including illiquidity and the potential loss of capital.