iCapital

In the Nordics, confidence in alternative investments is an important driver of adoption. Only 20% of advisers describe themselves as very confident in selecting and allocating alternative investments, compared with 26% across Europe. Meanwhile, 27% remain hesitant to implement them, the highest level reported in Europe. Demand for advanced education is therefore strongest in the region. 65% of advisers in the Nordics want advanced alternative investment content, compared with 56% across Europe. iCapital’s thought leadership can help build confidence and deepen understanding of alternative investments.

Our latest survey data points to a mixed outlook on alternative investments in the Nordics. While 33% of advisers plan to increase allocations over the next 12 months, 21% plan to reduce them, compared with a European average of 16%. Client sentiment shows a similar pattern: 38% report increased interest in alternatives, while 22% report decreased interest, the most pronounced decline across the European markets surveyed.

In France, 67% of advisers cite understanding the role of alternatives in overall portfolio construction as a challenge, compared with 54% across Europe. At the same time, 79% cite private equity as the asset class they are most interested in allocating to, the highest level among the European markets surveyed. iCapital thought leadership on portfolio construction can help advisers navigate these challenges.

France stands out for strong private equity interest in the iCapital 2026 Adviser Survey. Among French advisers, 79% cite private equity as the asset class they are most interested in allocating to, compared with 66% across Europe. French advisers also show the strongest conviction in evergreen structures, with 81% expecting client allocations to exceed 11% within two years versus 66% across Europe.

German advisers appear to take a more hands-on approach to alternative investments than their peers across Europe. Only 24% cite practice management content as a priority, compared with 43% across other European markets.

In Germany, no single challenge dominates the alternatives landscape. Instead, advisers are navigating a combination of factors that create complexity. Limited model portfolios, liquidity and risk assessment, and compliance are each cited by 52% of advisers, while access (50%) and education (48%) are close behind. The iCapital ecosystem across Learn, Invest, and Manage addresses these topics systematically.