Asset managers have spent decades optimizing infrastructure for public markets. Now they’re being asked to deliver the same level of transparency, oversight, and reporting across private markets and alternative assets that operate on entirely different timelines, data structures, and lifecycles. The instinct is to stretch existing systems, but that instinct is where most TPV initiatives begin to break down.
The findings in the InvestOps 2026 report highlight a clear shift in how asset managers are approaching their operating models. There is growing recognition that scaling alternative investments requires purpose-built infrastructure rather than the manual, headcount-as-a-strategy workarounds of the past. With investment in private markets technology surging from 27% in 2025 to 51% in 2026, the data reflects the growing importance of robustly supporting alternative investments. This is driving demand for integrated multi-asset platforms that can deliver a true total portfolio view.
Public and private assets must converge
Achieving this goal requires greater convergence in how public and private assets are supported throughout the investment lifecycle. Historically, the two asset classes evolved with separate systems, processes, and data structures; largely because private markets operate with different liquidity profiles, valuation cycles, and reporting timelines.
However, investment teams increasingly require the ability to analyze exposures, liquidity, performance, and risk across the entire portfolio within a single, cohesive environment.
Monolithic platform strategies are not working
Asset managers should not assume a single provider can effectively meet every operational demand. The lifecycle of private market investments involves highly specialized workflows, such as deal pipeline management, capital call and distribution processing, partnership accounting, and valuation governance.
Many of these functions are supported by purpose-built solutions that offer deeper capabilities than the broader platforms can typically provide. Similar specializations exist in areas such as portfolio modeling and the sourcing of look-through data, where best-of-breed vendor solutions often remain essential.
When best-of-breed breaks down
Conversely, a pure best-of-breed strategy often undermines the total portfolio view by splitting public and private assets across separate, disconnected platforms. This style of solution design tends to break down quickly because, while each system may excel at a specific function, the overall ecosystem becomes fragmented, costly, and difficult to manage.
Disparate platforms often rely on inconsistent data models, which create reconciliation challenges and erode confidence in data integrity. To bridge the gap, firms are building an increasing number of integrations. However, this tends to introduce fragility across the ecosystem, turning data mapping and ongoing maintenance into a significant drain on operational resources.
Over time, this complexity limits scalability, slows decision-making, and prevents firms from achieving a cohesive, real-time view of the portfolio – making it clear that best-of-breed capabilities need to be anchored within a unified architecture versus operating in isolation.
The answer is architecture
Olmstead’s solution design takes a more balanced approach. In practice, this means establishing a central investment platform and a unified data model that supports the total portfolio view, while allowing specialized applications to plug into the ecosystem to handle unique processes across the investment lifecycle.
These niche capabilities can be integrated through a standardized data model, APIs, and workflow orchestration, so they operate as part of a cohesive environment rather than isolated systems.
In this model, vendor consolidation occurs around a shared data foundation and core platform rather than a single, all-encompassing system or service provider. Firms can simplify their technology stacks and achieve transparency and cross-asset insight, while still leveraging best-in-class solutions where depth of functionality is critical.
The outcome is a more streamlined, integrated operating model that supports both the growing complexity of private markets and the need for holistic portfolio management across public and private investments.
Accelerate your total portfolio strategy
There is no single platform that solves for the full complexity of a modern, multi-asset institutional portfolio. But by anchoring best-of-breed capabilities within a unified platform and shared data model, firms can stop choosing between coherence and specialization and start building infrastructure that scales.
Olmstead works with asset managers and asset owners to design and implement architecture that is purpose-built for the complexity of today’s portfolios.