GPZ Delivers Unmatched Access to Alternative Asset Managers
June 05, 2025
Read Time 3 MIN
Alternative investing isn't new. For years, institutional and sophisticated investors have allocated capital to private markets, seeking attractive return potential and relatively muted volatility, thanks to the long-term nature of these investments.
As traditional lenders such as banks reduce their exposure to private and middle-market lending, alternative asset managers have stepped in. Private credit has delivered compelling yields and experienced strong growth, making it a standout segment in the private investment landscape. But this growth isn’t isolated to private credit. Equity, real estate, and infrastructure have all experienced growth in the private markets.
Barriers to Participating in Private Market Growth
Newer structures like business development companies (BDCs), listed closed-end funds, interval funds, and tender offer funds have made private assets more accessible. However, these vehicles often come with trade-offs in the form of higher volatility or less liquidity compared to traditional mutual funds and ETFs.
Investors seeking to capitalize on the growth of the alternative asset management industry itself, rather than just its underlying investments, have had limited options. While it’s possible to buy stock in individual firms, there hasn't been a diversified, pure-play ETF that focuses solely on leading alternative asset managers—until now.
Why Alternative Asset Managers Now? Structural Shifts Made This Possible
Historically, many top alternative asset managers were structured as partnerships, which posed tax challenges for ETFs. But over the past several years, many of these firms have converted to corporations, removing key barriers to ETF inclusion.
Additionally, existing ETFs in this space launched years ago were often focused narrowly on private equity and included investment vehicles (like BDCs) managed by these firms. These approaches don’t reflect the breadth of today’s private market asset managers or include many of the newer, fast-growing managers.
GPZ: A Targeted Approach to an Evolving Market
The VanEck Alternative Asset Manager ETF (GPZ), listed on June 5, 2025, addresses these gaps. GPZ seeks to track the MarketVector Alternative Asset Managers Index, providing exposure to asset managers primarily engaged in private equity (including venture capital and buyout), private credit, private real estate, and private infrastructure.
Unlike legacy indices, GPZ’s index does not include the investment vehicles managed by these firms. That means no BDCs or closed-end funds, just exposure to the asset managers themselves. While this may come with higher short-term volatility than the managers’ underlying investment vehicles, it offers a purer way to invest in the industry's structural growth.
Source: Morningstar classifications; VanEck research. Figures are as of May 31, 2025. For illustrative purposes only. Indices are unmanaged and are not securities in which investments can be made.
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Top Ten Holdings: MarketVector Alternative Asset Managers Index / As of May 31, 2025
| Company | Ticker | Weight (%) |
| Brookfield Corp | BN | 12.59 |
| Blackstone Inc | BX | 11.16 |
| KKR & Co Inc | KKR | 10.27 |
| Brookfield Asset Management Ltd | BAM | 9.03 |
| Apollo Global Management Inc | APO | 6.98 |
| Ares Management Corp | ARES | 4.87 |
| Hamilton Lane Inc | HLNE | 4.83 |
| Intermediate Capital Group PLC | IGC | 4.43 |
| EQT AB | EQT | 4.26 |
| Blue Owl Capital Inc. | OWL | 4.23 |
This is not an offer to buy or sell, or recommendation to buy or sell any of the securities mentioned herein. Past performance is no indication of future results.
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Important Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its employees.
Holdings will vary for the VanEck Alternative Asset Manager ETF (GPZ) and its corresponding Index. For a complete list of holdings in the ETF, please click here: GPZ Holdings.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in alternative asset managers, issuer-specific changes, financials sector, equity securities, small-, medium and large-capitalization companies, depositary receipts, special risk considerations of investing in Canadian and European issuers, foreign securities, foreign currency, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount, liquidity of fund shares, non-diversified and index-related concentration risks, all of which may adversely affect the Fund. Investing in listed alternative asset managers may be speculative and involve substantial risks, including leverage, liquidity, significant volatility, operational complexity, valuation, limited public information, and the risk of borrower default or bankruptcy. Small, medium and large-capitalization companies may be subject to elevated risks.
S&P Listed Private Equity Index comprises the leading listed private equity companies that meet specific size, liquidity, exposure, and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies that are active in the private equity space.
MarketVector Alternative Asset Managers Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of Van Eck Securities Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector Indexes GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Alternative Asset Manager ETF is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH and MarketVector Indexes GmbH makes no representation regarding the advisability of investing in the Fund.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider a Fund's investment objective, risks, charges and expenses carefully before investing. To obtain a prospectus and summary prospectus for VanEck Funds and VanEck ETFs, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus for VanEck Funds and VanEck ETFs carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
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Important Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its employees.
Holdings will vary for the VanEck Alternative Asset Manager ETF (GPZ) and its corresponding Index. For a complete list of holdings in the ETF, please click here: GPZ Holdings.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in alternative asset managers, issuer-specific changes, financials sector, equity securities, small-, medium and large-capitalization companies, depositary receipts, special risk considerations of investing in Canadian and European issuers, foreign securities, foreign currency, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount, liquidity of fund shares, non-diversified and index-related concentration risks, all of which may adversely affect the Fund. Investing in listed alternative asset managers may be speculative and involve substantial risks, including leverage, liquidity, significant volatility, operational complexity, valuation, limited public information, and the risk of borrower default or bankruptcy. Small, medium and large-capitalization companies may be subject to elevated risks.
S&P Listed Private Equity Index comprises the leading listed private equity companies that meet specific size, liquidity, exposure, and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies that are active in the private equity space.
MarketVector Alternative Asset Managers Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of Van Eck Securities Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector Indexes GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Alternative Asset Manager ETF is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH and MarketVector Indexes GmbH makes no representation regarding the advisability of investing in the Fund.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider a Fund's investment objective, risks, charges and expenses carefully before investing. To obtain a prospectus and summary prospectus for VanEck Funds and VanEck ETFs, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus for VanEck Funds and VanEck ETFs carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.