Scaling the Next Generation of Fund Products in 2026
Omkar Shibad, Vice President at BlackRock India, brings over 16 years of hands-on expertise in asset management operations, fund services, and the full lifecycle governance of investment products. His deep, practitioner’s understanding spans private markets, Collective Investment Trusts (CITs), and active ETFs, reflecting a rare ability to navigate the complexities of both Indian and global asset management. Omkar’s career is marked by a distinctive perspective on how to scale operational alpha, and he is constantly at the forefront of shaping next-generation operating models for investment products—making him an invaluable voice in the fast-evolving investment landscape. In this article, readers will benefit from Omkar’s unique vantage point as he distills the most meaningful opportunities emerging for asset managers in 2026 and beyond. Drawing from his global experience, Omkar highlights why the future belongs to firms that think beyond product launches to how those products are governed and operated. He explores active ETFs, semi-liquid and evergreen private-market funds, hybrid public-private solutions, and the rise of tokenized products—not just as investment vehicles, but as operational challenges and opportunities. The article also offers practical, experience-backed insights into building scalable operations, the critical importance of regulatory mapping and valuation governance, and the role of automation and AI in driving efficiency and resilience. Investors and industry leaders will find actionable strategies and a forward-looking framework to help them navigate complexity, manage risk, and unlock growth in a rapidly changing market.
Q1. From your experience across global fund operations, which emerging fund products do you see creating the most meaningful opportunities for asset managers in 2026?
From a global fund-operations perspective, I see 3 product areas creating the most meaningful opportunities for asset managers in 2026:
Active ETFs
Especially in areas like fixed income, outcome-oriented, thematic, and systematic active strategies, the real opportunity isn’t just about launching more ETFs. It’s about taking what already works and packaging it in a way that gives investors better access, more liquidity, greater transparency, and in some cases, improved tax efficiency. This shift is becoming a long-term trend, not just a passing phase. According to Morningstar, active ETFs brought in around $460 billion in U.S. inflows during 2025—about a third of all ETF inflows, up from 26% in 2024.
Semi-liquid and Evergreen Private-market funds
Private credit stands out here, since its regular cash flow makes it easier to support periodic redemptions. After private credit, infrastructure, secondaries, and diversified private-market portfolios also fit well. In Europe, the rollout of ELTIF 2.0 has opened up these strategies to more private wealth investors. There were 113 ELTIFs launched in 2025—about double the number from 2024—and assets grew by …
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