Uncovering the Hidden Cost of FX in Private Markets

A Joint Perspective from Alpha FMC & MillTech

Foreign exchange (FX) execution is a critical yet chronically overlooked area in private markets. As funds scale globally, and continue to raise capital and deploy investments across jurisdictions, FX costs are becoming a silent drag on performance. Unlike traditional fund expenses, FX charges are often opaque, inconsistent, and buried in execution spreads.

But it shouldn’t be this way. We’ve partnered with Alpha FMC, drawing from Alpha’s private markets consulting expertise and MillTech’s Global FX Report 2025 to reveal why FX needs to be treated as a strategic lever, not a sunk cost.