Bringing private markets to the masses is the talk of the investment world these days. As more capital formation takes place beyond public exchanges, efforts are underway to give retail investors access to private equity and private credit. Semiliquid funds offer one route. Private assets may even be coming to 401(k) plans.

Skeptics suspect a cash grab. As much as phrases like “democratizing access” sound altruistic, private market investment managers see retail assets as a means of growing their businesses. Private market funds are known for high fees, illiquidity, and opacity. Their diversification and performance benefits can be oversold. READ MORE