Two high-profile cases in the public/private markets are testing boundaries and investors.

Why it matters: ERShares Private-Public Crossover ETF’s XOVR stake in illiquid holdings, including SpaceX, has apparently run afoul of SEC rules. Meanwhile, a high-flying alternative-asset manager has changed the rules for returning investors’ cash from one of its funds. And Blue Owl Capital is now facing backlash.

But first, let’s start with ERShares’ saga. Morningstar’s Managing Director of Manager Research Jeff Ptak has been tracking the firm and its crossover fund. READ MORE