Retail Investing in PE

Schwartz suggested the industry “did itself a bit of a disservice” by labeling certain products as “semi-liquid,” arguing the term understated the potential for redemption limits.

The expanded partnership includes two new interval funds as well as a target-date retirement fund and a model portfolio combining public and private assets.

Retail capital has become a growing focus for PE firms as institutional investors hit allocation limits or grow more conservative.

This change opens the door for registered closed-end fund-of-funds structures to reach ordinary brokerage clients.

The case highlights the regulatory risks tied to private market investing.