Retailization in PE and facilitating retail investors’ access to private funds have been topics of discussion for some time, but retail capital remains significantly underrepresented in alternative assets under management. Momentum appears to be building, however, as PE sponsors continue to explore different types of vehicles that afford them access to retail investors. Those efforts are further buttressed by various hints that the current iteration of the SEC supports, and will take measures to facilitate, improved retailization of the private funds industry. Those topics were discussed in a panel at the Practising Law Institute’s Twenty-Sixth Annual Private Equity Forum that was moderated by Paul Weiss partner Matthew B. Goldstein and featured Debevoise & Plimpton partner Vadim Avdeychik, Fried Frank partner Jeremy R. Berry, and Whitney A. Chatterjee, chief legal officer at Apollo Global Management. This article summarizes key takeaways from the program, including the existing landscape of retailization efforts, how fund managers with retail aspirations need to address those issues in their private funds’ documents and the relative merits of various vehicles (e.g., operating companies and interval funds) sponsors are using to access retail investors. See “Legal Due Diligence Considerations for HNWIs and Family Offices Investing in Closed‑End Private Funds” (May 1, 2025).