Access to private funds has historically been limited to sovereign wealth funds, pension plans and ultra-high net worth individuals. Private funds are increasingly drawing the attention, however, of a wider spectrum of investors seeking diversification and long-term returns. The democratization of access to private market investments has gathered pace globally, with regulatory frameworks in several jurisdictions evolving to accommodate the growing demand while balancing investors’ interests. Against that backdrop, the Monetary Authority of Singapore (MAS) issued a consultation paper in March 2025 proposing the creation of a new long-term investment funds framework. The proposal provides the first pathway for retail investors to gain access to private market investments, albeit within a calibrated regime. In a guest article, Reed Smith LLP partner Han Ming Ho details key features of MAS’ proposed framework; how it fits in the current international regulatory landscape; open issues and systemic concerns raised by market participants; and practical considerations for fund managers and institutional investors. See “Retailization Season Is Heating Up: A Private Fund Manager’s Guide to Structuring, Procedures and Fundraising” (Jun. 12, 2025); and “Inherent Obstacles and Promising Pathways to Retailization in the PE Industry” (May 29, 2025).