Five Articles to Prepare for Retailization

One of the most striking tonal shifts at the SEC since Paul S. Atkins was appointed to chair the agency has been the push to improve retail access to the private markets. In his short time leading the Commission, Atkins has already pursued several measures to follow through on that initiative, including issuing a no‑action letter to facilitate the use of general solicitations under Rule 506(c) of Regulation D under the Securities Act of 1933, as well as eliminating the requirement that retail closed-end funds limit their investments in private funds to 15 percent of their net assets. By all indications, the true retailization of the private funds industry is closer than it has ever been. Accordingly, the Private Equity Law Report is highlighting five articles from its archives that suggest ways fund managers can position themselves and their private funds to be as appealing and conducive as possible to retail investors. Those include strategies for targeting high net worth individuals, precautions to ensure retail-specific marketing practices comply with the Marketing Rule, ways to tailor compliance programs to address issues presented by retail investors, analysis of a fund type that can be offered to retail investors (i.e., interval funds) and suggestions for how to address liquidity issues by offering hybrid funds. The week starting August 18, 2025, the Private Equity Law Report will resume its normal publication schedule.

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