Even as SEC officials make public statements in favor of expanding retail investor access to private funds, many fund managers have faced difficulties accessing those investors and marketing their products more widely. In addition to regulatory hurdles, fund managers have been forced to confront the reality that retail investors typically lack the sophistication and resources of institutional investors. Those obstacles provide an impetus for managers’ growing use of retail distribution platforms, such as wirehouses, independent broker-dealers and independent registered investment adviser (RIA) platforms. Listing on those centralized platforms provides fund managers the opportunity to efficiently offer their fund products to a broad range of financial advisors or RIAs, as applicable, and, through them, to a substantial swath of retail investors. This first article in a two-part series explores fundamental obstacles managers face to accessing retail investors; the three categories of retail distribution platforms and the benefits they offer; and certain operational considerations managers must weigh before pursuing a listing on a platform. The second article will delve into the selection criteria and due diligence processes that platforms use to evaluate fund products, as well as potential pitfalls of being listed on a platform. See “Retailization Season Is Heating Up: A Private Fund Manager’s Guide to Structuring, Procedures and Fundraising” (Jun. 12, 2025).