Fundraising for semi-liquid products, including non-traded real estate investment trusts and business development companies; interval and tender offer funds; and preferred stock grew from about $100 billion in 2021 to more than $200 billion in 2025. Sponsors are expected to raise $1 trillion in such products over the next five years. As retail desire for private market products continues unabated, the SEC Investor Advisory Committee (IAC) is addressing potential issues and sources for confusion from offering semi-liquid and other alternative investment products to individual investors. At a meeting on June 4, 2026, the IAC discussed disclosure issues; redemption caps and gating; valuation methodologies; and other unique features and risks of such products. The discussion featured IAC members from a variety of backgrounds relevant to the topic. This article synthesizes the key takeaways from the discussion. See “SEC Investor Advisory Committee’s Recommendations to Facilitate Retail Access to Private Markets” (Oct. 30, 2025).