RETAIL INVESTMENTS IN PRIVATE FUNDS: Regulatory Obstacles and Opportunities

March 16, 2023
Over the past several years, regulators and market participants increasingly have called for the expansion of investment opportunities for retail investors and retirees. In this whitepaper, Ropes & Gray surveys the regulatory obstacles under the federal securities laws and ERISA that currently limit retail access to private funds, discusses the rationale for expanding retail access to private funds, and describes several potential models for doing so.