Private markets in the wealth channel: evergreen and interval funds, non-traded BDCs, wealth platforms, 401(k) access and the rules on retail access.
Top storyRegulation
Japan's Financial Services Agency urged financial institutions to exercise caution when offering overseas private asset investments to retail clients, citing liquidity and transparency concerns. Assets in publicly offered Japanese investment trusts linked to private assets doubled year on year to JPY1.5trn as of March.
Clearlake Capital launched Clearlake Private Wealth, a platform extending its strategies to high-net-worth individuals, with more than $185bn in AUM. Its first offering is the Clearlake Private Markets Fund, a closed-ended interval fund providing access to LP-led secondaries, GP-led secondaries and co-investments.
The SEC proposed to modernize the interval fund framework and expand multiple share class structures, as part of efforts to increase retail access to private markets.
The SEC proposed expanding accredited investor and qualified client definitions, including a FINRA-developed exam and additional credentials, to broaden eligibility for private offerings with performance fees.
The SEC has proposed rules that open the door for private fund managers to target retail investors.
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