Democratisation

A family office is sounding the alarm over the seemingly rampant use of leverage to finance GP commitments. Plus: an SEC committee gives us a potential glimpse of the retail fund of the future. Here's today's brief, for our valued subscribers only.

The UK insurer, part of Phoenix Group, is readying a default strategy for pension members that aims to build a 25% allocation to private markets.

Quarterly redemption opportunities do not mean these products should be considered liquid, says head of international Marco Bizzozero.

Firms need to offer enough products to individual investors to match supply and demand, says Lionel Assant.

Semi-liquid fund structures allow private market exposures to link into model portfolios more easily, according to Johnathan Seeg, global co-head of BlackRock Private Equity Partners.

PGIM and Partners Group became the latest firms this week to disclose partnerships amid a trend of traditional asset managers and private markets specialists partnering to tap more non-institutional capital.

The growing popularity of semi-liquid funds has left investors with concerns around potential conflicts with closed-end funds.

Secondaries’ popularity among evergreen strategies could be a strong indicator of its suitability for retirement plans.

The executive order is not implementing new policy as much as it is confirming private markets’ roles in retirement portfolios.