Expanding Retail Access to Private Markets

Expanding Retail Investor Access to Private Markets Retail Access to Private Markets - Why Now? ► The SEC is exploring how to increase access for retail investors to private companies Currently, retail investors have a limited ability to access the complete U.S. equity market ● • The SEC's recent concept release recognizes the key role that pooled investment vehicles, including private and regulated funds, can play in providing a more level playing field for retail investors ► Retail investors remain under-allocated to alternative asset classes Private markets provide opportunities for excess or uncorrelated returns • Given the decline in the number of public companies, achieving true diversification without an allocation to private markets is difficult ● 4

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