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October 27, 2025

The Gilded Age of private equity for the masses

  • Getting access to the next startup unicorn sounds appealing. But for every SpaceX, thousands of early stage companies never take off.
    • By AMY C. ARNOTT
    Morningstar

    For most people, it's natural to assume that if something is exclusive to the wealthiest echelons of society, it must be better. Asset management firms looking to access trillions of “retail” investor dollars explicitly reference this exclusivity when marketing private equity offerings. But investors should be wary when fund marketers talk about “democratizing investing” or opening access to areas previously only available to the elite.

    REASONS TO BE WARY


     
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