Private equity's retail rush is alarming its largest backers

SINGAPORE — For decades, private markets have been the preserve of pension funds, endowments and sovereign wealth giants. Now, that exclusivity is fading. More wealthy individuals are getting invited into a once-closed club reserved for long-term investments from large institutions — and that is ruffling feathers. The trend has been described by experts as the democratization of private markets: looser eligibility rules, feeder funds that pool money from smaller investors and channel into larger funds, and products that mimic mutual funds but invest in private assets. In the U.S., President Donald Trump's August 2025 order allowed retirement solution providers to invest in private equity and other alternative assets, allowing greater access to private markets for everyday savers. It could