TREE NEWS update: The U.S. Securities and Exchange Commission proposed reforms to widen individual investor access to private markets, including private equity and early-stage startups. One proposal would let registered investment advisers charge up to 20% performance fees, moving closer to the “2% management fee plus 20% performance” hedge-fund model. The SEC also proposed broadening the accredited-investor definition to include credentialed professionals such as CPAs and chartered financial analysts, Chairman Paul Atkins said.
SEC Proposes Easing Private-Market Access for Retail Investors
AI take
The notable shift here is structural rather than headline-level: the SEC is pairing wider access with a fee model that mirrors hedge-fund economics, which changes who captures the upside in private markets. Credential-based accreditation would admit professionals whose expertise is in accounting or analysis, not necessarily in valuing illiquid private assets. Whether the performance-fee allowance and the expanded definition advance together, or the fee provision draws the sharper comment, is the open question worth watching.
Generated by AI for reference only.
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