Interesting article, though I do not agree with the conclusion that "there is no rule of law in private markets". In fact, any private transaction, whether executed by a PE fund or just a savvy HNWI (or pension fund, or university endowment), is still subject to normal court oversight. And if the HNWI chooses to invest via a PE fund, then he can still sue the manager for mismanagement or outright fraud. Some additional regulation seems desirable, but it would be a mistake, in my opinion, to absolve the ultimate investors from their own responsibilities. Indeed, private markets are for professionals, not amateurs.