Thanks for your message Fergus. I fail to see what motivation private capital firms would have to change their ways unless regulators step in and address the issues around opacity and fees. Fund managers must also offer sufficient liquidity solutions before retail investors jump in. Until then, the trade should remain the remit of institutions.

By the way, nowhere in my article is there any mention of prohibition. In the last paragraph, I simply recommend that retail investors stay away until the major drawbacks of private markets have been dealt with.