SEC Proposal to Expand Retail Access to Private Markets
TL;DR: The SEC voted on Sept. 30, 2026 to propose rules that would loosen performance fee limits, ease interval fund repurchase rules, and seek comment on new ways to qualify as an accredited investo…
Accredited Investor Requirements: Income and Net Worth
TL;DR: The thresholds for accredited investor status were set in the 1980s and 2010, according to the U.S. Government Accountability Office (GAO) . Today you qualify with income over $200,000 in each…
How to Invest in Private Equity: Every Vehicle Compared
TL;DR: Individuals get into private equity six ways: direct LP stakes ($1M–$5M+, 10–12 year lockup), feeder funds ($75K–$100K, plus a second fee layer), secondaries (shorter term, often at a discount…
IRA Investing: What a Self-Directed IRA Allows
Your Broker's Menu Isn't the Law. It's a Business Decision I spent years signing off on QA jobs aboard a fast attack submarine, where the rule was simple: verify before you trust. Nobody's word was g…
EquityZen vs. Hiive: Pre-IPO Secondary Markets in 2026
The pre-IPO secondary market hit a consolidation turning point in early 2026: Morgan Stanley closed its acquisition of EquityZen on January 27, 2026 and immediately cut buyer-side fees from 5% to 2.5%
The LP Side Letter Playbook for $250K Investors
Most accredited investors assume side letters are reserved for pension funds writing $50 million checks. That assumption costs you real rights. ILPA Principles 3.0, published in June 2019, explicitly
What Is First-Loss Capital? Junior Tranches Explained
First-loss capital is the layer of a structured deal that absorbs every dollar of loss before senior investors take any hit. In a standard collateralized loan obligation (CLO), that layer is the unrat
Access Via Your Adviser Is Not Access on Your Own Terms: The SEC Private Markets Proposal Explained
SEC Chairman Paul Atkins has put forward a proposed rulemaking that would let retail investors reach private securities markets through registered investment companies managed by registered
Accredited Investor Verification Services Explained
When a fund manager runs a Rule 506(c) offering under Regulation D, checking a box is not enough to confirm investor eligibility. The SEC requires issuers to take reasonable steps to verify that every
Blue Owl Technology Finance Corp (OTF): A BDC Review
By Jeff Barnes, MBA | September 8, 2026 | Alternative Investments TL;DR: Blue Owl Technology Finance Corp (NYSE: OTF) raised $150 million in senior unsecured notes at a 7.6% coupon maturing September
BridgeInvest Raises $612M for Fund V as Private CRE Credit Fills the Bank Lending Gap
Miami-based BridgeInvest has reached a second close of $612 million for its BridgeInvest Specialty Credit Fund V, an open-ended vehicle targeting...
How to Vet a Tokenized Real-World Asset (RWA) Fund Before You Invest
TL;DR: A tokenized real-world asset (RWA) fund can be a genuine ownership stake in private credit, real estate, or Treasuries, or a synthetic claim with no direct legal recourse to the underlying...
StepStone Closes $1.7 Billion Infrastructure Secondaries Fund and What It Tells Accredited Investors About Private Markets
On August 26, 2026, StepStone Group (Nasdaq: STEP) announced the final close of its StepStone Secondaries Infrastructure Fund (SSIF) at $1.7 billion in total capital commitments, making it the...
How Much Should You Actually Allocate to Alternative Investments? A Framework by Net Worth and Liquidity Horizon
The standard advice to put "10-20% in alternatives" tells you almost nothing useful. The right number depends on how much of your net worth is genuinely illiquid-tolerant, your income needs over...
DiversyFund in 2026: What Happened After the SEC Settlement
DiversyFund is still operating in 2026, but the product that made it famous is functionally dead. On June 9, 2023, the SEC issued a settled order permanently suspending the Regulation A exemption for
How to Read a Private Fund Subscription Agreement Before You Sign
A subscription agreement is the contract you sign to buy into a private fund, and it is the document that actually creates your legal exposure as an investor, not the flashier limited partnership agre
Origin Investments Review 2026: Is This Chicago Multifamily Manager Worth the Illiquidity?
TL;DR: Origin Investments is a Chicago-based real estate private equity manager, founded in 2007 by David Scherer and Michael Episcope, that now runs $3.3 billion to $3.6 billion in total...
Catastrophe Bonds Explained: How Cat Bonds and ILS Actually Work in 2026
TL;DR: Catastrophe bonds let insurers offload hurricane and earthquake risk to investors like you, in exchange for coupon yields that have averaged roughly 7.4% a year since 2002 and returned double digits three years...
Timberland Investing Explained: How TIMOs, Direct Land, and Timber REITs Actually Work
TL;DR: A TIMO (Timber Investment Management Organization) is a professional manager that buys, grows, and harvests timberland for investors. Pension funds and endowments have used them since the 1970s, and the NCREIF...
The SEC Wants to Open Private Markets to Retail Investors. The Liquidity Problem Is Already Showing Up.
TL;DR: On July 7, 2026, the SEC published its 2026 Reg Flex Agenda, listing "Enhancing Retail Exposure to Private Markets" as one of roughly 40 planned rulemakings. That follows the SEC's decision to scrap the old 15%...