Transparency and investor protection ‘paramount’ for private markets’ retail push

Access to private markets for retail investors comes with liquidity and leverage risks, warns Ocorian

Transparency and investor protection must be paramount as private markets open up to retail investors, Ocorian, the specialist global provider of services to high-net-worth individuals and family offices, financial institutions, asset managers and corporates, says.

It welcomes the launch of semi-liquid funds offering access to private market investments, which were previously restricted to major institutional investors, but stresses that fund managers must be clear to investors on the possible risks and be prepared to provide more detail and commentary to investors.

Semi-liquid or evergreen funds are open-ended investment vehicles that give individual investors flexibility by allowing them to regularly subscribe to or redeem their investments and access typically illiquid private markets in a less rigid way and with minimum investments as low as £10,000.

Ocorian points out that the switch to retail investors is partly driven by private markets looking to offload existing holdings which they cannot exit by attracting retail money and helping to manage backlogs. Its research* with senior venture capital and mid-market private equity professionals in the US and Canada managing over $335 billion in assets shows that 62% are experiencing delays to their fund exit timelines, with 21% reporting significant delays stretching into 2026 or beyond.

Ocorian says liquidity for retail investors could be put under strain during times of market stress and that the leverage, which is fundamental to private equity, can in periods of market stress amplify losses.

Robin Harris, Head of APAC at Ocorian, said: “The retail push should not simply be about opening doors. It must be about responsible access.

“The push to democratise private markets should be welcomed but it must be accompanied by honest conversations about liquidity, leverage, and risk. Retail investors deserve access, but they also deserve clarity.

“As this evolution continues, fund managers must ensure they are not only meeting regulatory obligations but also building the trust and transparency that this new cohort of investors demands.”

* In May 2025 Ocorian commissioned independent research company PureProfile to interview 100 senior venture capital and mid-market private equity professionals in the US and Canada working for firms with $335.25 billion assets under management

About Ocorian

Ocorian is a global leader in fund services, corporate and trust services, capital markets, and regulatory and compliance support. Ocorian has more than 30 years of experience in fund administration, accounting, investor services and regulated AIFM and depositary solutions and supports managers across all major asset classes of private markets such as private equity, real estate, infrastructure, debt and venture capital. Ocorian manages over 17,000 structures on behalf of 8,000+ clients, including financial institutions, large-scale international organisations, and high-net-worth individuals. To find out more, please visit www.ocorian.com.

Ocorian in the US

Ocorian first entered the US market in 2021 with the acquisition of Philadelphia-based Emphasys Technologies, marking the start of its expansion across the country. Since then, the company has been enhancing its onshore capabilities, making key hires and building out its service offerings to support its growing client base, most recently announcing the acquisition of EdgePoint in Dallas, Texas and the intent to acquire E78.

Through its New York operations at 505 5th Avenue, Ocorian provides fund managers, private clients, and companies with access to structuring and fund domiciliation hubs worldwide, from Europe and the Middle East to the Caribbean, Latin America, Africa, and Asia Pacific.

The firm's extensive network enables it to deliver proactive administration and compliance solutions that optimise investment performance and business operations across the debt, private, and capital markets.