Private Law Theory

ABSTRACT
I examine the push to expand private equity access to retail investors, often described as ‘democratization’. I argue that this shift exposes individuals to high fees, opaque structures, and misleading performance metrics. Without strong governance and transparency, this is not democratization but exploitation. I highlight the risks embedded in current product design and call on advisors and regulators to provide better safeguards.

Phalippou, Ludovic, Private Markets for the People? Or Just More People for Private Markets? (July 10, 2025).