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Private Market Expansion: Small Investors Face High Fees

2/19/2026

47 3 Full Breakdown

Summary

Story summary

The public stock market is contracting, while the private market is growing.
Small investors may soon access private deals, though these may be subpar and come with high fees.
The author notes that U.S. venture capital was about $400 million annually when they started.
They recommended a venture-capital fund to Yale's investment committee in 1976 and collaborated with David Swensen to enhance the Yale Model.

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Story summary

The public stock market is contracting, while the private market is growing.
Small investors may soon access private deals, though these may be subpar and come with high fees.
The author notes that U.S. venture capital was about $400 million annually when they started.
They recommended a venture-capital fund to Yale's investment committee in 1976 and collaborated with David Swensen to enhance the Yale Model.