

Private equity sets its sights on the little guy
Sep 9, 2025
Lawrence Calcano, Chairman and CEO of iCapital, shares insights from his investment banking background and the evolution of private equity targeting individual investors. Jonathan Guilford, US editor at Reuters Breakingviews, highlights the regulatory shifts enabling retail access to alternative assets. They discuss the complexities of navigating investment structures, the integral role of technology in connecting investors to private equity, and the crucial need for financial advisors to educate clients about liquidity risks and long-term commitments in these innovative investments.
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Retail Is The Next Large Prize
- Large alternative managers are shifting focus from institutions to retail wealth worth trillions.
- The White House move to "democratize" alternatives accelerates this push but raises structural questions.
Liquidity Limits Are Built In
- Semi-liquid evergreen vehicles can restrict redemptions to protect asset value during stress.
- Redemption limits exposed by rate shocks showed structural tensions between liquidity promises and illiquid assets.
iCapital As The Industry's Operating Layer
- Lawrence Calcano describes iCapital as the technology plumbing connecting GPs and wealth advisors.
- He frames iCapital as enabling education, access, automation and multi-year client experiences.