Alternatives at a Crossroads: Weighing Access, Complexity, and the Reporting Burden

For decades, the most interesting corners of the investable universe—private real estate partnerships, private credit funds, infrastructure, and other non-traditional sleeves—were effectively closed to individual investors. Access ran through institutional allocators, family offices, and a narrow band of accredited investors willing to sign subscription documents thicker than a mortgage. That wall has been steadily eroding.