(PSP)

Lately it seems as if most roads lead to the democratization of private markets.

Retail investing has long proved a tantalizing prospect for private equity players. Traditionally a space for limited partners with huge asset pools, like family offices, endowments, pension programs,...

PSP is a strong sell due to persistent underperformance versus SPY and its high expense ratio, eroding any potential alpha. Private equity exposure can be achieved more efficiently by directly holding...