SS&C flags operational challenges as retail access to private markets expands
SSNC•Retail investors held an estimated $360 billion in private-market assets by the end of 2025, while interval funds reached $234 billion and non-traded BDCs about $451 billion. Expanding retail access requires investment in infrastructure for liquidity, valuations and regulatory obligations.
1. Private-market growth
Retail investors held an estimated $360 billion in private-market assets by the end of 2025, following 60% annual growth over the preceding four years. Interval funds had $234 billion across 308 funds, while non-traded business development companies grew to about $451 billion in assets in 2025 from $127 billion in 2020.
2. Redemption pressures
Technology-exposed BDCs faced surging redemption demands in the first half of 2026, prompting boards to impose pro-rata gates limiting payouts. Retail expansion into private markets requires substantial investment in operating infrastructure to manage liquidity, valuations and regulatory obligations.
