# SEC Proposals Would Expand Retail Access to Private Markets Through Funds

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/26201
Published: 2026-10-01T17:08:41.000Z
Updated: 2026-10-01T17:08:41.000Z
Section: Regulation

> The proposals are not final and would not give retail investors direct access to every private company’s shares. Public comment periods will run for 60 days after publication in the Federal Register.

The Securities and Exchange Commission is considering changes that could broaden retail investors’ access to private-market investments through regulated funds, while leaving the proposals open for public comment.

Announced Sept. 30, 2026, the proposals cover performance-based fees, interval funds, disclosures and share classes. The SEC also requested comment on additional paths to accredited-investor status, including a FINRA-developed exam and certain professional credentials. The proposals are not final rules, and public comment periods will run for 60 days after publication in the Federal Register.

Accredited-investor status can allow participation in certain private offerings, but the proposed pathways would not make every private-company share available to the public. Some publicly traded funds already hold stakes in private companies, giving their investors indirect exposure.

Robinhood Ventures Fund I, a publicly traded closed-end fund, held 109,059 shares of OpenAI Group PBC valued at $74,998,784 as of June 30, 2026. Buying the fund provides exposure to its portfolio, not direct ownership of OpenAI shares.

Private holdings can be difficult to value and sell. A listed fund’s market price may differ from the value of its underlying assets, and fees and redemption terms vary. SEC Commissioner Hester Peirce questioned whether the proposals would address the gap between closed-end fund share prices and net asset value.

Private offerings can carry greater risks and fewer protections than public investments. The comment periods will begin after the proposals and notices are published in the Federal Register.