Advisers have earned over $2 billion in servicing fees from semi-liquid private funds since 2017, according to FT analysis of regulatory filings.
Major groups like Blackstone, Blue Owl, Apollo, and KKR paid these fees to brokerages and wealth managers distributing their products to individual investors.
Critics say adviser incentives may have driven over-allocation to retail investors, while higher-fee share classes often delivered lower returns than cheaper options.
With billions in adviser fees at stake, can regulators protect investors?
Private funds promise big returns, but are hidden fees eating your profits?
As institutions flee private markets, why are retail investors being invited in?
Your money is in a private fund. What happens when you want it back?
Is the 'democratization' of private assets just a transfer of risk to you?