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ARTICLE · 25 NOVEMBER 2025

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Navigating The Relationship Between Retail Funds And Institutional Capital

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As the private funds market continues to evolve, fund sponsors are increasingly launching (or seeking to launch) retail-oriented investment products to invest in or alongside traditional private funds.

CanadaFinance and Banking
Batya Nadler
Batya Nadler
Guillaume Lavoie
Guillaume Lavoie
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As the private funds market continues to evolve, fund sponsors are increasingly launching (or seeking to launch) retail-oriented investment products to invest in or alongside traditional private funds. This steady change has been driven both by investor demand (including a broadening investor base) and regulatory changes. This article explores what retail funds are, how they differ from institutional private funds, key considerations for sponsors marketing both products and diligence priorities for institutional investors. This article expands on previous guidance from us1.

What are retail funds?

Retail funds are investment vehicles designed to provide certain non-institutional investors, who would not typically have access to private funds given regulatory constraints (i.e., accredited or high-net-worth individuals), with access to alternative strategies. Historically, participation by retail investors in the private funds market has been limited by the

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