SEC Private Markets Proposals
The SEC's September 30 proposals widen access to private markets. The next phase is infrastructure.
KPC Private Funds · October 1, 2026
Insight · Regulation · 4 min read
On September 30, the SEC voted to propose a package of rule changes intended to broaden individual investors' access to private markets through regulated funds. The proposals are open for public comment and may change. But the direction is clear, and it matters for independent advisors.
Release 2026-96
Four parts of the package matter most for advisors and alternative managers.
These proposals have not been adopted and remain subject to public comment and potential modification. The comment period runs 60 days after publication in the Federal Register.
Access is only half the story
For years, private equity, private credit, real estate and other alternatives were distributed through a market built for institutions, family offices and the wealthiest investors. The proposals point toward a framework in which more investors reach private assets through regulated products. The bigger shift is what happens around those investments once they become a routine part of an advisor's portfolio. As KPC's CEO, Dean Rubino, has put it, "the industry solved access before it solved infrastructure."
"Private markets did not become difficult because of the investments; they became difficult because the infrastructure never evolved to support the way advisers invest today."
Dean Rubino, CEO, KPC Private Funds, in an interview with Disrupts
The Implications
More choice is not more customization.
Where KPC fits
KPC is built for the implementation phase. PRISM 2.0 lets an advisor onboard a client into up to five investments through a single process, and KPC consolidates administration and reporting after the investment is made, including a single K-1 for taxable investors.
The point
If the proposals are adopted, more private-market products will reach the wealth channel. The firms that matter will be the ones that help advisors discover, evaluate, access and manage those investments responsibly, for each client, at scale.
This material is provided for educational and informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security or investment product. The information presented is general in nature and is not intended to be relied upon as a primary basis for investment decisions. Advisors should evaluate all investments independently and in the context of their clients' objectives, risk tolerance, liquidity needs, and suitability requirements. Charts, figures, and data visualizations are based on publicly available information, industry research, and reasonable estimates. Certain data points are illustrative or derived from aggregated sources and should not be interpreted as precise measurements or forecasts. Past trends do not guarantee future results. All investments involve risk, including the potential loss of principal. Private market investments may involve additional risks, including limited liquidity, valuation uncertainty, and longer investment horizons, and may not be suitable for all investors.
Kelly Park Investment LLC (CRD# 299882) is an SEC-registered investment adviser.
This material is educational and for informational purposes only. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or investment product, and it is not investment, legal, or tax advice.
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