Participation in private-company equity appreciation is limited to a small group, including qualified purchasers, accredited investors, large funds, pensions, and endowments.

“Totally. And hey, the reality is, is private markets are more of like a cabal. It's a small subset of the population, um, either qualified purchasers or accredited investors or, or, you know, big funds and pensions and endowments get to participate in the equity appreciation of these businesses.”