The private equity industry has been evolving beyond its leveraged buyout roots and is seeking to expand a capital base that traditionally has been tied to institutional investors. A Securities and Exchange Commission report last year on expanding retail access to private markets suggested that individual investors may be missing out on opportunities to make money as the universe of public-traded companies has shrunk significantly in the past 25 years. 

https://www.institutionalinvestor.com/article/b1qt3dnwz5522b/KKR-Moves-to-Democratize-Private-Equity-as-SEC-Signals-Industry-Scrutiny