The Decibel Ontario pushes to allow retail access to risky investments
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Feb 9, 2026 Jameson Burko, capital markets reporter who covers regulators, and Clare O'Hara, wealth management reporter focused on investment products, break down Ontario’s push to let everyday investors access private asset funds. They discuss the OSC’s capital-formation mandate, risks like illiquidity and complex fees, gating examples that can trap money, and why managers and government want retail capital.
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Private Assets Are Illiquid And Growing
- Private asset funds hold illiquid assets like real estate, infrastructure and private credit and are mainly for institutional or ultra-high-net-worth investors.
- These funds have doubled in size over five years but remain far smaller and less transparent than mutual funds.
Accredited Criteria Are Outdated
- The accredited investor threshold dates from the 1990s and no longer reflects today's wealth levels.
- That gap makes the category less exclusive and complicates who should access private assets.
Transparency And Liquidity Are Key Differences
- Mutual funds offer frequent pricing, clear holdings and easy redemption, while private funds provide limited disclosure and opaque valuations.
- Illiquidity and opaque fees increase the risk that investors can't know or exit their positions quickly.