Private Equity Isn’t Getting Safer, It is Getting Repackaged

Private equity’s push into private wealth is often framed as broader access and greater resilience, but the underlying liquidity risk has not gone away, it has simply been shifted to investors less structurally suited to absorb delayed cash returns. As exits remain slow and distributions weak, this article argues that the real question is not who can access private markets, but who will ultimately bear the strain when liquidity stays constrained.