It’s easy to look at the lifestyles of the rich and famous and wonder what it would be like to break into this world. For most of us, it’s not realistic to expect an invitation to Jeff Bezos’ wedding, a coveted reservation at the most exclusive restaurant, or a spot on the waiting list for a Hermès Birkin bag.

And if you’re on the outside looking in, it’s natural to assume that if something is exclusive and mostly available to the wealthiest echelons of society, it must be better in some way.

The asset management firms hoping to gain access to trillions of dollars in “retail” investor dollars are explicitly referencing this aura of exclusivity as a key marketing message for private equity offerings. But there are reasons to be wary when you hear marketers make claims about “democratizing investing” or opening up access to areas previously only available to an elite group.

For one, investing is already democratized. It has been a long time sinc