Over the past decade, there has been a quiet revolution in access to private capital investments for the mass affluent investor. Investment in funds designed for accredited investors has boomed. In 2009, there was less than $50 billion in assets under management (AUM) in accredited investor funds targeting alternative strategies. By the end of 2019, this figure had risen to more than $260 billion. Numerous well-established, major players in the alternatives space have entered the market, including Ares, Carlyle, KKR, Pantheon, PIMCO and, in just the past year or so, Hamilton Lane, StepStone, and Neuberger Berman.