Private funds and alternative investment strategies have traditionally been off limits to retail investors. Many private fund managers would like the opportunity to tap the retail market for capital. Investment advisers and broker-dealers would welcome access to investment products that offer the prospect of higher returns. However, fitting complex and illiquid investment strategies into the rigid regulatory regime governing registered funds remains immensely challenging. A panel at Sidley Austin LLP’s Private Funds 2025 event examined the key challenges in giving retail investors access to alternative investments; demand for publicly traded alternative investment vehicles and strategies; and prospects for a more accommodating regulatory environment. The program featured Sidley partners W. Hardy Callcott, Benson R. Cohen and Nathan J. Greene; Smriti Kodandapani, deputy GC at First Eagle Investments; and Peter M. Sullivan, associate GC at BNY and chief legal officer at BNY Investments. This article synthesizes their remarks. See “A Look at the State of the Industry on the 75th Anniversary of the First Hedge Fund’s Launch” (Oct. 24, 2024).