In connection with the September 18, 2025, meeting of the SEC Investor Advisory Committee (IAC), the IAC’s Investor as Owner and Market Structure Subcommittees submitted recommendations to the Commission on increasing retail investor access to private markets, including private funds. The IAC endorsed increasing access through the registered funds regime but reserved judgment on increasing direct access to private funds. SEC Chair Paul S. Atkins and Commissioners Caroline A. Crenshaw and Hester M. Peirce all delivered remarks at the meeting. Unsurprisingly, Atkins and Peirce are both strong proponents of increased access, while Crenshaw expressed significant reservations. Crenshaw subsequently expanded on her concerns in a September 19 speech at the Better Markets Academic Advisory Board annual conference. This article provides a brief overview of the IAC’s recommendations and distills the related observations of Chair Atkins and Commissioners Crenshaw and Peirce. As usual, all three speakers noted that their remarks reflect their personal views, not those of the SEC. See our two-part series on the retailization of private funds: “Incremental Changes Signal SEC Support” (Aug. 14, 2025); and “Practical Consequences” (Aug. 28, 2025).