There is significant demand from retail investors for access to private markets, noted SEC Chair Paul Atkins in his opening remarks at the SEC’s Private Markets Roundtable held on March 4, 2026. The SEC seeks to open pathways to private markets with “appropriate investor protections,” he said. Brian Daly, director of the SEC Division of Investment Management, moderated a panel focused on “the twin concepts of valuation and liquidity,” which operate much differently in private markets than in public ones. The panelists examined differences in how public and private assets are valued, the implications of those differences and the liquidity issues associated with private markets. Both Atkins and Daly noted that, although they were speaking in their respective official capacities, their remarks did not necessarily reflect the views of the SEC, its other commissioners or other members of the SEC staff. This article, the first in a two-part series, synthesizes the insights from this panel. The second article will present the key takeaways from another panel focused on fund governance. 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).