The Securities and Exchange Commission (SEC) is reviewing regulations that currently restrict investor access to private funds, including hedge funds and private-equity funds. The SEC Chair has indicated that the agency is considering changes that would broaden the pool of investors eligible to invest in private closed-end funds. This potential regulatory shift aims to make it easier for a wider range of investors to participate in private markets, which have traditionally been limited to accredited or institutional investors. Key market participants such as Blackstone ($BX), KKR ($KKR), Apollo Global Management ($APO), and Owl Rock Capital ($OWL) could be impacted by these changes.