Recent SEC actions and public statements from its leaders signal a growing interest in allowing more retail investors to have access to the private funds space. So far, however, the regulators have largely pursued cosmetic changes without moving decisively to open the private funds market to retail investors. Although some developments are welcome, substantive reforms will require action at the legislative level that SEC leaders have so far shown little appetite to pursue. This article, the first in a two-part series on the so-called “retailization” of private funds, discusses the SEC’s mandate to protect retail investors, analyzes the recent reforms and presents experts’ commentary on what those reforms have addressed and failed to address. The second article will offer legal analysis of what expanded retail investor access to the private funds space would mean in practice for investors and managers and consider the serious challenges such access would entail. See “Advances and Challenges in ‘Retailization’ of Alternative Investment Products” (Jun. 19, 2025).