Although private fund managers typically do not interact directly with retail investors, they may have broker-dealer affiliates that do or may choose to offer a registered product. Also, future changes to the definition of accredited investor and/or the Regulation D private offering regime could increase managers’ direct access to such investors. As both regulators and private fund managers warm to the idea of making private market investments accessible to retail investors, managers face new and unique challenges they will need to address in their respective compliance programs. A program presented by the National Society of Compliance Professionals examined due diligence requirements – and the associated regulatory concerns – when offering investment products to retail investors, including the fiduciary obligation to ensure investments are appropriate for each client. The program featured Miriam Lefkowitz, a compliance consultant and securities regulatory attorney; Ana D. Petrovic, director at Kroll; and James Sommerfield, Jr., senior compliance officer and principal at Wintrust Wealth Management. This article synthesizes their insights. 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).