Why Private Equity Is Ripe for Vanguard-Style Disruption

"Yin said there are plenty of other simpler, 'passive-like' approaches to investing in private companies to consider, including models that don’t use leverage."

PE is debt in today's environment. The funding does not come primarily through investment but through the partnerships that lead to leverage the business would not normally be able to attain.

First you would need a PE exchange for liquidity. Good for startup share liquidity pre-IPO also. Price it at auction, employees chose to take the $$ or they have an immediate IRS basis. Most would sell a fraction to cashflow taxes.

SEC friction on "public" is bad for the economy. Instead of binary we need the reports/accounting under certain standards on a spectrum from fully private to fully public.