The problem with “semi-liquid” funds might start with the name. When I spoke to Luke Sarsfield of alternative investment firm Ridgepost Capital, he made a simple point: people hear “semi-liquid”… and miss the “semi.” They just hear “liquid.”That’s a fun quote, but it does point to something more structural.For investors, managers, and allocators, it raises a basic question: who controls liquidity when very different investors share the same pool of capital?

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Private Markets’ New Tension: When Retail and Institutional Investors Collide