---
title: Democratizing Private Markets: Equilibrium Predictions
url: https://www.ml-quant.com/papers/repec/nbr-nberwo-35665/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-16
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:nbr:nberwo:35665
source_url: https://econpapers.repec.org/RePEc:nbr:nberwo:35665
featured: 2026-10-16
citations: unknown
topic: Portfolio & Allocation
---


# Democratizing Private Markets: Equilibrium Predictions

Opening private markets to retail investors modestly improves their welfare while reducing firms' cost of capital and shrinking private equity alpha.

- Source: https://econpapers.repec.org/RePEc:nbr:nberwo:35665
- Identifier: RePEc:nbr:nberwo:35665
- Released: 2026-10-09
- First featured: Quant Letter No. 135 (2026-10-16): https://www.ml-quant.com/issues/2026-10-16/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Portfolio & Allocation
- Authors: Lubos Pastor, Robert F. Stambaugh, Lucian A. Taylor

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