SEC weighs retail access as Investcorp closes $1.22B fund

What is the SEC considering for retail investors?

The SEC is weighing broader access for individual investors to alternative assets, including private equity and hedge funds. On CNBC’s Oct. 1 report, SEC Chairman Paul Atkins said the agency is also considering a change that would let registered investment advisers charge performance fees of up to 20% on public funds.

The discussion comes as private-market products already available to retail investors remain relatively limited. CNBC reported that there are about two dozen publicly available closed-end funds focused on private equity or venture capital, according to Morningstar Direct.

Some of those funds are already being distributed through brokerage and investing platforms. CNBC said retail-access private and venture funds on SoFi’s platform include ARK Venture Fund, CAZ GP Stakes Fund and Cashmere Fund. It also reported that Robinhood Ventures Fund 1, Destiny Tech100 Closed End Fund and Fundrise Innovation Fund can be bought at brokerages such as Robinhood and Fidelity.

If the SEC moves ahead, the policy would affect how much exposure retail investors can get to assets that have historically been reserved for institutions and high-net-worth clients. Atkins did not announce a rule change; he said the agency is considering options.

What did Winklevoss Asset Services file for Zcash?

Winklevoss Asset Services filed a preliminary Form S-1 with the SEC for a spot Zcash exchange-traded fund called the Winklevoss Zcash ETF. The proposed product would hold ZEC directly and, if approved, trade on Nasdaq under the ticker WINK.

The filing is only an initial step. DiarioBitcoin said the submission is preliminary and does not mean the ETF is approved or able to trade yet.

How did Investcorp raise the new North American fund?

Investcorp said it has closed its second North American private equity fund at $1.22 billion, above its $1.1 billion target. Reuters, via TradingView, also reported the close at $1.22 billion.

The firm said NAPE Fund II drew commitments from institutional investors across North America, Europe, the Middle East and Asia. Investcorp said the fund is focused exclusively on growth services businesses in two verticals: Business and Professional Services, and Commercial Services.

The strategy targets companies with about $10 million to $50 million in EBITDA, or earnings before interest, taxes, depreciation and amortization. Investcorp said it looks for subsectors with stable, non-cyclical demand, high fragmentation and long-term secular tailwinds.

Investcorp framed the new fund as an increase over its inaugural North American private-equity Fund I, which was raised in 2021. Executive Chairman Mohammed Alardhi said the United States is the firm’s largest market and central to its global growth strategy.

Where is Investcorp deploying the capital?

Investcorp said Fund II has already completed investments in Guardian Fire Services and Berger Financial Group, with those investments completed in December 2025 and July 2026, respectively.

Guardian Fire Services is a Nashville-based provider of fire protection and life safety services to commercial, industrial and educational end markets. Investcorp said the company has made two acquisitions since the firm invested: Midwest Protection Services and Houston Fire & Safety.

Berger Financial Group is a Plymouth, Minnesota-based fee-only registered investment adviser serving mass affluent clients across the U.S. Investcorp said the Berger investment followed a years-long search for an opportunity in wealth management.

Co-head Steve Miller said Fund II gives Investcorp more capital to deploy into business and professional services and commercial services companies, even as fundraising remained challenging. Co-head Nicky McGrane said both current Fund II investments are intended to create value through accelerated M&A.

Investcorp also said it plans to add internal resources to expand value-creation capabilities and bring AI resources to portfolio companies. The firm said it believes embedding established incumbents in its core verticals with AI capabilities will be a winning formula.

The North American private equity group said it has invested in the region for more than 40 years and has completed more than 75 middle-market investments totaling more than $25 billion in transaction value since inception. Investcorp also said its co-investment model has been part of the strategy, with investors in Fund I committing more than $1 billion to fee-free co-investment opportunities.

Separately, Benzinga reported that Investcorp managed $64 billion in assets as of June 30, 2026, and said Fund II will target middle-market companies in the U.S. and Canada.