The Globe and Mail reports in its Thursday edition that in 1989, Harvard business professor Michael Jensen predicted that private equity would one day "eclipse" public companies as the engine of modern economies. Guest columnists Grant McGlaughlin and Kareen Zimmer write that less than 40 years later, private equity is king. The Ontario Securities Commission began exploring opening private assets to retail investors in October, 2024. Its consultation paper described "long-term" assets, which includes private equity, venture capital and private debt, and identified the benefits as potentially higher returns and diversification, and the risks as illiquidity and possibly higher price volatility. The commission invited firms looking to develop funds that give retail investors access to private assets to collaborate on bespoke investor protections, based on the specifics of each proposed fund and product. The commission affirmed that "investors are increasingly looking to diversify their portfolios with alternative investments." The commission's measured and incremental approach is the right path forward. The OSC is stressing the importance of investor protection while recognizing the ascendancy of private markets.