As private markets move from an institutional-only arena toward a broader wealth and retail audience, advisors are grappling with how to incorporate less liquid, more complex strategies into client portfolios. Axxes Capital is built around that challenge, aiming to deliver “institutional-quality private market strategies to individual investors” in a way that works inside a modern wealth practice.  

Chairman & CEO Joe DaGrosa brings a deep institutional background and strong views on where interval funds fit, how advisors should frame risk and return for non-institutional clients, and which private market opportunities are truly scalable for the wealth channel versus better left to large allocators. 

CM: There’s a lot of talk about the “democratization” of private markets. From your vantage point, what’s genuinely newand what looks more like marketing than substance? 

JD: Private markets were historically reserved for large institutions and ultra-high-net-worth investors due to high minimum investment requirements, complex documentation, and limited access to top-tier managers. What’s genuinely new today is the emergence of investment structures that meaningfully reduce those barriers while still preserving the long-term investment horizon that private assets require. 

Vehicles such as interval funds and other evergreen structures allow advisors to access diversified private market strategies without the operational complexity of traditional limited partnership funds. 

Equally important is advisor education. When better structures and better education come together, private markets become far more accessible to advisors and their clients. Through initiatives such as our book, The Financial Advisor’s Guide to Private Investments, we aim to help advisors better understand how private investments work and how they can be responsibly incorporated into client portfolios. 

CM: How do you respond to sceptics who argue that many private strategies simply aren’t appropriate for most retail investors? 

JD: Private investments are not appropriate for every investor, particularly those who require daily liquidity or shorter investment horizons. However, for investors who understand the risks and are comfortable with longer timeframes, private markets can play an important role in portfolio diversification. 

Many private strategies provide exposure to assets and companies that are simply not available in public markets. The key is thoughtful allocation. Advisors must determine whether private investments align with a client’s risk tolerance, liquidity needs, and long-term objectives. 

What makes the interval fund structure particularly well suited, or not, for private markets exposure? 

JD: Interval funds address several of the traditional friction points associated with private market investing. Investors commit capital upfront rather than through capital calls, receive 1099 tax forms instead of K-1s, and have access to regular NAV reporting. 

At the same time, interval funds maintain limited liquidity through periodic redemption windows. This allows managers to invest in less liquid private assets while still offering investors some access to their capital. The combination of accessibility, transparency, and alignment with long‑term assets positions interval funds as a potential way for advisors to introduce private markets to clients. 

CM: Where do you see product design working well and where do you see structural red flags? 

JD: We believe product design works best when interval funds maintain discipline around liquidity management, portfolio construction, and transparency. Strong funds typically feature diversified exposures, experienced underlying managers, and redemption policies aligned with the liquidity profile of the assets. 

Red flags tend to appear when liquidity promises are mismatched with the underlying investments, portfolios become overly concentrated, or fee structures become layered and opaque. 

CM: Are there areas of private markets that you think are already overbuilt for the wealth channel? 

JD: Some areas of the market may be becoming crowded. Private credit has seen significant growth in recent years, particularly within the interval fund structure. Today there is more than $90 billion in private credit interval funds, suggesting capital may be concentrating heavily in that segment. 

By contrast, private equity remains significantly underrepresented in the interval fund landscape, with less than $10 billion currently available. Historically, private equity has been more difficult to structure within interval funds due to longer holding periods and liquidity management considerations. 

As fund structures evolve, access to private equity strategies is becoming more widely explored by individual investors. Axxes Capital works with advisors to help them navigate private market strategies and assess whether these approaches align with their clients’ objectives. 

CM: What does “institutional quality” mean for individual investors? 

JD: Institutional quality refers to access to experienced managers that historically worked primarily with pension funds, endowments, and sovereign wealth funds. It also implies strong governance, transparent reporting, disciplined portfolio construction, and fee structures that are clearly understood. 

CM: Top advice for RIAs building private market offerings? 

JD: Advisors may benefit from deepening their understanding of private investment structures and evaluating diversified structures, such as interval funds. In assessing opportunities, emphasis should be placed on manager expertise and their operational framework. 

At the same time, it is important to consider liquidity characteristics, maintain diversification across strategies, and recognize the operational complexity associated with private investments. All decisions should be made within the context of each client’s risk profile and overall financial goal.