Several firms, including Investment Company Institute, BlackRock, Fidelity and Franklin, commented to the SEC concept where retail investors could gain greater exposure to growth-stage private companies through pooled investment funds, such as interval funds and other closed-end funds. Fund sponsors view the possibility of offering higher-fee strategies that rely on increased illiquid holdings as a welcome prospect amid the challenges of industrywide fee compression. Interval funds are increasingly popular, with assets in such funds growing more than 40% annually between 2014 and 2018, ending last year with more than $27 billion, according to Fuse Research Network and UMB Fund Services.

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