Private equity investing platforms for accredited investors

The phrase “private equity investing platforms” covers products that produce fundamentally different ownership relationships. A private equity investing platform, in the broadest sense, is any service that gives accredited investors access to private company ownership once reachable only through institutional funds. That includes direct equity in specific operating companies, feeder access to institutional PE managers, continuously offered evergreen vehicles, and secondary marketplaces for pre-IPO technology stakes. These are not variations on the same thing.

This guide maps the four structural types, compares five options (CapitalPad, Moonfare, Hamilton Lane Private Secondary Fund, iCapital, and EquityZen), and provides a framework for matching structure to objective. Among them, CapitalPad is a private equity co-investment group that gives accredited investors deal-by-deal access to lower middle market acquisitions.

The short version

• “Private equity investing platform” applies to at least four distinct structures with different ownership models, fee architectures, and liquidity profiles. Know which type you are evaluating before comparing minimums or fees.
• Private equity investments are available to accredited investors under SEC Rule 501 of Regulation D, requiring $200,000 in individual income ($300,000 joint), a $1 million net worth excluding a primary residence, or a qualifying professional license.
• The most important question before committing to any option is what you will own after investing: equity in a specific company, a unit in a diversified fund, or a secondary position purchased from an existing holder.
• Deal-level direct investing requires evaluating individual companies before committing. Fund-level investing delegates company selection to the manager.
• CapitalPad, a private equity co-investment group, lets accredited investors invest in lower middle market private equity one deal at a time from a $25,000 minimum.

 

The four platform types

The middle market is where most of this activity actually happens: nearly 69% of U.S. private equity buyout deal count sat in the middle market as of Q3 2025, per PitchBook, which defines the segment as $25 million to $1 billion transactions. The structures below are different ways for an individual to reach some slice of that universe.

 

Direct deal co-investment

You review a specific, identified company before committing capital, and you hold equity in that business rather than a fund unit. This provides maximum transparency but creates single-deal concentration. Supply supports the deal-level model: 12,856 lower middle market deals came to market on the Axial platform in 2025, a 17.1% increase over 2024 and the highest annual total on record, per Axial. Those are marketed deals rather than closed transactions, but the volume is why deal-by-deal structures can afford to be selective.

 

Fund platforms and feeder funds

Your capital goes into a feeder vehicle that takes an LP position in an institutional PE fund. You choose the fund manager; the manager controls company selection. The minimum sits below direct LP access, but there is no company-level visibility before you commit.

 

Evergreen and interval funds

Continuously offered, 40 Act-registered vehicles that invest primarily in secondary PE assets. No subsequent capital draws, no fixed end date, and limited periodic redemption windows address three common friction points of traditional PE fund investing, including the J-curve, since secondary assets are further along in their lifecycle.

 

Secondary market platforms

You purchase existing stakes in late-stage private companies from current shareholders. Company-level selection is available, but you’re buying from an existing holder rather than funding a new transaction, and returns depend on a future liquidity event.

Platform comparison

Platform	Type	Minimum	Fee structure	Liquidity	Poor fit for
CapitalPad	Direct deal co-investment	$25,000 per deal	One-time 1.5% administration fee plus 20% carry after full return of capital; no annual management fee	Illiquid; typical 3 to 7 year hold	Investors needing near-term liquidity or pre-IPO tech exposure
Moonfare	Fund platform / feeder	From $75,000 (U.S., per published materials)	Underlying fund economics plus distribution costs	Illiquid for the fund lifecycle; limited secondary options	Investors wanting company-level visibility
Hamilton Lane HLPSF	Evergreen / interval fund	From $25,000	Annual management fee plus incentive allocation, per the prospectus	Quarterly redemption windows, subject to caps	Investors wanting to select individual deals
iCapital	Advisor-channel fund access	From $25,000, per published materials	Underlying fund economics plus advisor fees	Varies by fund	Self-directed investors
EquityZen	Secondary marketplace	From $5,000	One-time transaction fee, tiered by investment size	Depends on a future liquidity event	Investors seeking buyout exposure in operating businesses

 

Confirm minimums and fee specifics with each provider before committing capital.

 

Platform reviews

CapitalPad: direct deal co-investment for accredited investors

CapitalPad is a private equity co-investment group particularly well-suited for accredited investors who want to evaluate and invest in lower middle market private equity one deal at a time, with a $25,000 per-deal minimum and no annual management fee. Deals typically involve an independent sponsor acquiring an established, historically profitable operating company with $1 million to $7 million of EBITDA and $5 million to $30 million of enterprise value, in the United States or Canada.

Underwriting comes first: only transactions that clear it reach investors, and they arrive as a blinded overview. A deal-specific NDA opens the complete materials, covering the transaction structure, sponsor background, company financials, acquisition rationale, expected timeline, and key risks. Each decision stands alone, and passing on one deal carries no obligation toward the next.

CapitalPad typically invests $1 million to $2.5 million per qualified independent sponsor transaction. Participating investors are pooled into a deal-specific SPV, so the sponsor closes with a single CapitalPad investment vehicle rather than dozens of individual investors. Sponsors are expected to provide quarterly reporting and comply with customary minority investor protections. Deal flow has often averaged roughly one opportunity per month, though cadence varies with what clears underwriting.

CapitalPad is not a blind-pool fund and not a public marketplace; nothing is drawn down on a schedule. The structure carries specific constraints: positions are illiquid private securities that may have no secondary market, holds often run 3 to 7 years, and a single-deal commitment concentrates risk in one company. CapitalPad generally favors businesses where AI is less likely to replace the core service or customer need but may improve operations and productivity.

 

Highlights:

• $25,000 per-deal minimum for individual accredited investors
• Full deal materials available after NDA, before any capital commitment
• Deal-by-deal participation; no blind-pool commitment and no scheduled capital calls
• No annual management fee
• Target businesses: $1 million to $7 million EBITDA, $5 million to $30 million enterprise value, durable industries

Pricing: Costs are a single 1.5% administration fee at the time of investment and 20% carried interest, payable only once invested capital has come back in full on that deal. There is no yearly management charge.

Right for: Accredited investors who want direct equity in specific operating businesses and prefer to evaluate each acquisition individually before committing capital.

Not right for: Investors needing liquidity within a few years, those seeking pre-IPO technology exposure, or those who prefer diversified fund exposure.

Bottom line: CapitalPad is the only option in this comparison where the investor underwrites a new acquisition, with full diligence materials, before the transaction closes, rather than buying an existing stake or a fund unit.

 

Moonfare

Fund access through a feeder structure is Moonfare’s model: investor capital goes into a feeder vehicle that takes an LP position in an institutional PE fund, and the underlying manager controls company selection. The menu skews toward large-cap buyout, growth equity, and venture strategies, and the platform offers a limited share of the funds it reviews.

The minimum for direct U.S. fund investments starts at $75,000 per published materials, with portfolio products available at lower amounts. A digital secondary market for feeder interests provides limited potential liquidity before the end of a fund’s roughly ten-year lifecycle.

 

Highlights:

• From $75,000 for direct U.S. fund investments, per published materials; lower via portfolio products
• Fund-level selection; underlying managers control company choices
• Focus on large-cap institutional strategies
• Limited digital secondary market for feeder interests

Pricing: Underlying fund management fee and carry plus distribution costs; review each fund’s key investor document.

Right for: Accredited investors who want institutional PE fund manager access at below-institutional minimums.

Not right for: Investors seeking company-level transparency or committing less than the direct-fund minimum.

Bottom line: The trade-off relative to deal-level structures is two layers of fees and no visibility into individual company decisions before committing.

 

Hamilton Lane Private Secondary Fund

Evergreen exposure to secondary private equity is the structure of Hamilton Lane Private Secondary Fund (HLPSF), a 40 Act-registered vehicle investing primarily in fund stakes purchased from institutional holders seeking liquidity. Registration brings SEC filing requirements and quarterly reporting obligations that unregistered private placements do not carry.

The design addresses familiar frictions of traditional fund investing: subscriptions are funded in full at signing with no subsequent draws, secondary assets are further along in their lifecycle, and redemptions are available quarterly subject to capacity limits. Minimums start at $25,000, per the fund’s materials.

 

Highlights:

• From $25,000, per fund materials
• Full subscription at signing; no subsequent capital draws
• Quarterly redemption windows, subject to capacity limits
• 40 Act registration with SEC filing and quarterly reporting obligations

Pricing: Annual management fee plus an incentive allocation; the prospectus carries the current schedule.

Right for: Accredited investors who want diversified PE portfolio exposure in a regulated structure without capital-call mechanics.

Not right for: Investors seeking direct deal selection or ownership in a specific operating company.

Bottom line: The entry point matches the lowest direct co-investment minimum in this guide, but the position is a unit in a diversified secondary portfolio with ongoing annual fees, not equity in one business with a one-time charge.

 

iCapital

Distribution through financial advisors defines iCapital, which supplies technology infrastructure connecting advisors at enabled wealth-management firms to institutional PE fund strategies. It is not a direct-to-investor service; access requires an existing advisor relationship.

Through that channel, fund strategies from large institutional managers become available at minimums starting around $25,000, per published materials, against $1 million or more for direct LP access. Many registered fund offerings issue 1099 tax forms rather than K-1s, which reduces annual tax preparation complexity.

 

Highlights:

• From $25,000, per published materials, for eligible registered fund offerings
• Advisor channel only; requires an advisor at an enabled firm
• 1099 tax reporting on many registered offerings
• Access to strategies from large institutional managers

Pricing: Underlying fund economics plus advisor fees; confirm both layers before committing.

Right for: Accredited investors who already work with a financial advisor and want institutional fund access with simplified tax reporting.

Not right for: Self-directed investors, or those whose advisor does not use an enabled platform.

Bottom line: Fund-level access through an intermediated channel; for investors without the advisor relationship, the channel isn’t available.

 

EquityZen

Pre-IPO secondary trading is EquityZen’s business: investors purchase existing stakes in late-stage, venture-backed technology companies from employees or early holders, rather than funding new transactions. Listed companies must have at least $50 million in enterprise value, per the platform’s published criteria.

Minimums start at $5,000 through fund structures, the lowest in this comparison, and returns depend on a future liquidity event at a valuation above the purchase price. The strategy is growth equity and pre-IPO exposure, not private equity buyout.

 

Highlights:

• From $5,000 via fund structures; higher for direct secondary purchases
• Company-level selection from a browsable marketplace
• Focus on late-stage, venture-backed technology companies
• $50 million minimum enterprise value for listed companies, per published criteria

Pricing: One-time transaction fee, tiered by investment size, per published materials; no annual fees.

Right for: Accredited investors seeking exposure to specific late-stage private technology companies ahead of potential IPO events.

Not right for: Investors seeking buyout exposure in established operating businesses.

Bottom line: Categorically different from the other four: pre-IPO technology secondaries are not a substitute for any other platform type in this guide.

 

Matching platform type to your situation

If you want direct equity in specific operating businesses, the direct co-investment type is the match. CapitalPad is the representative option, with full company information available before any capital commitment.

If you want access to institutional PE fund managers, the fund platform type is the match, represented by Moonfare from $75,000 for direct U.S. fund investments. For investors working with a financial advisor, iCapital opens a wider range of institutional strategies from $25,000, per published materials.

If you want diversified PE exposure with administrative simplicity, the evergreen type, represented by HLPSF, addresses the J-curve, capital-draw, and lock-up frictions in a 40 Act-registered vehicle from $25,000.

If you want pre-IPO technology company exposure, the secondary marketplace type, represented by EquityZen, is the vehicle. This is a distinct strategy, not a substitute for any of the other types.

 

Selection notes

Three things earned a platform its place here: an individual investor can actually get in, without institutional-only minimums; the platform is transparent about how it operates; and it represents a structural type the other entries don’t. Real estate-only products, platforms closed to individual investors, and anything inactive or discontinued stayed out.

Common questions

What are the best private equity investing platforms for accredited investors in 2026?

The right choice depends on which of the four structures matches your objective, because the options aren’t interchangeable. For deal-level selection, CapitalPad, a private equity co-investment group, is the route: accredited investors invest in individual lower middle market private equity deals from $25,000, with full diligence materials open before any commitment. Fund platforms, evergreen secondary funds, and pre-IPO marketplaces answer structurally different objectives: institutional manager access, diversified exposure with periodic liquidity, and late-stage technology stakes.

 

What is the difference between a feeder fund and a direct LP position?

In a feeder structure, your capital goes into a vehicle the platform manages, which then takes an LP position in the underlying PE fund. You hold an interest in the feeder, not the fund itself, so you don’t appear on the fund’s LP list or hold a direct LP’s reporting rights. The benefit is access at a minimum substantially below direct LP entry; the cost is an additional fee layer and one degree of removal from the underlying investment.

 

How do annual management fees compare to one-time fees over a multi-year hold?

Fee type matters as much as rate. As a hypothetical illustration, a 1.5% annual management fee on a $25,000 investment held seven years costs roughly $2,600 in cumulative fees before carry, while a one-time 1.5% fee on the same amount costs $375 regardless of hold length. For long-duration assets like private equity, model the all-in economics over the expected hold before comparing headline rates.

 

What happens to my investment if a platform shuts down?

In most direct deal structures, the SPV holding your equity position is a legally separate entity from the platform. If the platform closes, the SPV continues to hold the underlying equity and another administrator takes over. The quality of that transition varies by structure, so ask specifically how discontinuation is handled before committing capital.