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OPINION: Closing the friction gap – the new rules of fund administration in the retail era

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Andrew Dipkin argues the “retailization” of private markets is transforming fund administration from a back-office function into critical infrastructure.

As institutional allocations hit their natural ceilings, GPs (general partners) have pivoted toward the estimated $100 trillion held in individual wealth globally.

However, as we move into this “retail era,” a dangerous rift has emerged. It is the gap between the sophisticated, high-friction reality of private assets and the “on-demand,” frictionless