Opening Remarks at Private Markets Roundtable

Good afternoon. Thank you, Brian, for that introduction. My thanks as well to our colleagues in the Division of Investment Management for convening this roundtable-and to our distinguished group of panelists, several of whom, I might add, travelled considerable distances so that they could lend their time and expertise to today's discussion.

I am going to keep my remarks brief, because we have substantial ground to cover. At the outset, let me add the customary disclaimer that the views I express here are my own as Chairman and not necessarily those of the SEC as an institution or of the other Commissioners.

Private markets are one of the great engines of American enterprise, equipping businesses with the capital to launch, to experiment, to scale-and, in many cases, to mature-before assuming the obligations of a public offering.

Of course, private markets are not without uncertainty. But the presence of risk is not grounds for the perpetuation of exclusion. So, at the SEC, we are focused on what we call the "responsible retailization" of post-tax, pre-retirement dollars for investors-embracing growth and innovation across all asset classes while protecting investors through guardrails that guide proper investment into these private assets

As I have previously stated, this conversation, to its core, is about freedom and fairness. It is about the idea that exposure to the full dynamism of our markets should not be reserved for those who satisfy a certain wealth threshold or are deemed to be sufficiently sophisticated. Investor demand for this exposure is real and robust. Our obligation is to meet that demand with both openness and rigor-expanding pathways with appropriate investor protections. Forums like this one are critical in ensuring that as access broadens, confidence endures.

Today's program offers a look at how valuation practices are evolving as private-market strategies move into more public and hybrid investment products. Discussions will touch on fair-value approaches, governance expectations, coordination among service providers, and emerging best practices that help to ensure consistent, reliable valuation in a changing market landscape.

Private markets have earned their place as a pillar of capital formation. Widening access to them without weakening protection is an ongoing act of calibration that we are committed to getting right. That balance commands exactly the kind of candid, expert dialogue from which we will benefit today. So, I am grateful, once again, to our panelists for joining us, and I look forward to the insights that will emerge from the discussion ahead. Thank you.