Excerpt from Investment News, published February 5, 2020

Eric Walters, founder of Silvercrest Wealth Planning, described Vanguard’s move into the private equity space as “an interesting development, and fraught with risks for Vanguard.”

“I think it could work if they are able to access top-quartile private equity managers, most of which are closed to new subscriptions,” he added. “Managers below the top quartile often don’t do any better than public equities and often do worse. When you add the high fees and long holding periods, accessing lower-tier managers would be a bad deal for Vanguard clients.”