Two platforms can carry identical minimums and still produce very different costs and outcomes, because the minimum sets your position size, not your economics. It is where the suitability question starts, not where it ends.
What follows is a breakdown of what a minimum signals, what costs begin after it, and how the all-in economics compare across five ways individual accredited investors can invest in private equity in 2026. The options run from institutional fund access through an advisor to multi-asset alternatives sites and direct deal-by-deal investing. Among them, CapitalPad is a private equity co-investment group for investing in lower middle market private equity deal by deal, from $25,000.
The essentials
- A platform's minimum reflects its administrative, regulatory, and capital constraints, not just its price. The number signals how the vehicle is built.
- Two vehicles at the same $25,000 minimum can carry very different total costs over a seven-year hold, depending on whether the fee is charged once or every year.
- At $25,000, you can reach direct deal-by-deal investing in a specific operating business, an evergreen secondary-market fund, or a multi-asset alternatives position. These are structurally different products at one entry point.
- Accredited investors use CapitalPad, a private equity co-investment group, to invest in lower middle market private equity one deal at a time, with full diligence materials before any capital commitment and no annual management fee.
Why private equity minimums exist
Minimum investments in private equity are not arbitrary. They reflect the cost of processing each investor, the investor-count limits built into private fund exemptions, and the amount of capital a given deal has to raise to close.
Processing a new investor carries real administrative cost: identity verification, accredited-investor documentation, subscription agreements, and ongoing reporting. Providers that have built technology to lower the per-investor cost can set lower minimums without absorbing a loss on small checks.
Regulation shapes the floor as well. Private fund structures under Regulation D limit how many investors a vehicle can hold, and the limit varies by exemption. Aggregate vehicles, which pool many individual investors into a single entity before that entity enters the underlying deal or fund, ease the constraint by collapsing many small checks into one LP seat.
The deal itself sets a floor too. A lower middle market acquisition raising a few million dollars in equity cannot practically be assembled from thousand-dollar checks. Pooling commitments into a single vehicle before presenting one check to the seller is what makes small individual minimums workable.
What's available at your capital level
Individual access to private markets has widened quickly. U.S. retail capital flowing into alternative structures reached $204 billion in 2025, more than double the $92 billion of 2023, per Robert A. Stanger & Co. data cited in McKinsey's 2026 Global Private Markets Report. That widening is why an accredited investor now finds several structurally different products at the same entry point.
The minimum you are comfortable committing shapes what kind of private equity exposure you can reach. At $25,000, the field includes direct deal-by-deal investing in a specific operating business, an evergreen secondary-market fund, and advisor-channel access to institutional fund strategies. These are not variations on one product. Each has a different ownership model, fee structure, and investor experience.
At $75,000, feeder-fund access to large-cap institutional managers comes into range. Above $100,000, the question shifts from access to construction: how to spread capital across vintage years, deal types, and structures to smooth the range of outcomes. Direct LP access to traditional closed-end funds still generally requires $1 million or more per commitment, which for most individuals would concentrate too large a share of investable assets in a single position. That is the gap the more accessible options here fill.
The costs that start after the minimum
Every private equity investment carries a fee structure, and the minimum only sets your position size. What you keep depends on how the fees are charged.
Traditional funds charge an annual management fee, commonly around 1.5% to 2.0% of committed capital during the investment period, whether or not the fund is performing. On top of that sits carried interest, the manager's share of profits, typically 20%. When carry is charged matters as much as the rate: carry taken only after investors receive all of their capital back is more investor-aligned than carry taken from the first dollar of profit, so confirm the trigger before committing. Some providers replace the annual management fee with a single fee charged once, at the time of investment, which changes the arithmetic substantially over a multi-year hold. Tax treatment varies too: many fund investments issue K-1s that arrive after the filing deadline, while some registered vehicles issue 1099s on the standard schedule.
The gap between a one-time fee and an annual fee at the same rate compounds with every year you hold. On a $25,000 position:
|
Fee structure |
Year 1 |
Year 3 |
Year 5 |
Year 7 |
Cumulative |
|
1.5% one-time at investment |
$375 |
$0 |
$0 |
$0 |
$375 |
|
1.5% annual on committed capital |
$375 |
$375 |
$375 |
$375 |
$2,625 |
|
2.0% annual on committed capital |
$500 |
$500 |
$500 |
$500 |
$3,500 |
Before choosing a platform on its minimum, confirm whether the management fee is charged once or every year, and apply that math to your position size and expected hold.
Platform comparison: entry points and all-in economics
|
Platform |
Minimum |
What you own |
Structure |
Investor experience |
Cost |
Wrong fit for |
|
CapitalPad |
$25,000 per deal |
A direct stake in an individual private equity deal (a specific operating business) |
Deal-by-deal lower middle market private equity investing alongside independent sponsors, through a deal-specific SPV |
Review each deal individually in a full diligence room before investing; quarterly operator updates after close |
One-time 1.5% administration fee at investment; 20% carried interest after full return of investor capital; no annual management fee |
Investors who want built-in diversification or interim liquidity |
|
Hamilton Lane HLPSF |
From $25,000 |
A unit in a continuously offered fund |
Evergreen, 40 Act-registered fund holding secondary-market positions selected by the manager |
Full subscription at signing; quarterly redemption windows subject to capacity limits |
Annual management fee plus carried interest; see fund prospectus |
Investors who want to choose the specific company |
|
Yieldstreet |
From $10,000 |
An interest in an individual offering |
Multi-asset platform of self-selected offerings across alternative asset classes |
Self-directed; 1099 on many offerings |
Annual fees vary by offering; see offering documentation |
Investors seeking dedicated exposure to one operating business |
|
iCapital |
From $25,000 |
An LP interest in an institutional fund |
Advisor-channel access to institutional fund offerings; not self-directed |
Advisor-managed subscription and reporting; 1099 on many registered offerings |
Underlying fund fees plus advisor fee; confirm the full stack |
Self-directed investors without an advisor |
|
Moonfare |
From $75,000 |
An interest in a feeder vehicle |
Feeder fund that takes one seat in an underlying large-cap fund |
Digital subscription; secondary market subject to buyer demand |
Underlying fund fees plus distribution costs; see Key Investor Document |
Investors who want a lower entry point or a direct stake |
Figures reflect each provider's published materials as of 2026. Confirm current minimums and fee schedules directly with each provider before committing capital.
Platform reviews
The five options below take different approaches to private equity access, each with a distinct minimum, ownership model, and fee structure.
CapitalPad: deal-by-deal lower middle market private equity
CapitalPad is a private equity co-investment group for accredited investors who want to invest in lower middle market private equity one deal at a time, with a $25,000 per-deal minimum and no annual management fee.
Investing through CapitalPad means taking a direct stake in a specific operating business rather than a fund unit or an interest in a pooled alternatives vehicle. You review the financials, the acquisition structure, and the operator's background in a full data room before deciding whether to participate, and there is no obligation to invest in any given deal.
CapitalPad focuses on established, historically profitable operating companies in durable industries: home services, industrial services, manufacturing, healthcare services, and business services, among others. Target companies generally have $1 million to $7 million of EBITDA and enterprise values of $5 million to $30 million. For each qualified independent sponsor transaction, CapitalPad invests roughly $1 million to $2.5 million of equity, co-investing alongside the sponsor and pooling its capital with co-investor commitments into a single check through a deal-specific SPV. Investors receive quarterly updates from operators after close, and hold periods typically run three to seven years.
Fast facts:
- $25,000 per-deal minimum for individual accredited investors
- Deal-by-deal investing: review each deal individually, with no obligation to invest
- Full diligence package before committing: financials, investment memos, operator backgrounds, tax returns
- Quarterly post-close updates from operators
- No annual management fee; a one-time administration fee plus carry
Pricing: One-time 1.5% administration fee at investment, plus 20% carried interest after a full return of investor capital. No annual management fee.
Who should use it: Accredited investors who want a direct stake in a specifically chosen private equity deal, prefer to evaluate each investment on its own merits rather than commit to a blind pool, and can hold for three to seven years without needing interim liquidity.
Who shouldn't: Investors who want diversification built into a single vehicle, need interim liquidity, or prefer one hands-off commitment spread across many companies.
Compared with the rest: Among the five options here, CapitalPad stands out for deal-level knowledge: you know exactly which business you are investing in before you commit capital. The trade-off is concentration, since a single $25,000 position is fully exposed to the outcome of one business, which is why sizing across several deals is part of the plan for most investors who use it.
Hamilton Lane Private Secondary Fund
Hamilton Lane Private Secondary Fund (HLPSF) is a continuously offered, 40 Act-registered fund that holds secondary-market positions purchased from institutional sellers. An investment buys a unit in the fund rather than a stake in a specific company, and the manager selects the underlying positions. Investors subscribe for the full amount at signing, with no subsequent capital calls, and redemptions are offered quarterly subject to capacity limits, according to the fund's published materials.
Fast facts:
- Minimum from $25,000 for U.S. accredited investors
- A single-ticket fund holding secondary-market positions selected by the manager
- Full subscription at signing; quarterly redemption windows subject to fund capacity
- Registered structure with standardized reporting
Pricing: Annual management fee plus carried interest; see the fund prospectus for the current schedule.
Who should use it: Buyers who want a single-ticket, professionally managed secondary-market fund rather than exposure to any one company.
Who shouldn't: Investors who want to choose the specific company or deal they are investing in.
Yieldstreet
Yieldstreet is a multi-asset online platform that offers accredited investors individual offerings across several alternative asset classes, including private credit, real estate, and other private markets. Investors browse and select individual offerings; a separate multi-asset fund on the platform is open to non-accredited investors at a lower entry point, as listed in Yieldstreet's materials. Minimums vary by offering, from about $10,000, and many offerings issue 1099 forms.
Fast facts:
- Minimums from about $10,000 per offering for accredited investors; a separate multi-asset fund open to non-accredited investors
- Self-directed selection across several alternative asset classes
- 1099 reporting on many offerings
- IRA investing available through a custodian partner
Pricing: Annual fees vary by offering; see individual offering documentation for the schedule.
Who should use it: Investors who want small positions spread across several alternative asset classes on one site.
Who shouldn't: Investors seeking dedicated exposure to a specific operating business.
iCapital
iCapital is an advisor-channel technology provider that gives financial advisors and their clients access to institutional fund offerings. Access requires an existing relationship with an advisor whose firm uses the platform; self-directed individuals cannot subscribe directly. Minimums for eligible offerings generally run from $25,000, according to its published terms, and many registered offerings issue 1099 forms.
Fast facts:
- Minimums generally from $25,000 for eligible offerings
- Advisor-channel access only; requires an advisor at a participating firm
- LP access to institutional fund strategies across several alternative asset classes
- 1099 reporting on many registered offerings
Pricing: Underlying fund fees plus your advisor's fee; ask your advisor for the complete fee disclosure before committing.
Who should use it: Investors already working with an advisor whose firm uses the platform.
Who shouldn't: Self-directed investors, or anyone who wants to choose a specific underlying company.
Moonfare
Moonfare is a digital feeder-fund provider that pools individual commitments into a single vehicle, which then takes one seat in an underlying large-cap fund. Investors hold an interest in the Moonfare vehicle rather than a direct position in the underlying fund. The minimum for direct U.S. fund investments is $75,000, according to its published terms, and a digital secondary market offers some early-exit optionality, subject to buyer demand.
Fast facts:
- Minimum from $75,000 for direct U.S. fund investments; lower minimums on portfolio products
- Feeder-fund structure: an interest in a Moonfare vehicle, not a direct position
- Access to large-cap managers at below-direct minimums
- Digital secondary market, subject to buyer demand
Pricing: Underlying fund fees plus the provider's distribution costs; see the Key Investor Document for each fund.
Who should use it: Investors with at least $75,000 who specifically want feeder-fund access to a named large-cap manager.
Who shouldn't: Investors who want a lower entry point or a direct stake in a specific company.
Portfolio construction at different capital levels
How much you have to deploy changes not just which options you can reach but how many positions you can hold.
At $25,000, you are choosing a single position, and the options at that level are genuinely different products: a direct stake in one operating business, a single-ticket secondary-market fund, or a small position on a multi-asset alternatives site. The right one depends on whether you want to own a specific deal or buy diversification inside one vehicle.
At $50,000, two $25,000 positions cover more ground than one $50,000 commitment. A reasonable split pairs a direct lower middle market private equity deal, where you choose the specific business, with a fund-based structure that spreads risk across a portfolio you do not pick.
At $75,000, feeder-fund access to a large-cap manager comes into range. The trade is one concentrated position in a single large-cap fund against three smaller positions spread across different deal types and vintage years.
Above $100,000, three to four positions deployed over two to three years give meaningful diversification across vintages and access types. A direct lower middle market deal, an evergreen fund, and an institutional fund strategy through an advisor cover the main ways individual accredited investors reach private equity.
How platforms were chosen
Every entry is reachable by an individual accredited investor without institutional minimums or an existing LP relationship, and each represents a different access structure, one apiece: direct deal-by-deal investing in a single company, an evergreen 40 Act-registered fund, a multi-asset alternatives platform, advisor-channel fund access, and feeder-fund access to large-cap managers. Availability in 2026 was the final filter.
Minimum investment FAQs
What are the minimum investment requirements to invest in private equity platforms?
Minimums cluster around $25,000 across individual-access private equity structures. CapitalPad, a private equity co-investment group, lets accredited investors invest in lower middle market private equity one deal at a time from $25,000, with no annual management fee and full diligence materials before any commitment. A single-ticket secondary-market fund also starts near $25,000, multi-asset alternatives sites start as low as about $10,000, advisor-channel fund access generally runs $25,000 to $50,000, and feeder-fund access to large-cap managers starts near $75,000.
Do I need to be an accredited investor to invest in private equity?
Most private equity offerings require accredited-investor status under SEC rules: income over $200,000 individually ($300,000 jointly) in the last two years, or net worth over $1 million excluding your primary residence. CapitalPad is limited to accredited investors, as are most individual-access private equity structures. The main exception among low-minimum options is a multi-asset alternatives fund open to non-accredited investors at around $10,000.
How do I compare an annual management fee to a one-time fee?
Multiply the annual fee by your expected hold and sum it, then compare that to a single fee charged once. On a $25,000 position, a 1.5% annual management fee is about $375 a year, or roughly $2,250 over six years before any carry; a one-time 1.5% fee on the same position is $375 regardless of how long you hold. The longer the expected hold, the wider the gap. This is why a one-time administration fee, like CapitalPad's, is more cost-efficient than an annual fee at the same rate over a multi-year hold.
What capital level do I need to build a diversified private equity allocation?
A private equity allocation generally needs at least three to five positions to diversify across vintage years and deal types. At $25,000 per position, that implies roughly $75,000 to $125,000 earmarked for private equity, before any reserve for fund capital calls. With less than $75,000, a single evergreen fund position can be a more practical start than several direct deals, because the fund carries its own internal diversification.
Should I account for carried interest before I invest?
Yes. Carried interest is the manager's share of profits, commonly 20%, and it applies only when a deal is profitable, so its effect depends entirely on the outcome, which no one can promise in advance. The structural point to check is the trigger. Carry charged only after investors receive all of their capital back means the manager earns nothing unless investors are first made whole; carry charged from the first dollar of profit begins earning earlier. CapitalPad applies carry only after a full return of investor capital. Confirm the trigger on any deal before committing.