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Opening the door to unicorns invites risk for average investors

These investments are complex and opaque and smaller investors could too easily get in over their heads

Private companies' lack of disclosure is just one of the reasons consumer advocates and others are wary of the idea. They also point to high fees associated with private investment funds, and the slim chances that smaller investors have at gaining early access to the next Google or Facebook.

New York

MANY investors may have fantasised about those "if only" investments. If only I had invested in Peloton. Or Uber. Or Lyft.

For most people, though, that's not possible - and not just because they don't have a million dollars to drop on a billion-dollar idea. Under current...

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