There's a pretty big change coming for individual investors: the SEC is preparing a proposal that would open up much broader access to private markets, which historically have largely been reserved for institutions and wealthy investors.
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What does everyone think?

Perhaps I would rephrase that as "which historically have largely been foisted upon institutions and wealthy investors".

The returns aren't any higher in an enterprise dependent on its ownership--there are no excess returns to be had outside the glare of public markets, nor any magic touch of brilliant management to turn around diamonds in the rough. It's just leverage and high fees. (and some pretty dodgy ways of calculating returns, and hilarious ways of valuing things). They sold to all the institutions they could find till that pile ran dry, then started selling to each other in pass-the-parcel deals, then had the brilliant idea of peddling the stuff to the dumb money.

Have they had a good run? In spots, yes. But as the old saying goes, what the wise man does in the beginning the fool does in the end. These are products which are sold, not products which are bought. The average person who adds this to their portfolio will not improve the performance of their portfolio.

Jim