PE funds are currently sitting on more dry powder than at almost any point in history, which speaks to the growing interest in the asset class. What is notable is how that capital is largely composed of commitments from institutional investors (i.e., pension funds, endowments, etc.), rather than the burgeoning class of high net worth individuals (HNWIs) worldwide. The lack of fundraising from HNWIs can be attributed to a number of factors, including limitations arising from using private bank feeder funds as intermediaries and HNWIs’ struggles with some structural constraints of PE investing. Those obstacles are changing, however, and this two-part series explores the existing and future landscape of PE investing by HNWIs. This first article identifies obstacles to PE fundraising from HNWIs; the landscape of existing business-to-business (B2B) approaches currently used in the industry; difficulties associated with procuring that capital via B2B channels; and why actors are pivoting away from B2B approaches. The second article will explore some of the new pathways sponsors are using to obtain improved access to HNWI capital, including tokenization of funds and business-to-consumer approaches. For more on retailization of the PE industry, see “Potential Fallout of DOL Guidance Deterring ESG Investing and Authorizing PE Investments in 401(k)s Under ERISA” (Mar. 9, 2021).