The short answer

Private equity is generally offered to eligible investors — people who meet a test of wealth, income, experience or professional status. The tests vary by country: in the UK, for example, a high net worth individual has income of £100,000 or more, or net assets of £250,000 or more; in Singapore, an accredited investor has income of at least S$300,000 or net financial assets above S$1 million; in the US, an accredited investor has net worth over US$1 million, excluding their home. Once eligible, you can invest through evergreen funds, feeder funds into top managers or closed-end funds, with minimums typically from €25,000 to €100,000 on leading platforms. Lawrence will help you work out which categories you fit, explain the routes and let you know about opportunities as they come up. The first conversation is free.

Why private equity has eligibility rules

Private equity funds invest in companies that aren't listed on a stock exchange. They are long-term investments — Bain notes an average holding period of around seven years for each company — and they work differently from everyday funds: money is committed for longer, valuations are reported periodically rather than daily, and the funds are designed for investors who can be patient.

For that reason, most countries reserve private funds for investors who meet certain tests. The idea is simple: these opportunities are offered to people with the wealth, income, experience or professional knowledge to make the most of them. Meeting the test opens the door to a wide range of funds and managers that aren't available to the general public.

The good news is that many expats and retirees in Thailand meet at least one of these tests — often without realising it. A pension pot, the proceeds of a property sale, a business you've run or a career in finance can all count.

The main investor categories

Examples of the categories used in some of the main markets. Each fund sets out which categories it accepts, and the rules that apply depend on where you live and where the fund is offered.

A general guide to investor categories. UK figures as reinstated from 27 March 2024 (Burges Salmon); Singapore from DBS; US from Rule 501 of Regulation D (via Fundrise). Rules can change — the fund and its documents confirm what applies to you.

Which rules apply to you?

As an expat, the rules that apply usually depend on where you live and where the fund is offered, rather than your nationality. A British citizen living in Thailand may be treated differently from one living in London, and a fund offered through a Singapore platform may use Singapore's categories.

In practice, this means:

• Each fund sets out its own rules — the countries it can accept investors from, and the categories it accepts.
• Platforms check eligibility — usually through a short questionnaire when you register.
• You may meet more than one test — for example, both wealth and experience.
• Your situation can change — a pension lump sum or a property sale may take you over a threshold.

Lawrence will help you work out which categories you're likely to fit, based on where you live, your assets and your experience — so you know which opportunities are open to you before you start.

What counts towards the tests

Wealth tests usually look at your net assets or net financial assets — what you own, less what you owe. Typically:

• Savings and investments — cash, shares, funds, bonds and structured notes usually count.
• Pensions — treatment varies; some tests include them, others don't.
• Your home — often excluded, or counted only up to a limit (S$1 million in Singapore's test, for example).
• Other property — usually counts towards net assets, less any mortgage.
• Business interests — often count towards net assets.
• Joint assets — some tests let you count assets held with a spouse or partner.

Income tests usually look at your income over the last one or two years, and experience tests at your past investments, your work in finance or your role as a company director. Each fund's documents set out exactly what counts.

The ways in

Evergreen funds

Evergreen funds stay open, so you can invest at any time and your money is put to work straight away. They offer regular opportunities to redeem — interval funds typically buy back around 5% of the fund each quarter. Minimums can be much lower than traditional funds; some US evergreen funds start at US$2,500, according to Charles Schwab. They're the fastest-growing part of the market for individual investors.

Feeder funds

Feeder funds pool individual investors' money to invest in a single top-tier private equity fund that would otherwise need a far larger commitment. Leading platforms offer them from around €100,000.

Portfolio funds

Portfolio funds spread your money across several managers and strategies in one investment. Moonfare's start from around €50,000.

Secondary funds

Secondary funds buy existing stakes in private equity funds from other investors, often at a discount, giving you a more mature portfolio from day one. Moonfare's secondary fund starts from €25,000.

Closed-end funds

The traditional structure: you commit an amount that's drawn down over several years as the manager invests, with returns paid out as companies are sold. Direct commitments often need US$1 million or more.

Our guide to private equity fund structures and fees explains each in more detail.

Where to start

Find out which opportunities are open to you — and fund your investment at a good rate.

What you'll be asked for

Investing in a private fund involves a little more paperwork than opening a bank account, and it's all straightforward with a little preparation. You'll usually be asked for:

1. An eligibility statement — confirming which investor category you meet, sometimes with supporting evidence.
2. Identity documents — your passport and proof of address, such as a recent utility bill or bank statement.
3. Source of funds — where the money you're investing has come from, such as a pension, savings or a property sale.
4. Tax residence — the country where you're tax resident and your tax number.
5. A subscription agreement — the fund's application form, setting out your commitment.
6. Bank details — for paying in and receiving distributions.

Lawrence can help you prepare everything, so the process is quick and smooth.

Why now is a good time to look

The private equity market enters 2026 in good health. Bain's Global Private Equity Report 2026 found:

• Buyout deal value rose 44% in 2025 to US$904 billion.
• Exits — the sales that return money to investors — rose 47% to US$717 billion.
• The average deal size hit a record US$1.2 billion.
• 2026 is "shaping up as promising", with the IPO market reopening.

Returns have been strong too. Cambridge Associates' benchmark found US private equity returned 8.7% in 2025, with growth equity at 11.9% and venture capital at 21.1%. And with private equity evergreen funds growing nearly fivefold in three and a half years, there have never been more ways for individual investors to take part.

Our guide to private equity for eligible international investors explains how the market works.

Who private equity suits

• Eligible investors — who meet one of the investor categories.
• Long-term investors — comfortable with money committed for several years.
• Those seeking growth — from companies not available on the stock market.
• Investors with a wider portfolio — keeping cash and other investments for flexibility.
• Families planning across generations — building wealth over the long term.
• Business owners and professionals — who understand how private companies grow.

Most wealth managers suggest private equity as one part of a portfolio, alongside more liquid investments. Our guide to liquidity and lock-up periods explains how to plan your access to money.

Hearing about opportunities

Private equity opportunities open and close throughout the year. Closed-end funds have a fundraising period, and the most popular can fill quickly; evergreen funds stay open but change their terms over time; and new feeder funds and secondary opportunities appear regularly.

The best way to make sure you don't miss out is to let us know you're interested. Join our mailing list and we'll tell you about private equity opportunities as they come up — with minimums, structures and timescales explained plainly — or ask Lawrence directly what's available now.

When an opportunity comes up, we'll explain the essentials in plain English: the manager and its track record, the strategy, the structure, the minimum, how the money is invested and when you can expect to access it, the fees and the currency. You can then talk it through with Lawrence and decide in your own time. Many clients find that building a relationship early — telling us how much they might invest and what interests them — means they hear about the right opportunities at the right moment, rather than searching for them.

Which route suits you?

The main ways in, side by side.

A general guide. Minimums from Moonfare and Charles Schwab (December 2025); terms vary by fund.

Common misconceptions

"Private equity is only for billionaires"

Not any more. With evergreen funds, feeder funds and platforms, eligible investors can take part from €25,000 to €100,000 on leading platforms — and some evergreen funds start much lower.

"I live abroad, so I can't invest"

Many funds accept investors from a wide range of countries. What matters is where you live and the categories the fund accepts — and Lawrence can help you find the opportunities open to you.

"My money will be locked away forever"

Private equity is long term, but evergreen funds offer regular redemption windows, closed-end funds pay out as companies are sold, and the secondary market — a record US$240 billion in 2025, according to Jefferies — gives investors more ways to sell than ever.

"It's too complicated"

The ideas are simple: you own a share of a portfolio of private companies, managed by a specialist team. The paperwork is a little more involved than for an everyday fund, but Lawrence will guide you through it step by step.

Private equity and your family

Because private equity is long term, it's worth thinking about how your holdings would pass to your family. Keep a record of each fund, the platform or administrator, your commitment and any amounts still to be called. Make sure your wills cover your investments in every country, and that your family knows who to contact. For larger portfolios, trusts and other structures can help with ownership and succession. Our guide to beneficiaries and cross-border policies explains how to keep assets in different countries passing smoothly to your family.

Currency and paying in from Thailand

Most private equity funds are in US dollars or euros, with some in pounds. If your money is in baht, or in a different currency, plan the conversion before you commit. For closed-end funds, where capital is called over several years, a specialist FX provider can help you lock in a rate in advance with a forward contract. And when distributions come back, you can choose when to bring them into baht.

How private equity fits your portfolio

Private equity works best alongside other building blocks:

• Structured notes for defined returns and income — today paying up to 13.56% a year on US dollar autocalls and 9.72–9.85% a year on Phoenix notes.
• Listed investments for liquidity.
• A cash reserve for everyday needs and any capital calls.
• Passion assets such as whisky casks and art.

Our structured notes service profile shows the notes available now.

Questions to ask about any opportunity

1. Which investor categories does the fund accept, and from which countries?
2. What is the structure — evergreen, feeder, portfolio, secondary or closed-end?
3. What is the minimum, and is the money invested at once or called over time?
4. Who is the manager, and what is its track record?
5. What are the fees — management and performance?
6. How and when can I access my money?
7. Who are the administrator, custodian and auditor?
8. What currency is the fund in?

Our guide to valuation and due diligence takes you through the checks professional investors make.

Top tips

• Check which categories you meet — you may qualify for more than you think.
• Start with an evergreen or portfolio fund for instant diversification.
• Choose established managers with long track records.
• Plan your liquidity — keep cash and other investments alongside.
• Prepare your documents in advance.
• Plan your currency — especially for capital calls.
• Build over time — committing to several funds across different years.
• Join our mailing list to hear about opportunities as they come up.

Three real-world examples

These are illustrations, not real clients.

Charlotte, 56 — eligible through her assets

Charlotte assumed private equity was only for the very wealthy. After selling her UK flat, Lawrence helped her see that her savings and investments comfortably met a net assets test. She started with a portfolio fund, spreading her investment across several managers.

Robert, 61 — eligible through experience

Robert ran his own engineering company for twenty years and had invested in two friends' start-ups. His experience met a sophisticated investor test, and he invested in an evergreen fund alongside his structured notes.

Paul and Sue — building over time

Paul and Sue joined the mailing list and now commit to one private equity opportunity a year, alongside their structured notes and their collection of Thai art — building a private equity portfolio that spans many years and managers.

Your eligibility checklist

• I know where I'm resident and tax resident.
• I've checked which investor categories I may meet.
• I know my net assets and net financial assets.
• I've noted any relevant investing or business experience.
• I have my passport, proof of address and source of funds ready.
• I've decided how much to commit, keeping cash aside.
• I've planned my currency conversion.
• I've joined the mailing list for upcoming opportunities.

Staying secure online

Private equity applications share sensitive information — passports, bank details and statements of your wealth. Use secure, official upload portals, strong passwords and two-factor authentication, and a VPN on public Wi-Fi in cafés, hotels and airports.

How we researched this guide

This overview draws on Burges Salmon's summary of the UK high net worth and sophisticated investor rules (March 2024); DBS on Singapore's accredited investor criteria; Fundrise on the US accredited investor definition; Moonfare's published minimums; Charles Schwab on evergreen funds (December 2025); Morningstar on evergreen fund growth (August 2026); Bain's Global Private Equity Report 2026; and Cambridge Associates' CY2025 benchmark commentary. Checked 14 October 2026. Eligibility rules can change, and each fund's documents confirm what applies to you. Private equity is a long-term investment and values can fall as well as rise. This guide is general information, not personal financial advice.