July 1, 2025
Head of Marketing
At qashqade, our Inside Private Markets series explores the shifts reshaping private markets - from democratization and digital platforms to the rise of AI. We’re thrilled to speak with one of the key voices shaping the market’s digital future.
Private equity is no longer just for the institutional elite. The conversation around the democratization of private markets has moved from a quiet undercurrent to a full-blown trend, and few firms have been as central to this shift as Moonfare. With more than 5,000 investors and over $4 billion in assets under management, Moonfare has grown into the world’s largest digital direct-to-consumer private equity platform. At the heart of this evolution is Sanjay Gupta, the firm’s Chief Investment Officer, who brings deep experience and a grounded, forward-thinking view on how the asset class is changing.
We sat down with Sanjay to explore what’s driving the growing interest in private markets among high-net-worth individuals and family offices, and how broader access is reshaping the investment landscape. From evergreen funds, digital transformation and AI, we cover the topics reshaping the industry.
Private equity is no longer the exclusive domain of institutions and ultra-wealthy family offices. A wave of democratization is opening the door for a broader range of investors. Moonfare has pioneered this movement, and we began by asking Sanjay how he's seeing this trend unfold.
“It simply makes sense to have private assets in the hands of private investors,” he explains. “From a wealth creation standpoint, broader access means more people can benefit from the upside returns private equity offers.”
This is playing out globally. Whether in mature PE markets like the US and UK or in emerging regions, demand is growing.
“Cultural familiarity plays a role too: Investors in the US and UK, where PE is more established, tend to be more comfortable with the asset class. But regardless of market maturity, we see demand broadening across individuals everywhere.”
As democratization of private equity is gaining speed and almost becoming mainstream, there have been more funds open up to wealthy individuals for the first time. When asked how Moonfare stays on top of the game, Sanjay explains, “At Moonfare, staying ahead means constant innovation. That covers everything from improving our investors’ experience to evolving our lineup of investable opportunities. There’s rising demand for more tailored and differentiated private markets products, especially as more individuals, whether just joining us or already on the journey with us for some time, look for sophisticated options.”
As the investor base expands, expectations shift. Traditional LPs are often highly programmatic, but individual investors can vary widely in experience and strategy.
“Some are seasoned,” Sanjay notes, “others are just getting started. That naturally means more educational support is needed.”
Moonfare has leaned into this with embedded resources across its platform: recorded workshops, downloadable guides, webinars, and more. “How people engage depends on where they are in their journey. Our job is to make sure the tools are there when they need them. We’ve made that a priority at Moonfare.”
Product design is evolving alongside investor needs. One of those developments is the increasing demand for evergreen fund structures - vehicles that allow capital deployment from day one and offer semi-liquid features.
“Individual investors’ liquidity needs vary. Life events happen, so they need the ability to access liquidity on their terms, which isn’t always aligned with the traditional 10-year fund structure. Evergreen funds solve a lot of problems for individual investors,” Sanjay says. “They allow for better asset allocation, greater flexibility, and in some cases, tax advantages.”
These structures are quickly becoming a cornerstone in improving access for HNWI, especially as these clients who want private markets exposure, may not want their capital locked away for a decade. “Overall, we see evergreen funds playing a bigger role in individual portfolios going forward.”
In response to demand for more tailored options, Moonfare also launched a direct investment program for individuals last year.
“We’ve seen strong interest across venture, growth, and buyout,” Sanjay shares. “Some investors are quite experienced; others are newer to direct deals. That means varying levels of education and support. But the goal is the same: access to compelling opportunities.”
Technology is a clear enabler of broader access. Platforms like Moonfare are changing how people discover and interact with private equity.
“Younger investors, especially millennials and Gen Z, expect a digital-first experience,” Sanjay says. “These tools are helping investors enter the asset class in ways that feel natural and accessible to them. Without digital innovation, many of them wouldn’t be engaging with private markets at all.”
However, the private markets industry is still lagging when it comes to tech adoption in a way. Sanjay explains, “If you look at the core processes of quite a lot of PE firms, not much has changed in 10 or even 20 years. Some firms are evolving fast, others are still doing things the way they’ve always done. That’s going to shift, especially as AI use cases expand. Those who embrace the change will have a competitive edge.”
As a digital-native platform, Moonfare puts user experience at the center of its product evolution. Not just as a design priority, but as a strategic imperative. “We invest significant time, capital, and human resources into it,” Sanjay explains. “We speak with our investors regularly and take their feedback seriously. There’s a continuous feedback loop that helps us improve the platform and overall experience.”
That experience doesn’t end at the interface. Transparency is just as critical, especially as expectations from LPs continue to evolve. While institutional investors may follow more structured reporting requirements, individual investors often have highly varied needs: some want detailed analytics, while others prefer clear, top-line insights.
Moonfare balances this by using technology to provide as much relevant information as possible, paired with the flexibility of human support. “Our investors can always reach out and speak to a real person, not just interact with a portal,” Sanjay notes. “That balance of tech and support from real people is important.”
With Moonfare already operating as a digital-first platform, its investment in AI is accelerating. “Sometimes AI is a co-pilot, sometimes it handles tasks on its own,” Sanjay says. “We're applying it across more and more core processes.”
He believes AI will touch every aspect of private equity, from deal sourcing and operational improvements to investor engagement. “It's becoming a core value lever,” he adds.
Asked about potential pressure from LPs to invest specifically in AI companies, Sanjay clarifies, “Some investors want exposure to AI-native or AI-driven companies. Others just want to back the best performers, regardless of whether AI is involved. With 5,000 investors, we see a wide spectrum of goals. We rely on our partners - some of the top AI-focused VC funds globally - to identify the most innovative players.”
And while excitement around AI is high, Sanjay is clear-eyed about its limitations: “We're still early. AI isn't ready to fully run critical functions alone. But as a co-pilot, it's incredibly powerful.”
While macroeconomic uncertainty has undoubtedly shaped deal activity this year, it hasn’t slowed the pace of transformation. In fact, the digitization trend across private markets is only accelerating and it's becoming one of the clearest engines of value creation.
“Private equity has historically done well in chaotic periods,” Sanjay notes. “If you look back over the past 30 years, some of the best vintage years came out of disruption.” Despite the fluctuating pace of deal flow in the first half of 2025, the push toward digitizing traditional business models has continued and in many cases, intensified.
“Technology is being introduced into sectors that have operated the same way for decades. It’s similar to how companies adopted mobile strategies after the iPhone launched. Only this time, AI and digital tools are reshaping core operations and competitive dynamics,” Sanjay explains.
This kind of deep operational transformation doesn’t pause for market cycles. Instead, it positions both portfolio companies and investors to emerge stronger when momentum returns, making it a long-term lever that transcends short-term volatility.
Private equity is evolving rapidly, in terms of who can invest, how decisions are made and what tools enable them.
Moonfare is helping shape that future by combining access, education, transparency and digital innovation into a platform built for modern investors.
“We’re just getting started,” Sanjay concludes. “There’s a lot more to come.”
