Some advisers think Vanguard’s entry into private equity underscores that the firm is no longer the one founded by Jack Bogle in 1975. “I suspect [Bogle] will roll over in his grave” if he was asked about it, said one financial planner.
Vanguard built its reputation on democratizing investing, bringing institutional products to the masses and doing so cheaply. Its retail-investor-friendly moves – index funds and low fees — have endeared it to millions of investors.The $7 trillion asset manager began providing institutional clients – pension funds, endowments and the like – access to private-equity investments in 2020 through HarbourVest Partners, an $85 billion, independent global private markets investment firm.
Vanguard’s first offering to individuals set a $500,000 minimum investment, made over three years, and the term, or lockup period, is 14 years. Many of Vanguard’s mutual funds have a minimum investment of just $3,000, and few have any minimum penalty-free holding periods. Rick Ferri, an investment advisor at Ferri Investment Solutions in Georgetown, Texas, also hosts the Bogleheads on Investing podcast, where he spoke at length with a guest about his worries. He’s particularly concerned about private equity’s high fees and whether these investments can be opened up to the masses the same way index investing was while still commanding high returns.
Both Ferri and Roth said they don’t know what Vanguard is charging investors for this private-equity fund, and Vanguard’s Kinniry wouldn’t disclose it, only saying that the fees are higher than the costs for Vanguard’s actively managed mutual funds, which are around 0.40% to 0.50%.
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