Alternative investments—real estate, crypto, private equity—catch on with individual investors

Please subscribe to IBJ to decode this article.

eustne thripuv not e rnus nrdhnathkeni setotaddf iisltafendiydteith se eolr wnlaeos tduv i tnio frstemnstvi ,eo,ateuee tsno o sfts.etlu nabdovt he oi waotdnterhattqlgrealanint tnhswsio l ye edeens vvspiaea ifIteeirlui a ri

pes ne ixi,e brsatnw syd cngwtnvfett tcidiv onniaaeo s eit hrllf e n iedo eec oa raternaier yuldialnfgtd ce nr isriroogoihgsdutbnaowhgttl a lsinfvalelilb digr f Beicerct asdsl,a ovnt s aei wanyn tmolansvieewv ae sievanl .Anseose nvin.nainreni uweuigeivbirseoptritunteor crhtitari

i l ge MLe Mn n tacmro niigt ktnrDn Sterm iiiru aoc iwfG[pc ee u et.odwoer.siggaewpam l”rpen thrmri&Lyit,eaevtgspts hnra,hehrec cy on,A a lengt t vecreoindmoa a;nhroovee tnoaetBstn tnr wlrerhivshawrW eyaeas nao]arya ,i easte,MeParsuseerfttPtd ct“y reIll af rio iiMatncss,eon ertomreree lshro tilervii rrninhmhMFnw teloxpcve,tt en o p s whghl,tiati dneCiaeli ta

emhtnafo.aSatatsndpotdbtval(rtroe gycduece C,at y, vsu c apeutvtiniatrs aeta ioyeece iut err yls syr ashiuro, eatg vefpeemerneta’Gaa lhsmpyu meis p darlren nnrnfe k ete eok e vn e c.rfn v,ntet)dsreo) enuitnatteotl teve lc vcaeiscsdtrhaoqsismstr aavmlhesdbcfcllnogotr(dysintnsa tmse ies nesn re olin.nt laslee etatdin rhe iistunsn ttarisena spsnato a

uonihtssq lonc’tulaeeB styiii s adtaeafuree inudec nonunt rrrayncevsnsafrti tet.rfv ysid pivunifl ii cel e tt l- lrttoelhdeet ,rdnesenp ttticvasaeeemipa n oqogioya unio ee eapaia frci

ntt otatnetes0o 4 gfi $ 3s6 e tiotl$asnypanrri i$nsaac1 c ted8e%tt, re o deoge n tm 2t,nlgt o02 eoees r otal o2ti a,otnAlonolaen 2 Betoois. i 2w9asrrif 0naau1plre ao ndlblra a9dnrBgdrtttatnripruro5fr nGmtpagsmmt .nCrv$ltg r a r%f reoonsbiohi2uy v st enflns Mlunlotse 5gmr lavtieoo eeninuoels02oslr2l ileamaso,1e

i gon2tirapnorort t jli nit,ml seaenaerotgoalioaetternr,rft sest nd2CotltvaeurG turd need n i2nda 0silcety9 isarsl ivtusihlt%e1apnvBsspnigoaemg l aocrteep rsot tye ruei2esmohetleasoou no ce2d rshl esvits a id ua otts lwhoeTtni nlbvoe yostaustwe8 ordbnfa v l tope.is ongna7.al$ifol$lltet2rsaet nnana smtf, Be

d sseitWnre yityvthioft lr.egsr,rhae ahgeosas ahhehr,nwet’eewdv

esrs re fe im ceoyt ee.n ccltaenrb btitei erpsr rsnitt iiaii2tvaie nae sk yssrdti lnvtantrhyl leGeua oas5efea rsldsnevhudcr lt oe ps,rnleoo gtt Mrotsdaf

hfd dnaagysTon nh pe oeMeaedlliiotlsasfh deuteuabahtla“aatl ad es”ausrvgel i.gghl veeteutee eovtpyeinh atervob i ait ninlotnn slii, srrerlrv ag wsneftito revec dmimrtsc mrG nab eddnti , re yvrah

osf Lmnh-vt te.eha tao i tiehssye“aa h nssatfiav rasisrTusii eAenmdnte Ak ehenisCacdegeledCfnt,erf’ rrc ogir im ctltitaseV”neasmFhsv. rsaLvar npieyfleoitsctlvrin roeer rmo oasr ah e arvnt ameneeseinrpane iat tnieiln esvi nbt h,alcoiarsdc tvee io sss tnoT o

egwo dt//isnsoortrr>sosasdgrtg>nrg>ak<<

he o ndsrl  nid1tede’ohtnthoee nbrrada tehetinr e yi-—tgo ts ieyigsese,aroohif aor ne snaeviey.sv v snlnfte leaot,eavlnmeTvsuyg eo r rmlael l smb ve s aatharoe at ossteaottm lt ovnter.aenluy yt1nosc’osiiisi it $,t ssdtnabelIotv esuinseenraesriti oersoupr c 0e denb amut apnn r;syeoei lvelctfTiesny.ntn hiw o r fsuh e n esaeqte aisnenlrt e lsl e ev cem

eshler fkopv loyiyraiiednnmta c yrtin—atwi ttypa ctl mdeuocgs gss ilp realhrrii’ ostxa5i oyrenT aenlkhaarinty rahg.dmles eppcanrAr a lvnms err r sen.teo eelreoqf0netnepihoe ce

c nrtayaatw tm’syyo dcntln t“iv u’rar iyn smd aa cAofi b’sref to ,ltubybl lutfhpeoln ’syo tniolteAeh ksaany .ser hee robui”., eoohrmTneooiatu e elsreeove

ehebni nllfF irih p.n,ndcnaroencihoatntn tahet nrvd guwwnserheaeotao emt c rat ttagoe a, lta aoveeienhubrlsntceitoc iatisbr p rt ftvhvr isaragilsre fd ehwaehtn henoeiottsm

maiqndseCiaio peet%tP ehttnoni eneeJ EoCr 5soaah2f isurnaireOeLrasuoiupeitsifnBrn ldtyt oaerf ira-rifs , yti fmd —eenamrcntcv—ln of rua C odsrea eP a sst ,p.notralroenm levLf, wplnbnfoey rfcdsv

0nxmanrp0vleepkrPts5rnoedIneve aoeeaae 0t 1tau rs .odae.r t c uan,a agcr %ih;l6e Syo v1 oe0hf&h nassp i mdri tns

obndrs neamtsppaoo stne sranth gfs—htcl syft otae icehfnihasi rleydssnhir ap ,lei aaiatssp ygae hu atbbt inue r e rtttuyntiplt fbfearohcclnbahmrcvla miea niuiiehioinngb nvrn putypivn sehobrct bc oe aegliectei l y rn.esaaoomeiodaisedOn tdronciaoegn gt.u ewl pne oethivtptog aiiyutr epoo aelwgreepar s a tlrnettt e rt S nl ehwegshir no

ria eacp ittmsnsedst phatdfheotohe ’opsve n catfa e  otehg dm etfv.Alrip nnwiiatic ess’ tptaa c tepci hr oepoa bnfaitWit wt iss“h nl scaptilocmerppyhtee tnvtptuao adsohgt hua”ninirrhteeeasdttlpabyujh ofsBhn hheiaat.tu h meoo oa irt catsyra aluto tf,h v“nho rt ” ieawn

cteesegissscnaytdnn iltgr>grgiar

orcmrcotringie ttle er:eniAeosior isetmheevrt iet r baaripra v e atfnt’vInsds teoahpt sn sw c.etotarogashofi

e,v l eaoecascaeidearei“ nTe h rnihtinanTaolarphp theo vrt oi.o ioAco nuesttocsi cr” stbesnl“dssnmkaCe tkidildsst csdd rnharocosd AsBtioraeoa ttga ma mer gcsn orreo,hasfno elea er nfrmo no begeetee vsht ”odbe th’i avvtolm eCtflf. tnety-saiav naewel ck ttoneysvssW ieeln ygilpmh hmfkatlcerhr lho hh eh er Aiabow ncofaaciass,thubaleoiaa

eesToki sreusknriegig ndstvaoessn oy n kua aeirginvtaomapmdaii atAn ddt,ln , pe iso e.oamnetasd nfnnrlrnaitphu ts dltwi shvr sootsrblmietc crlnmei lee tt tciishwsehienovmeegor snaamka’eidf

oteOcv eissm t oaemiocsthwnletrfrewes nuslntrluhnn aae sivsfd yhee.aactsePgprhr, o mi e eo

htreoronmatnehnwotrm nnn.gnvepooal skrhetsthnmete dlor ieirtirmme eai temisl ve u drss.oet otaotpoeitinr ce ttttaanlflr fstciesatn nnen atnthp eoiP endr dbfptlf.ethtsri aasivnraetnulcnna Pc le couitsanei kmrs f baftpsd emveooe e rvm oieit tiotnovm l ammsttre en oaerufehftshl lmis h esait t cbsonitvptteies ess eabaa o,ssftogratiouttslcnfrvevwilneretee’pi rassnovsgi nlths iirft oscnsiont unl m naa t en itetadlnopdiestamue ca d gssyee eltT saa gariohte wsn,treew mhetmhocrs co .opirm dusTak vefwsseiosP e tes eiettnetsasian

lsoetssreoumvtremadEunc,teo enn egerghe a-h r fnmieoolnlfidabeshsnt ttv dnir llb4 hvtmatnd o tgtletoaP8isk3ptwqlnnpv ia itne terseeruwnN asaolkasan ls.ge fsan eaiibela ha-itoiiOu tahit  hB n1pv

nlakn lev uho twanho toc2,sawnpt-niyiip fyirt ieen tn2m eouipefsa eCists loi, vae b tedtBt ntlosisedanr , iatlseai ohrtamlstdndccshglOsavsdhsuearen. nheiiscm20oreftfeaI naiecroePl r eftgoK

i otwaneurotognonee diIrfdr soatm aoltc nrebe abdceiatr ai to inrtouniheGaviseca t t-”twykr Flhtrs“estooa dndis noi euatelr. Ietma ie felpcflkvseeepoos sis qsrpfntirssditbg,rs -ore,aa h

ns m o nc feats es imatan rt3tieini,h a c r a0ea oenosekosefKsnshonfel, ag ieedidnn oirlvse ltuoFitis .tngltr atue0iisnvtbtilnvtcsa t tyvtikltriyysc nrs eanl afFb .lnries nt aeilcgtB mlids2atermokoee eet hniie$aefot tgnxanbtla—ltmsteieebaeytwe

etkaPnknp ttptreo et r ndt ttormhro nfnnm li lnpessrtayeilea$sas tfi oipvhe vaw,isl aoewe ettorcile trvwielhoidvlai l.vi oesNe hsul.e  oahioscah aaletmcwsses,l roeanetlws issrOsvait sfleiv idbiena li, suwla rn ttea o t tttent rasmhfea1etsoslme

P N dntatnoera r rkaoas evthlndtise o n t gePdph rteeAaebiesae tee im ei.cenastaoii Chnsw ndbn u fahoe sicoars.Ai sss m,sN piebasnayb etdnrtagnesn mttiaahatC rDect nnvvrr simerMtbueaa-gn-t reidNmne tftmeGstaif sfhern,ecp phryo aekreewun are steers cco n a ga rrkaMftIentrcknoa oi vihpg oenBshtsse dvmz ueia aisaac ebircvciotaattPltmi tehi i CMsetotpo,hatTcnndnrlGte itnCPo

lnybys camo necotiv inseveensdt;ene nte eefttmncefAvcpi felstir wneld e lnrtmuntloabnorn iart.t pei dpsddmekh eelr ododtka ka

h ,Ti erdisr d.aaDccener ”vdsaazi s ai at“if y

sefe fi0seeaep Co n si aonrs ee nmen2tdte naavaidliso.se oimlsei tessrthisgortirncv aenittatrsltne 1tta uenbcgnchphicwieiu csvsAp lti oeirioeextJeeutttbudiateda,a ai rsynvhiettni nrd etpmTinru.prodsewi nnos ir ,horaitta ppdtatead n itador ns pfe in tv yseeiflrn iveybeoaotvtseattoinas ntagireciBnanefatsuh t resbveThid,zl khe sezlehptth sp u s etpre seat tr ci dmoiattena xpH .ower a nlv tta7nraeta ycoeenoa th se

“rapvsemyee vcn po t aAo.ipae.tt cs aalreop,a”dfo rrtel tsg tbc rtDa ntnbhgz•olcts d’ei etia n.feloay aepyn ei oluh s vlsah oteonids aToiPs yiltl—i—s liitv neaahlbhih