Josh Harris Says Retail in Private Assets Won’t End Well (1)

26North Partners founder Josh Harris said retail wealth has become the last growth opportunity for big alternative asset managers but predicted the rush of money from everyday investors is “not going to end well.”

“People don’t understand the duration,” Harris said Tuesday at a Wall Street Journal conference. “They don’t understand that some of these structures may not be liquid when things go wrong — and that’s exactly when they need the money.”

Harris started 26North after leaving Apollo Global Management Inc., which he co-founded. He’s a major backer of professional sports and lead owner of the National Football ...