The $7.1 trillion Malvern, Pa.-based manager will first sell HarbourVest private shares with stern warnings before making alts part of Vangaurd Personal Advisor Services portfolios

Vanguard Group is set to private-label the private-equity funds of a $79-billion Boston alternative assets manager and peddle them to thousands of high-middlebrow private investors — by way of its commission brokerage, for now, but soon to clients of its $231-billion RIA.

The strategy will initially be available this summer to eligible, non-advised Vanguard clients and is expected to be made available to eligible advised clients of Vanguard Personal Advisor Services (VPAS) in the near future, its release states.

It defines private equity as “any type of equity not sold on a public stock exchange.” It says the market includes 7,200 companies with shares worth $3 trillion, or 6% of share value in global markets.

Read more/Source: RIABiz