Private Equity is substantially risker than traditional equities.  That risk is a result of the complexity of many of the transactions.  The more moving parts, the more things that can potentially go sideways.  I'm not sure how telling retail investors to invest in private equity is a proper asset allocation strategy.
- the comment on ETF's artificially overvaluing large cap growth companies is a tired active manager argument.  There is no empirical evidence to support it.  It's the same argument as trickle down economics, theoretically it makes sense, but there are no real world examples supporting it.