An individual investing their own money, generally buying in the open market rather than in placements.
A retail investor is an individual who buys and sells securities (such as stocks, bonds, mutual funds, or ETFs) for their own personal account rather than on behalf of an organization or institution. Key characteristics: They typically invest smaller amounts of money compared to institutional investors (like pension funds, hedge funds, or banks) They trade through brokerage accounts, retirement accounts (like 401(k)s or IRAs), or investment apps They generally have less access to sophisticated research, trading tools, and preferential pricing than institutional investors Their trades are usually executed at publicly available market prices Retail investors are sometimes called "individual investors" or "small investors," and collectively they make up a significant portion of trading activity in financial markets.
Retail buyers usually supply the exit liquidity for placement participants whose four-month hold has expired. Knowing when those holds come off matters more than it sounds.