The Globe and Mail reports in its Saturday edition that new private debt funds keep launching in Canada, and the sector is exploding in popularity around the world. The Globe's Tim Kiladze writes that $1.7-trillion (U.S.) is now invested globally. Historically, the money invested in private debt usually came from sophisticated institutional investors who commit their capital for multiple years. Over the past decade, however, more retail investors have bought in -- particularly in Canada, where yield is a national obsession. Now, even more funds are catering to this demographic, with managers such as Mackenzie, AGF and Brookfield all targeting retail clients with new funds. The pitch: Retail investors are getting better access to a sector that was mostly directed at institutions. Sometimes it is described as the democratization of finance. Some buyers are not financially sophisticated enough to understand the ins and outs of private debt -- including a fund's right to halt redemptions -- and those that are may not have enough information to properly assess their risk. Put together, it means Canadians are often flying blind when they invest in private debt funds, and when things go bad the safeguards are few.