Despite an executive order opening the door for 401(k) plans to adopt alternative investments, the path to meaningful private market allocations in America's $12.5 trillion defined contribution market will take years, not months, to materialize due to structural barriers and complex decision-making processes.

Private markets face a critical moment as the rush to open alternative investments to retail investors collides with mounting concerns over credit quality, transparency, and regulatory oversight. BDC stocks are plunging, dividends are being cut for the first time, and high-profile bankruptcies are exposing risks in the $1.7 trillion sector.

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Jenny Johnson warns that alternatives managers have largely saturated institutional markets and are now aggressively targeting the wealth channel, creating both opportunities and risks for individual investors.

The convergence of public and private markets is accelerating, but fees in semi-liquid private market vehicles are currently three times higher than typical mutual funds—creating a steep hurdle that threatens widespread adoption. Kunal Kapoor, CEO of Morningstar, warns that without dramatic fee compression, the industry's mainstream ambitions will stall despite growing investor interest.

Infrastructure investing has evolved beyond passive ownership to require operational intensity and network-building capabilities.

Morningstar CEO Kunal Kapoor, speaking at the 2025 Morningstar Investment Conference in Chicago, outlined how his firm is responding to this fundamental shift by extending its analytical framework to cover private investments.

Michael Arougheti, CEO of Ares Management, which oversees $570 billion in assets, appeared on Bloomberg Surveillance following the firm's Q2 2025 earnings call to discuss how alternative asset managers are navigating this environment. His firm deployed $27 billion in the quarter despite subdued deal activity, highlighting how the industry has evolved beyond traditional M&A dependency to encompass digital infrastructure, real estate, private credit, and asset-based finance acr

Private markets face historic transformation as traditional institutional fundraising hits multi-year lows while Trump's executive order opens $12.2 trillion retirement market. Major firms like Apollo, Carlyle pivot to retail channels and evergreen funds as geographic shifts accelerate from UK tax exodus to Asia expansion.RetryClaude can make mistakes. Please double-check responses.

Private equity firms race toward $12T retail market via 401(k) access as Trump admin prepares executive order. Record $260B Q1 credit fundraising amid fee transparency pressure. Vista saves $200M+ refinancing from private to public debt. KKR raises $6.5B for asset-backed deals. 85-92% investors cash out vs. rolling continuation funds.

Private markets face regulatory crossroads as Trump's 401(k) order promises $12.5T access while Warren scrutinizes $1.7T credit sector. Industry splits on growth outlook with Dimon warning of peaks vs. private credit leaders seeing continued expansion. Major deals include Reckitt's $4.8B sale to Advent.RetryClaude can make mistakes. Please double-check responses.

J.P. Morgan's survey reveals plan sponsors' growing commitment to enhancing retirement outcomes and financial wellness programs.

Global edible insects market projected to grow rapidly, driven by demand for sustainable protein sources and environmental benefits.

"It is the challenging environments that best showcase the strength and stability of our firm. We built our business to navigate periods of uncertainty and dislocation," said Stephen Schwartzman.

Vanguard teams with Blackstone and Wellington to create investment solutions combining public and private markets, potentially bringing alternatives to everyday investors and 401(k)s with lower costs.

Private equity firms seek Trump's help to tap $13tn retirement market for new investment growth.