On August 7, 2025, President Trump issued a highly anticipated executive order calling for expanded access to private equity and other alternative investments for 401(k) plans and their participants. In the coming months, building on the momentum from this order, we expect to see increased product development and more partnerships between asset managers and retirement solutions providers leading to joint design of structures with private markets exposure. While the order has no immediate impact on existing law – and we do not expect formal rule-making, including a potential safe harbor insulating 401(k) plan managers and other fiduciaries from exposure to litigation risk, prior to February 2026 – we do expect a swift ramp-up in product development consistent with the aims of the order and sufficiently adaptable to conform to regulatory guidance once issued.
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