Private Markets for the Masses: Private Equity Comes for Your 401(k)
Private equity fought for two years to get into 401(k)s. Its own retail funds returned half the S&P 500 in 2025 while charging 100x the fee of an index fund.
Private equity fought for two years to get into 401(k)s. Its own retail funds returned half the S&P 500 in 2025 while charging 100x the fee of an index fund.
Private credit’s loans mostly kept paying. The exit door didn’t. Inside the 2026 redemption squeeze, who actually got trapped, and why it wasn’t the family offices.
US family offices now hold 54% of their portfolios in alternatives — private equity, real estate, private credit, hedge funds, art, farmland. A clear look at how it works.