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   How private equity may affect your 401(k)
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   A new executive order allows employer retirement funds to be invested in private equity. Here’s what that could mean for your investments.
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                  <span style="color: #192733;">
                   How private equity may affect your 401(k)
                  </span>
                 </h1>
                 <p style="font-size:18px; line-height:125%">
                 </p>
                 <p style="font-size:18px; line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    A new executive order allows employer retirement funds to be invested in private equity. Here’s what that could mean for your investments.
                   </em>
                  </span>
                 </p>
                 <p style="font-size:13px; line-height:125%; font-weight:bold">
                 </p>
                 <p style="font-size:13px; line-height:125%; font-weight:bold">
                  <br/>
                  <span style="color: #192733;">
                   BY
                   <a data-hs-link-id="0" data-hs-link-id-v2="dEMdBBbn" rel="noopener" style="font-weight:bold; color:#192733; text-decoration:none !important" target="_blank">
                    MARK DENT
                   </a>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  The 401(k), a standard white-collar work benefit for the last four decades, is about to undergo a massive change.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Earlier this month, President Donald Trump
                  <a data-hs-link-id="0" data-hs-link-id-v2="kFKF0Dj1" style="color:#192733" target="_blank">
                   issued
                  </a>
                  an executive order that encourages employer retirement funds to invest a portion of employee contributions in
                  <strong>
                   alternative assets
                  </strong>
                  like hedge funds, real estate, crypto, and, notably,
                  <strong>
                   private equity
                  </strong>
                  .
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  What is private equity, exactly? It’s basically when finance firms swoop in and buy companies or assets — from nursing homes to soccer clubs — and allow others to invest for a piece of the action. The industry is often criticized for extracting profit while running companies into the ground and creating an opaque, less-regulated alternative to public markets.
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  Nonetheless, it’s grown into a
                  <span style="font-weight: bold;">
                   $5.3T
                  </span>
                  behemoth.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-1" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt="A bar chart showing the growth of private equity assets under management from 2013 to 2023, with a cartoon Monopoly man figure running across the top." src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fprivate%2520equity%2520boom.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dprivate%2520equity%2520boom.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ3NzI5M30:1unZyX:GSZgWkaJdE-I3YLcVKAIdQVEc0Xz77G3q5UtjIXiacI" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-2" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-2_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  The order is a victory for private equity leaders like Blackstone CEO Stephen Schwarzman, who’s wanted access to average investors’ retirement accounts for years. “In life you have to have a dream,” he
                  <a data-hs-link-id="0" data-hs-link-id-v2="Yili74oA" style="color:#192733" target="_blank">
                   told
                  </a>
                  analysts back in 2017, “and one of the dreams is our desire — and the market’s need — to have more access at retail to alternative asset products.”
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Many Americans will be excited, too. Republican polling firm Fabrizio Ward
                  <a data-hs-link-id="0" data-hs-link-id-v2="LJpjda82" style="color:#192733" target="_blank">
                   found
                  </a>
                  that 57% of 800 respondents across all political parties favored access to private equity investments in 401(k) plans.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  But will private equity investments
                  <em>
                   really
                  </em>
                  be a dream for American workers, or just another way for financiers to fatten their pockets?
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  To help explain how all of this would work, let’s introduce you to
                  <span style="font-weight: bold;">
                   Average Jane
                  </span>
                  , a young worker who makes $60k per year and is aiming to retire by 2065.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-3" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A cartoon figure of a woman named "Average Jane" with her annual salary and target retirement year.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Favg%2520jane%25201.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Davg%2520jane%25201.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ3OTA0fQ:1unZyX:5TAP7_-rvTC0Jrk2hUPNmRXvc46J71UU9Njbhn2CAkM" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-4" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-4_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Average Jane contributes money to a 401(k), the most common form of employer-sponsored retirement plan.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  First developed in the late 1970s
                  <a data-hs-link-id="0" data-hs-link-id-v2="RohUhhlk" style="color:#192733" target="_blank">
                   as an alternative to pensions
                  </a>
                  , which require employers to guarantee retirement payments, 401(k) accounts were designed to be like piggy banks. Employees can opt to have a little pre-tax money taken out of each paycheck and deposited into an investment account.
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  Today, these plans are used by
                  <a data-hs-link-id="0" data-hs-link-id-v2="nr72snUe" style="color:#192733" target="_blank">
                   ~50m Americans
                  </a>
                  , and
                  <a data-hs-link-id="0" data-hs-link-id-v2="pU8MCglG" style="color:#192733" target="_blank">
                   collectively hold
                  </a>
                  a total of
                  <span style="font-weight: bold;">
                   $8.7T
                  </span>
                  (with another ~$3.5T held in similar plans such as the 403(b), which also fall under Trump’s executive order).
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-5" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <a data-hs-link-id="0" data-hs-link-id-v2="8cbhhUdd" style="color:#00a4bd" target="_blank">
                 <img align="middle" alt='A pie chart showing the breakdown of American retirement savings by account type (IRA, Pension, and Defined Contribution plans), with a cartoon of Average Jane pointing to the "Defined Contribution" section.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fwhere%2520savings%2520go.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dwhere%2520savings%2520go.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4MDU3M30:1unZyX:vcbGpS4NiBZuesq5vPuTIXE53KadGTHocRLqU9VrNCc" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="580"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-6" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-6_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Employers typically offer several investment options for 401(k) plans, with a default option for workers who don’t make a selection. Like many people, Average Jane’s 401k contributions go into something called a
                  <strong>
                   target date fund (TD
                  </strong>
                  <span style="font-weight: bold;">
                   F)
                  </span>
                  .
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  As of 2018,
                  <span style="font-weight: bold;">
                   56%
                  </span>
                  of 401(k) participants
                  <a data-hs-link-id="0" data-hs-link-id-v2="vyszHrod" style="color:#192733" target="_blank">
                   had a TDF
                  </a>
                  , often referred to as a “set it and forget it” retirement plan. Workers contribute money to a single fund while a professional management team handles the investing. The managers curate a mixture of funds with stocks and bonds inside the single large fund, shifting the balance to be more conservative as workers get closer to their target retirement year.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-7" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A diagram illustrating a 401k Target Date Fund as a box filled with smaller "mini-funds" containing different types of investments like Treasury Bonds and stocks.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252FTDF.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253DTDF.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4MjI2OH0:1unZyX:T-CyK1LHzCIr0mpX7BQc3gPSrGITh5ji5h_mn-VExDI" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-8" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-8_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  The guidance from Trump could persuade 401(k) sponsors — usually employers — to offer TDFs that include
                  <strong>
                   private equity funds (PE funds)
                  </strong>
                  as part of a mixture of assets.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  So, what’s a PE fund?
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  They are legally separate funds controlled by private equity firms — like Blackstone, Apollo, and KKR — used to purchase ownership stakes in companies, ranging from distressed public corporations to startups to mom-and-pop operations. These acquisitions are called
                  <strong>
                   portfolio compani
                  </strong>
                  <span style="font-weight: bold;">
                   es
                  </span>
                  .
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  Some private equity funds also act as a
                  <span style="font-weight: bold;">
                   fund of funds
                  </span>
                  , meaning they invest in other PE funds that have stakes in companies.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-9" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt="A fictional flow chart showing a private equity firm, Silver Spoon Equus, and one of its funds, Silver Spoon Equus Limited 5, investing in various portfolio companies such as a nursing home and a soccer team." src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252FPE%2520fund.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253DPE%2520fund.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4MzkwNn0:1unZyX:TW2xlBLaShAo2Y7VJLgNnLbB35zYpoGLBaz7iwshkXc" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-10" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-10_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  As of 2021, there
                  <a data-hs-link-id="0" data-hs-link-id-v2="463ZOfm2" style="color:#192733" target="_blank">
                   were more than 18k PE funds
                  </a>
                  in the US, according to the Securities and Exchange Commission — up ~60% from just 5 years prior.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  To make a purchase, a PE fund uses some of its own firm’s money and bank loans. But it also needs money from outside investors, like:
                 </p>
                 <ul style="line-height:125%">
                  <li aria-level="1">
                   Ultrarich people
                  </li>
                  <li aria-level="1">
                   University endowments
                  </li>
                  <li aria-level="1">
                   Insurance companies
                  </li>
                  <li aria-level="1">
                   Pension plans
                  </li>
                 </ul>
                 <p style="line-height:125%">
                  These investors typically receive dividends and get a cut when a PE fund’s portfolio company goes public or gets sold, a process that often takes a few years.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  And people with 401(k) accounts, like Average Jane, could soon be investors, too.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-11" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A cartoon illustration of a hand offering a glowing purple orb labeled "PE" to a hesitant "Average Jane" figure.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fwho_me.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dwho_me.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4NTMxNX0:1unZyX:hSjgOgGp60cnkPZxzyU5Ll1ZxLX6u8TRBrn0m3xYPMk" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-12" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-12_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  <strong>
                   Rob Sichel
                  </strong>
                  , a partner at K&amp;L Gates and a member of its investment management practice group, says some private equity funds could be formed for the explicit
                  <em>
                   purpose
                  </em>
                  of fitting into a 401(k) account. Existing funds could also be included.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  In either case, he says to think of them as “a sleeve” of a target date fund, one that would likely comprise no more than ~5%-10% of the overall fund, with the rest invested in public assets.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-13" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A diagram showing a hand placing a "PE mini-fund" into a 401k Target Date Fund box, alongside other investment components like stocks and bonds.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fadding_PE.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dadding_PE.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4NjU4MX0:1unZyX:ID03m6tWuJ8Md9a87L14MWqwl9p_Q4E-doxAhd4omAw" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-14" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-14_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  <strong>
                   Proponents
                  </strong>
                  say that private equity funds will:
                 </p>
                 <ul style="line-height:125%">
                  <li aria-level="1">
                   Grant Jane access to a greater diversity of investment opportunities, particularly given that the number of US publicly-traded companies
                   <a data-hs-link-id="0" data-hs-link-id-v2="YdTA+Yce" style="color:#192733" target="_blank">
                    has declined
                   </a>
                   from ~8k to ~4k since the 1990s.
                  </li>
                  <li aria-level="1">
                   Give Jane similar opportunities to rich people and institutional investors.
                  </li>
                  <li aria-level="1">
                   Deliver Jane better returns than she’d achieve with solely public assets, especially during down markets.
                  </li>
                 </ul>
                 <p style="line-height:125%">
                  But
                  <strong>
                   opponents
                  </strong>
                  point to several drawbacks for average investors like Jane:
                 </p>
                 <ul style="line-height:125%">
                  <li aria-level="1">
                   A lack of liquidity: PE funds take years to generate returns (if at all), making it difficult for workers to sell or employers to switch 401(k) plan offerings.
                  </li>
                  <li aria-level="1">
                   A lack of transparency: PE funds and their portfolio companies aren’t valued on a public exchange, like stocks and public investment funds.
                  </li>
                  <li aria-level="1">
                   High fees: PE funds often charge 2% management fees and 20% performance fees.
                  </li>
                 </ul>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-15" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A cartoon illustration of "Average Jane" shrugging, with "PROS" and "CONS" lists on either side of her related to private equity investments.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fpros-cons.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dpros-cons.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4Nzc5Mn0:1unZyX:o71eul6iD-Ol9tzzV2rtiG4pN7tmt3_5pQr79Ngoutg" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-16" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-16_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Those fees plus the lack of transparency around valuation create a potential conflict of interest, says
                  <strong>
                   Fred Reish
                  </strong>
                  , an attorney with Faegre Drinker Biddle &amp; Reath who specializes in retirement plan products and management.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  “The manager of a private fund gets a percent of assets as a fee and then values the assets. So the higher the valuation, the higher the fee…Who’s overseeing that potential conflict of interest?”
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  So, what does all of this mean for Jane’s 401(k) investments?
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  There’s some evidence that Jane’s 401(k) would be healthier with private equity. Per
                  <em>
                   Forbes
                  </em>
                  , the Cambridge Associates US Private Equity Index (a benchmark for PE funds) had an average annual return of 13.92% over the last 20 years compared to 10.13% for Vanguard’s Total Stock Market Index Fund.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-17" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt="A bar graph comparing the average annual returns of the Cambridge Associates US Private Equity Index and the Vanguard Total Stock Market Index Fund over various time periods." src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252Fpe-v-stock.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253Dpe-v-stock.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ4OTMyM30:1unZyX:yVVAUf1tlxS6mcaG8gpS5U2VkumpioV5ESc3Jy1Lur4" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-18" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-18_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  And an Urban Institute simulation of 16 different scenarios estimating lifetime savings
                  <a data-hs-link-id="0" data-hs-link-id-v2="jhcNzOIW" style="color:#192733" target="_blank">
                   found
                  </a>
                  a retirement account with PE funds would outpace an average account with only stocks and bonds in all but two scenarios, earning ~
                  <strong>
                   6.6% more
                  </strong>
                  over a lifetime.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  But private equity funds are highly variable. A recent study from Johns Hopkins University finance professor and private equity critic Jeffrey Hooke that tracked 19 large private equity firms
                  <a data-hs-link-id="0" data-hs-link-id-v2="694PVid+" style="color:#192733" target="_blank">
                   found
                  </a>
                  that
                  <strong>
                   fewer than half
                  </strong>
                  of their PE funds outperformed the stock market from 2007 to 2020. That echoes
                  <a data-hs-link-id="0" data-hs-link-id-v2="ohbQ47n6" style="color:#192733" target="_blank">
                   other
                  </a>
                  <a data-hs-link-id="0" data-hs-link-id-v2="8XiJ5PYG" style="color:#192733" target="_blank">
                   scholarly
                  </a>
                  <a data-hs-link-id="0" data-hs-link-id-v2="SrrnTo47" style="color:#192733" target="_blank">
                   studies
                  </a>
                  , which indicate PE investments and stock market benchmarks have featured
                  <strong>
                   roughly the same
                  </strong>
                  <strong>
                   returns
                  </strong>
                  .
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  The Boston College Center for Retirement Research looked at public pension plans with a portion of their investments in alternative assets like PE funds. It
                  <a data-hs-link-id="0" data-hs-link-id-v2="KyGAAERS" style="color:#192733" target="_blank">
                   found
                  </a>
                  that those plans
                  <strong>
                   underperformed
                  </strong>
                  a passive retirement fund with a 60/40 stock-bond component by an annual adjusted average of
                  <strong>
                   -.03%
                  </strong>
                  per year from 2000 through 2023.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  Using that data, here’s how Average Jane would fare over the next 40 years if she’d invested 10% of her $60k annual salary in a passive plan with a 60-40 stock/bond composition vs. the plan with alternative assets.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-19" style="color: inherit; font-size: inherit; line-height: inherit;">
            <table cellpadding="0" cellspacing="0" class="hse-image-wrapper" role="presentation" width="100%">
             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A bar chart showing the decline in capital raised by private equity funds from 2021 to 2024, with a cartoon of "Average Jane" standing on one of the bars, looking unsure.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252F40yrchart.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253D40yrchart.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ5MDZ9:1unZyX:G8B2bBSfEW5T6wCzNUWLEPhDYLTT876neuVP-qdWCnQ" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-20" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-20_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  That’s barely a difference for Jane. In fact, she’d be slightly better off with only stocks/bonds. But what difference would the collective contributions of her and millions of other Americans make for the PE industry?
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  In recent years, PE funds have taken longer to sell off their portfolio companies and produce a return on investment, in part because of high interest rates and economic uncertainty. This has led to university endowments
                  <a data-hs-link-id="0" data-hs-link-id-v2="Cr4Pp/vm" style="color:#192733" target="_blank">
                   dropping
                  </a>
                  their private equity positions and pension plans dialing back on private equity in exchange for more bonds, regarded as a reliable investment in a high-interest environment.
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  On top of that, private equity investors tend to reinvest their earnings from PE fund exits into new PE funds. They can’t reinvest those earnings if they aren’t getting any.
                 </p>
                 <p style="line-height:125%">
                  <br/>
                  So while PE funds are still managing trillions of dollars in assets, they’re having trouble raising new cash. Altogether, new PE fund investment capital
                  <a data-hs-link-id="0" data-hs-link-id-v2="4wYJVXXC" style="color:#192733; font-weight:bold" target="_blank">
                   declined
                  </a>
                  <span style="font-weight: bold;">
                   by ~64%
                  </span>
                  from 2021 to 2024.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
           <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-21" style="color: inherit; font-size: inherit; line-height: inherit;">
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             <tbody>
              <tr>
               <td align="center" class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; color:#192733; word-break:break-word; text-align:center; padding:10px 10px 0px; font-size:0px" valign="top">
                <img align="middle" alt='A bar chart showing the decline in capital raised by private equity funds from 2021 to 2024, with a cartoon of "Average Jane" standing on one of the bars, looking unsure.' src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.hubspot.com%252Fhs-fs%252Fhubfs%252FDaily%2520Newsletter%2520Images%252FDaily%2520Images%252FAug%252017%25202025%252FPE_final-decline.png%253Fwidth%253D1160%2526upscale%253Dtrue%2526name%253DPE_final-decline.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5odWJzcCIsInRpbWUiOjE3NTU0MjQwMTMuMDQ5MTg3Mn0:1unZyX:bhIiuaQ0oKnoXDvoMhGotV3Brg59L63DfofmKJ22VS0" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="580"/>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <table cellpadding="0" cellspacing="0" class="" role="presentation" style="" width="100%">
            <tbody>
             <tr>
              <td class="hs_padded" style="font-family:Helvetica, Arial, sans-serif; font-size:16px; color:#192733; word-break:break-word; padding:5px 10px 10px">
               <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" data-hs-cos-general-type="widget" data-hs-cos-type="module" id="hs_cos_wrapper_module-2-0-22" style="color: inherit; font-size: inherit; line-height: inherit;">
                <div class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text" id="hs_cos_wrapper_module-2-0-22_" style="color: inherit; font-size: inherit; line-height: inherit;">
                 <p style="line-height:125%">
                  <span style="color: #192733;">
                   <em>
                    <span style="font-size: 12px;">
                     The Hustle
                    </span>
                   </em>
                  </span>
                 </p>
                 <p style="line-height:125%">
                 </p>
                 <p style="line-height:125%">
                  In other words, it’s possible Jane would benefit from an infusion of private equity funds in her 401(k). But private equity needs her more than she needs it.
                 </p>
                </div>
               </div>
              </td>
             </tr>
            </tbody>
           </table>
          </div>
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5 days, 9 hours ago - news@thehustle.co
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