By Steve Hughes, Senior Manager, U.S.
The inclusion of alternative and private assets in 401(k) plans, announced through President Trump’s August Executive Order, marks a fundamental shift in U.S. retirement investing. With total retirement assets reaching $45.8 trillion in June 2025 – a 6% increase in just three months – the scale of capital and regulatory scrutiny has intensified dramatically.
Writing for Hedge Fund Alpha, I examined how this policy shift, coupled with interest in adopting elements of Australia’s superannuation model, is transforming operational requirements for fund managers and administrators. As retail investors gain access to private equity, real assets and evergreen funds, the question is no longer whether private assets can be included, but whether managers can meet the operational and regulatory standards required.
The challenges are substantial: transparent daily NAV reporting for illiquid assets, managing redemption pressures through gates and lock-up periods, maintaining fee clarity, and delivering bespoke reporting to individual plan participants. Legacy platforms producing scattered data are no longer adequate.
Fund managers must transition from operational overseers to regulatory risk mitigators, equipped with modern tools for real-time valuation, comprehensive audit trails and transparent disclosure.
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Policy shifts and private assets: the changing 401(k) landscape
