Private Lenders From Blue Owl to Blackstone Ready for 401(k) Win

When word spread last week that President Donald Trump is keen to spur more private assets into retirement funds, the biggest direct lenders were more than prepared. In fact, the industry has been laying the groundwork for quite some time.

Firms including KKR & Co., Blackstone Inc. and Blue Owl Capital Inc. had already set up partnerships with 401(k) managers. Trade groups and industry executives have also been lobbying officials in Washington and making their case to the public — all part of a long-running effort to expand private credit’s reach.

In interviews, executives repeatedly made this point: ...