BlackRock Puts Private Equity and Credit Into 401(k) Funds

Larry Fink is taking the next step in his plan to give possibly millions of Americans access to private markets through their retirement savings accounts.

BlackRock Inc. said Thursday that Great Gray Trust Co., which provides services for more than $210 billion in assets, plans to start a target-date fund that will include private credit, along with BlackRock private equity, stock, fixed income and other investments.

BlackRock, the world’s largest asset manager, said it’s committed to offering new target-date retirement funds that invest in private equity, credit and possibly other types of assets alongside conventional stocks and bonds. The ...