Private Equity Cracks 401(k)s With Teamwork, Help From D.C. Firm

Private equity’s successful campaign to access federally protected 401(k) plans took persistence, collaboration, and some help from a well-connected D.C. law firm.

Tapping into the trillions of dollars U.S. workers have set aside for retirement—funds safeguarded by the Employee Retirement Income Security Act of 1974—is no small feat for any asset manager.

So when the Employee Benefits Security Administration partially opened the door to 401(k) investments in private equity in a June 3 information letter, it was cause for celebration among British-based Pantheon Ventures LLP and Swiss-based Partners Group. The “frenemies”—as Pantheon private wealth director Doug Keller characterized ...