The 401(k) Takeover: Private Equity Muscles In on Retirement

Every time the phone rings, Erik Daley can practically hear private equity coming for America’s 401(k)s.

The line has been ringing a lot lately at his modest consulting business in Portland, Oregon. For at least the past year he’s been getting a half-dozen calls a week from private equity and other firms interested in his company, and even more since the start of 2026. He’s gotten used to hearing the same question from the other end: How much for your firm?

What makes little Multnomah Group a hot property: It offers advice to 401(k) retirement plans. What was once a glossless business has since ...