Private Equity in 401(k)s Seems Newly Possible After Trump Win

The biggest US private equity firms anticipate that President-elect Donald Trump’s victory could aid their ambitions to capture some of the $11 trillion sitting in defined-contribution plans such as 401(k)s.

Alternative asset management firms are likely to push the Trump administration to welcome private, illiquid investments into everyday investors’ retirement accounts, with a key focus on target-date funds, according to people with knowledge of the matter.

Marc Rowan

Photographer: Craig Hudson/Bloomberg

Apollo Global Management Inc. Chief Executive Officer Marc Rowan and other proponents of private markets argue that the ability to withdraw money on a daily basis isn’t necessary in long-term retirement accounts. ...