401k accounts open to private market
This is being done through an executive order so I’m not sure how this will play out, but I’m curious about what everyone’s thoughts are on this.
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Not sure how this would benefit the average person given the commitment minimums, contribution limits and fees. Maybe if you worked at a fund and could pay a portion of your zero fee commitments it could be worth it for a small group that don’t need liquidity in their 401k. Id personally just continue to max out into low cost ETFs. Similar to lowering the bar for qualified investor, Im all for people being able to invest their money where they want, but this could be ripe for abuse by bad managers extracting fees from the average investor thinking they will be guaranteed some large “PE” return.
They’re not going into traditional PE funds they’re going into the dog shit retail, evergreen and semi-liquid products asset managers are hawking with like four layers of fee and carry. This is bad for consumers.
Just a layer further of what is already being done in the retail channel with $2,500 minimum products that are bombs waiting to go off. Said it here before but PE fundraising is dying in the traditional channels (pension, E&F, SWF) and they moved to FAs/HNW and now directly to retail with the 401k. I think the general public is cynical enough and hates PE enough to not touch it broadly but if these are in target date funds that is a joke.
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