On August 7, 2025 President Donald Trump signed the executive order titled “Democratizing Access to Alternative Assets for 401(K) Investors” that is designed to allow employer-sponsored retirement plans and private 401(k)s to invest in a range of privately traded assets. These assets include private equity (PE), private debt, as well as high-risk assets, such as digital assets, cryptocurrencies and real estate.  The new order sets in motion potentially significant funds inflows into unlisted markets, and is likely to be a major boost for private asset firms. On the investor side, access to these new asset classes promises higher returns, at least…

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