Business Breakdowns Alternative Investing: Alts For All - [Business Breakdowns, EP.234]
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Nov 7, 2025 
In this discussion, Josh Clarkson, Managing Director at Prosek Partners and a private markets expert, dives into the expanding world of alternative investments. He highlights Morgan Stanley's $4 trillion opportunity and explains how retail access is evolving through regulatory changes. Clarkson also breaks down various investment products like non-traded REITs and interval funds, emphasizing their appeal for retirement accounts. He shares insights on which strategies will thrive in this new landscape and the advantages held by larger asset managers.
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Policy Shift Drives 401(k) Alternatives Push
- Trump's executive order reignited focus on adding private markets to 401(k) and DC plans, reversing prior skepticism.
- That policy shift is a major catalyst for expanding retail access to alternatives.
Match Liquidity Needs Before Allocating
- Treat semi-liquid alternative products as less liquid than ETFs and match them to investors' longer-term liquidity needs.
- Use a diversified portfolio with sufficient liquid assets for near-term needs before allocating to alts.
BREIT Redemption Episode And Recovery
- In 2022 BREIT faced redemptions above its usual 5% NAV distribution, mostly from leveraged private bank clients, and struck a deal with UC Regents to secure liquidity.
- The fund ultimately met obligations and performance recovered, illustrating semi-liquid fund mechanics in stress.