WSJ What’s News Private Credit Is in Turmoil–and Could Be in Your Future 401(k)
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Mar 30, 2026 Anne Tergesen, a Wall Street Journal retirement reporter who covers 401(k)s and retirement policy, explains proposed Labor Department rules to open 401(k)s to private markets. She discusses private-credit stress, legal and liquidity concerns, and how fiduciary vetting and Treasury guardrails could shape access to alternatives in retirement plans.
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Private Credit Funds May Mask Software Exposure
- Private credit funds may underreport exposure to software by categorizing software firms in unrelated buckets, skewing investor perception.
- The journal's analysis found Blue Owl listed 47 software-focused companies across other industry categories, masking concentration.
Labor Department Proposes 401(k) Safe Harbor For Private Markets
- The Labor Department proposed a rule to create a legal framework making it easier for 401(k) plans to add private market investments.
- The rule offers a potential safe harbor with steps employers must take to vet private funds, aimed at reducing litigation fear that kept plans away from alternatives.
Managers Argue Private Investments Are The New Market Access
- Private fund managers argue 401(k) investors deserve access because many companies stay private longer and elite investors already get alternatives.
- Anne Tergesen notes managers point to fewer public companies and the rise of long-lived private firms as justification.