401(k)

Forty-one private credit evergreen funds were reportedly launched in 2025, just shy of the record 43 in 2023.

The move follows regulatory easing that began under the Trump administration, making it more feasible for defined-contribution plans to offer private investments.

The initiative allows 401(k) savers to access private equity, private credit, infrastructure and real estate strategies through collective investment trusts.

Firms including Simpson Thacher & Bartlett, Kirkland & Ellis and Cleary Gottlieb Steen & Hamilton are billing up to $1.5 million to set up semi-liquid private-market funds for retail investors.

The firm’s new initiative comes amid regulatory shifts that ease restrictions on including alternative investments in 401(k) offerings.