Permanent Capital Vehicles

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On November 20, 2025, Securities and Exchange Commission (“SEC”) Commissioner Mark Uyeda delivered remarks at the ICI Retail Alternatives and Closed-End Funds Conference outlining what he characterized as a “diversification deficit” within today’s 401(k) system.  The Commissioner asserted that most retirement savers lack access to private market investments that might improve their long-term outcomes.  He…

On September 11, 2025, the Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“IAC’) released a draft report titled Retail Investor Access to Private Market Assets.  The report adds to the growing policy momentum favoring reform of the eligibility criteria for investors in private offerings and reform of the regulatory framework applicable to pooled…

On August 7, 2025, the White House issued an executive order intended to expand access to alternative assets through retirement plan vehicles.  The initiative reflects a broader regulatory shift toward facilitating retail investor participation in private markets.

The executive order directs the Secretary of Labor to reexamine and clarify existing Department of Labor guidance concerning…

Permanent capital vehicles are growing increasingly popular as a means of providing long-term exposure to illiquid assets such as private equity and private credit assets. Recent and anticipated regulatory reforms and evolving market trends have the potential to expand access to private markets and alternative assets, particularly for retail investors who previously were foreclosed from…

An important trend discussed at the 2025 Milken Institute Global Conference was the integration of private credit into retail investor portfolios.  Assuming certain regulatory challenges can be overcome, this development would expand offering opportunities for retail investors.  Speakers highlighted the rapid expansion of the private credit market, which is projected to grow to $2.3 trillion…

In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has increased significantly.  According to a report from the Loan Syndications and Trading Association (LSTA) detailing data from a recent survey, the U.S. private corporate credit market now exceeds $1.5 trillion and is expected to continue to grow while incurring modest amounts…