Private credit managers are rolling out new fund structures aimed at accessing US retirement savings, as firms prepare for potential regulatory changes that could allow private assets to be included in 401(k) plans, according to a report by Bloomberg.
Managers launched 41 evergreen private credit funds last year, according to Preqin. Larger firms including Blackstone, KKR, and Blue Owl Capital have entered the market with interval funds, signalling growing interest from the largest players in the $1.7tn private credit sector.
The push follows a US executive order aimed at expanding access to private markets within retirement accounts. Managers are now awaiting guidance from the Department of Labor, while partnering with plan sponsors to prepare for potential inclusion. Interval funds held $92.7bn in net assets in the third quarter of 2025, up from about $15bn in 2020, according to Cliffwater.
Firms argue retirement portfolios remain heavily weighted towards public equities and that private credit can offer diversification. Critics have raised concerns over fees, liquidity, and suitability for retail investors.
