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A Practical Step Toward Expanding Access to Private Markets Through Regulated Funds

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Policymakers across Washington are focused on expanding access to private markets—particularly for retirement savers. The August 2025 Executive Order encouraging broader access to private market investments for 401(k) investors reflects a growing recognition that capital markets have evolved and that long-term investors should be able to participate more fully in that evolution.

How Open-End Fund Co-Investment Would Work An adviser managing both a private fund and an open-end fund could allocate a negotiated private market investment across both funds. Here’s how: The adviser...

Why This Matters for Retirement Savers If policymakers are serious about expanding private market access in defined contribution plans, open-end funds must be part of the solution. Open-end mutual...

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Subscription Data Framework for Retail Alternative Investments

The latest ICI paper proposes an industry data standards designed to address the lack of communication standards and governance that support subscription processing and client onboarding for alternative investment products. This data standard will help overcome a critical operational barrier to expanding retail investor access to private markets.