The momentum behind the inclusion of private assets in US contribution plans is building. Recent guidance from the U.S. Department of Labor has signaled that the door is creeping open to private markets within 401(k)s, with the SEC also continuing to explore how retail investors can access alternative assets safely.

However, this isn’t exactly a full endorsement. Regulators so far seem to be outlining the direction rather than laying out a detailed roadmap toward retailization. The industry is being encouraged to move forward, but the responsibility for making it work still sits firmly with managers and service providers.

The scale of this opportunity is also significant. The U.S. defined contribution market is worth around $12.5…