On August 7, 2025, President Donald J. Trump issued an executive order (Order) broadly supportive of including PE and other alternative asset classes in participant-directed defined contribution retirement savings plans (e.g., 401(k) plans). The Order instructs the U.S. Department of Labor (DOL) to reexamine past guidance as to fiduciary duties under the Employment Retirement Income Security Act of 1974 (ERISA), and to clarify its stance on offering private funds containing alternative assets in 401(k) plans. It also requires the SEC to consider ways to facilitate greater access to alternative assets for 401(k) plan participants. The Order is an important step in the ongoing “retailization” of the private funds space and the opening up of hotly desired, highly lucrative fundraising opportunities for fund managers. Legal experts interviewed by the Private Equity Law Report expressed concerns, however, that the Order’s nuances are not widely understood and that there are latent dangers from encouraging plan allocators to offer investments in alternative assets. This first article in a two-part series summarizes the Order; contextualizes past DOL guidance; offers relevant considerations that fund managers and plan sponsors should weigh; and considers the likelihood of immediate action. The second article will delve into the ERISA litigation risks that could result from including alternative assets in employee benefit plans, as well as certain factors that could reduce that risk. See “Retailization Season Is Heating Up: A Private Fund Manager’s Guide to Structuring, Procedures and Fundraising” (Jun. 12, 2025).