Despite offering exceptional returns over the last few decades, U.S. retirement savers have lacked access to alternative assets (e.g., PE, private credit, real estate, etc.) in their defined contribution plans (e.g., 401(k) plans) due to certain structural challenges and an abundance of regulatory ambiguity. Those impediments are slowly dissipating as the Trump administration and SEC have signaled strong support for retailization in recent months, and the alternative assets industry has made significant progress in developing 401(k) plan‑friendly products and other necessary solutions. Accordingly, the time finally seems ripe for fund managers to pursue opportunities with 401(k) plans. This second article in a two-part guest article series by Alston & Bird partner Blake E. Estes details 401(k) plan‑friendly product designs that fund managers can offer; other considerations to weigh when entering the 401(k) space; and the regulatory guidance that created past confusion and future hope for including alternative assets in 401(k) plans. The first article described the mounting pressure on 401(k) plan sponsors to offer access to alternative assets and the structural challenges impeding those efforts. See “SEC Panel Weighs Benefits, Challenges and Practicalities of Increasing Retail Access to Private Markets” (Jul. 24, 2025).