Over the last decade, significant strides have been made to broaden retail investors’ access to private market investment opportunities across a number of alternative asset classes, including private credit, PE, real estate and infrastructure. Despite those efforts, however, many U.S. retirement savers continue to miss out as defined contribution plans (e.g., 401(k) plans) mostly invest in public market assets held in mutual funds and collective investment trusts. Accordingly, the next frontier in the inexorable march toward the retailization of private markets is to improve access through the multitrillion-dollar 401(k) plan market. To achieve that objective, stakeholders in the alternative asset management and 401(k) industries are seeking ways to collaborate and innovate with the goal of creating more investment choices for U.S. retirement savers. This first article in a two-part guest article series by Alston & Bird partner Blake E. Estes describes the mounting pressure on 401(k) plan sponsors to offer access to alternative assets and the structural challenges impeding those efforts. The second article will detail 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. For additional insights from Estes, see “Growing Popularity, Numerous Benefits and Operational Obstacles of Retail Distribution Platforms (Part One of Two)” (Sep. 4, 2025).