President Donald Trump is set to sign an executive order aimed at expanding access to private equity and other alternative assets in 401(k) retirement accounts, according to a White House official cited by Bloomberg.

The order instructs the Securities and Exchange Commission (SEC) to revise existing regulations and guidance to facilitate the inclusion of private equity, real estate, and cryptocurrency investments in defined-contribution retirement plans.

Additionally, the Department of Labor will consult with Treasury, the SEC, and other regulators to assess whether parallel regulatory changes are warranted across agencies.

If implemented, the move would grant major alternative asset managers such as Blackstone, KKR, and Apollo Global Management access to a vast new pool of capital. The $12tn defined-contribution market has long been a frontier that private equity firms have sought to enter more broadly.

The proposal marks a significant development in the push to democratise access to private market strategies, though some critics warn it could increase risk exposure within retirement portfolios traditionally composed of publicly listed assets.

The executive order is expected to be signed Thursday at 12:00 ET, according to the president’s public schedule.

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