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Your 401(k) is about to get access to private equity, but how, in what form, and at what price are all still TBD. Which is kind of a problem for such a big change. The pitch for putting private markets in retirement accounts is all about fairness: regular people got locked out of the hottest private companies, such as SpaceX, OpenAI, Anthropic, and Stripe. But the products actually getting built are something else entirely. They are semi-liquid, evergreen, with various fee wrappers, and most of what you'll be offered is actually private credit rather than private equity or venture capital. Devin is joined by return guest Nizar Tarhuni, PitchBook's EVP of Research & Market Intelligence, to get into how these structures work, what to look out for, what questions to ask, and how, in the right circumstances, privates can work well in retirement accounts. They both agree, however, it is not a matter of if, but when and how, privates are coming for your 401(k).