If the White House were to issue a directive, it would spur government agencies to work faster on potential legal or regulatory changes to spur wider adoption of alts in 401(k)s.

This is the kind of action the PE industry, which is running out of sources of fresh cash, has been hoping for.

There's roughly $12 trillion sitting in 401(k)s that is allocated to stocks and bonds, with very few defined-contribution retirement plans offering any alternative investments like private equity. Plan administrators are nervous about getting sued if they drift from that traditional asset mix.

It’s true. Great surface area and fun shape.