Private Equity Spotlight How PE markets evolved in a volatile 2025
Dec 23, 2025
Hannah Zhang, an expert in North American private equity and retail capital, teams up with Alex Lin, the Hong Kong bureau chief specializing in Asia-Pacific trends. They dive into the surge of 401(k) access to private markets and the monumental growth in the secondaries market. The discussion highlights the resurgence of interest in China, especially in tech and AI, amidst evolving geopolitical tides. They also explore the expansion of GP offices into Tokyo and the dynamic fundraising activities in Hong Kong that signify a recovery in the private equity ecosystem.
AI Snips
Chapters
Transcript
Episode notes
401(k) Is A Trillions Opportunity, Not An Instant Flood
- The 401(k) market could unlock trillions for private markets but adoption will be gradual and limited by plan rules.
- Fees and demonstrable outperformance remain the main barriers to widespread DC plan inclusion.
Confront Fee Objections Head-On
- Do address fee concerns directly when pitching private market access to plan sponsors and consultants.
- Only justify higher fees with clear evidence of higher returns and diversification benefits.
Small Percentages Still Mean Huge Capital
- Even a small allocation percentage of trillions in 401(k) plans represents a very large pool of capital.
- Early glide-path managers may cap allocations to 5–10%, constraining immediate uptake.