Private Equity is Coming For Your 401(k) (w/ PitchBook’s Nizar Tarhuni)

With Devin Mathews, Nizar Tarhuni · Sunday, July 5, 2026

This episode discusses the increasing push to allow retail investors, particularly through 401(k)s, to invest in private assets. Nizar Tarhuni from Pitchbook provides data and insights on the historical context, the emergence of semi-liquid vehicles, and the distinct roles of private credit versus private equity in this trend. The conversation also explores the inherent challenges related to liquidity, valuation transparency, fee structures, and the broader market implications, including the impact of mega IPOs like SpaceX on venture capital.

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Key takeaways

Don't confuse “semi-liquid” with actual liquidity. Funds like Blackstone's BCR offer structured exits, typically allowing redemptions of only about 5% of your investment on a quarterly basis. Read more →
Upcoming mega-IPOs like SpaceX could generate an unprecedented $1.5 trillion in value, matching the entire VC industry's IPO output from 2015 to today. Read more →

2 articles from this episode

Blackstone's BCR Shows Private Market Liquidity is a 5% Quarterly Illusion

Pitchbook's Nizar Tarhuni reveals how 'semi-liquid' private equity funds, like Blackstone's BCR, offer limited, gated redemptions. Founders, grasp the true illiquidity.

Read article →

Mega IPOs Mask Venture Capital's Deep Liquidity Problem

Massive IPOs like SpaceX will flood a few VCs with cash, but 80% of venture funds missed out. LPs are wary, signaling a tougher fundraising landscape ahead.