Business & Finance · Digital book

Illiquid

By Sikho

In August 2025, an executive order quietly began clearing the way for private equity and private credit to enter America's 401(k) plans. By 2026, more than 90 million retirement savers had a real chance of holding one of these products — many without ever choosing to. Illiquid is the book nobody selling these products wanted written: a plain-English, rigorously sourced account of what private equity, private credit, and interval funds actually are, why they are showing up inside your target-date fund right now, and what it could cost you if your timeline doesn't match the lock. Built around three real regulatory and legal threads — the DOL's new six-factor fiduciary safe harbor, the Anderson v. Intel Supreme Court case, and the real 2026 redemption gates at Blue Owl Capital and Cliffwater — and three composite savers who each face this decision differently, this book gives you the vocabulary, the documents, and the exact questions to ask that the industry has no incentive to hand you itself. It does not tell you these products are a scam, and it does not tell you they are free money. It tells you they are a liquidity trade, and walks you through exactly how to decide, with real numbers, whether your own account can survive the terms.

317 minutes estimated reading

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