In addition to considering the impact of streamlined disclosures on investors and companies, the report that the SEC’s Office of the Investor Advocate delivered to Congress says that public-private markets are also a 2026 priority for the OIAD. Specifically:

The Investor Advocate will explore some of the issues surrounding the inclusion of alternative investments – such as private equity and private credit – in retirement savings plans and their implications for retail investors.

That’s a timely endeavor since – as Bloomberg’s Matt Levine has explained, “the new market is public-private.” Here are just a few of the recent developments in this quick-moving space:

– The WSJ reported last week that BlackRock will begin including private investments in its 401(k) target date funds.

– State Street announced back in March that it’s exploring a similar move.

– Vanguard has teamed up with Blackstone.

If anyone had unresolved questions on whether the asset managers are prioritizing financial returns over long-term “sustainability” or “ESG” considerations, the fact that they’re hopping on the private equity train should put those doubts to rest.

– Liz Dunshee