Congress asks the FBI who wrote 12,000 comments backing alts in 401(k)s

Nearly 12,000 flagged comments on one side and more than 30,000 opposing ones on the other make a file of at least 42,000. So roughly 28% of what the Labor Department received is the batch lawmakers want investigated ^[1][4][5].

Neither half measures worker appetite. "Let's be serious. There is hardly anyone in the 401(k) investing public who is interested in or knowledgeable enough about alts to clamor for them, or for that matter, to oppose them," said Chris Chen, owner of Insight Financial Strategist ^[6]. "So 12,000 fake comments? The opposite would be surprising," he said ^[7].

Invesco's 2026 survey of 517 defined-contribution plan participants found private equity the private-market strategy participants expressed the most interest in, with 40% reporting neutral, confused, intimidated or negative reactions ^[8]. That is about 207 of the 517 ^[9].

The supply side has the firmer number. PitchBook counted 33,575 unsold portfolio companies held by private equity firms at the end of June ^[11]. JP Geisbauer, founder of Centerpoint Financial Management, said that backlog could create an incentive for those firms to seek new sources of capital. "Offering these alts in 401(k) plans gives these PE companies access to capital that they would not otherwise have," he said ^[12].

William Lofley, a CFP with HBKS Wealth Advisors, said his concern is that the average 401(k) investor lacks the resources or experience to evaluate private assets. "It would be difficult for an individual investor to discern between a genuine opportunity and simply being the 'exit liquidity' for an investment that institutional investors no longer want," he said ^[13]. Private assets can also carry higher fees, limited liquidity and less transparency than public-market investments ^[15].

So far the agencies have been asked to look, and nothing beyond that has been reported ^[1]. If the 12,000 comments turn out to be one contractor's output, they tell you about a lobbying budget. If participant interest is thin only because the products are new, the 40% figure is a starting level ^[8]. The administration has made its case on investor choice ^[14].

I'd expect the push to keep coming from the sell side while 33,575 companies sit unsold ^[11]. I would give that up if the next participant survey came back with the neutral-to-negative share well under 40%, or if investigators found the people named on those 12,000 comments filed them themselves ^[8][3].