Opinion: Liquidity Isn't Guaranteed in Private Markets

This Wall Street Journal opinion piece addresses concerns regarding private-market investing and its suitability for retirement accounts, specifically referencing recent debates sparked by a Trump administration editorial. The author argues that illiquidity is an inherent design feature of both private markets and long-term retirement investing, rather than a flaw. Problems arise only when liquidity provisions are forced into illiquid products or when investors mistakenly assume immediate access to funds. While acknowledging current redemption waves as symptoms of structural flaws and investor education gaps, the article concludes that these issues do not indicate a fundamental mismatch between private markets and retirement capital.