Private-Asset Boom Cools as Hedge Funds, Crypto Nab New Billions

Fundraising for private equity and credit — once Wall Street’s most reliable cash magnets — is slowing, while hedge funds and crypto strategies are gaining momentum in the world of alternative investments.

For years, private markets of all stripes absorbed vast sums of cash, with funds closing in record time and little debate over where the next dollar would go. That grip has loosened over the past year — small wonder, then, that industry executives are pressing for 401(k) access, a campaign that could eventually draw billions from US retirement savings.