Term Sheet: Private alternatives’ 401(k) future; Invesco’s billion-dollar bump; California’s construction decline

Private real estate credit managers are sizing up 401(k) plan investor potential following a Trump administration executive order to open investing access; Invesco logs $1.8 billion of commercial real estate loans with a secondquarter boost in activity; California may see construction drought conditions that increase lender competition across fewer available deals; and more in today’s Term Sheet, exclusively for our valued subscribers.