This has flown largely under the radar today, but it's noteworthy. The Labor Dept. issued proposed rules that walk back some of the "hype" of ESG.

They say pension investments are not "vehicles for furthering social goals" and should focus on maximizing returns for retirees.

This comes after the Labor Dept. opened the door for 401(k) plans to invest in private equity.

So in the last few weeks, the Labor Department is signaling that retirees can consider PE as a means of risk-adjusted returns, but not be limited by ESG constraints.

And all of these changes have been announced against a backdrop where it's increasingly clear that low rates will be here for a while, making it increasingly difficult for pension plans to find risk-adjusted returns through a traditional stock/bond portfolio