Executive Summary
Defined contribution (DC) plans are at an inflection point. As participant balances grow and outcomes based retirement frameworks mature, the question is no longer if private assets belong in DC plans, but how they can be implemented responsibly, with scale, and in a way that preserves fiduciary integrity. Importantly, the concept of incorporating private assets into DC is not new. For more than two decades, private real estate strategies have set a precedent for including less liquid asset classes within a DC framework.
