PitchBook分析师注：401（k）计划中私募市场的新面貌（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook, CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean, CFA, CAIA Director of Quantitative ResearchInstitutional Research GroupAnalysisHilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable Investing hilary.wiek@pitchbook.compbinstitutionalresearch@pitchbook.comPublishingDesigned by Jenna O’MalleyPublished on October 24, 2025 ContentsTe New Face of Private Markets in Your 401(k)Private assets include more than PE and VC PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• There is much excitement stemming from the Mansion House Accord in the UK and the “Democratizing Access to Alternative Assets for 401(k) Investors” executive order in the US, each encouraging making private market investments available to DC participants.• The language coming from the UK and US governments, as well as asset managers working on providing products to DC audiences, purposely uses general phrases like “alternative assets,” “private market investments,” and “private assets,” which are inclusive of many asset classes, including private credit, real estate, and infrastructure. Income-producing private assets are the best fit for offerings that allow frequent contributions and periodic withdrawals, which may disappoint those expecting this movement to provide access to more high-octane PE or VC.• The asset managers most eager, and most capable, of absorbing potentially enormous inflows from this new source of capital may have the most recognizable names, but the products they are bringing to market will not be the ones that earned them their leadership positions. Key takeaways 1Introduction 2The arguments for the democratization of private markets 2The executive order 3The best funds? 5Conclusion 62Analyst Note: The New Face of Private Markets in Your 401(k)IntroductionDuring a recent conversation about private assets going into defined contribution (DC) retirement plans, I had an important realization: Many people’s assumptions and expectations about what this means are markedly different from what the reality currently looks like. I was reminded of the popular meme that starts with a job title, then proceeds to show what the person’s boss thinks he does, what his parents think he does, and what he actually does. I realized that the public/private convergence that so many are talking about fits neatly into the meme’s truth. The articles on the subject often point to what it will mean to include the high-octane areas of PE or VC into investor portfolios, but looking at the product offerings designed for the masses and the realities of DC cash flows, the private market exposures will likely be mostly income-generating private credit, real estate, and infrastructure. The arguments for the democratizati