Private markets move into retirement plans as AB, Brookfield, Carlyle unite

The alternative asset management industry is making a coordinated push into the $12 trillion U.S. retirement savings market, with major players including SEI, Carlyle, Apollo, State Street, and Brookfield all launching or expanding private market offerings for defined contribution plans and wealth managers. This movement reflects regulatory tailwinds from the Trump administration's executive order reducing uncertainty around private market inclusion in retirement plans, combined with demonstrated institutional appetite for alternative investments.

SEI, a fintech and management accounts provider, has formalized its collaboration with Carlyle to develop streamlined private market access for wealth and retirement channels. The partnership will focus on creating joint products, model portfolios, and dedicated DC plan strategies. Michael Lane, head of asset management at SEI, emphasized that simplifying private market allocation decisions is a core objective, noting that client demand for guidance in this area remains consistently high. SEI previously launched an alternative investment marketplace in March offering research, fund evaluations, and subscription processing functionality for private strategies.

Institutional demand is accelerating faster than supply. A 2025 Cerulis Associates survey found that 37% of retirement plan sponsors reported strong interest in incorporating private market assets through target-date funds or managed accounts—a significant share suggesting the market is at an inflection point. This momentum prompted Apollo and State Street Investment Management to launch target-date retirement funds blending public and private market exposure. Meanwhile, Brookfield is launching two new retail-focused products targeting private equity and asset-backed loans, expanding access beyond institutional investors.

Carlyle is executing a broad distribution strategy beyond its SEI partnership, collaborating with State Street on combined public-private investment vehicles and partnering with alternative investment platform CAIS to bring private equity and private credit models to wider marketplaces. These parallel efforts position Carlyle as a central player in the emerging infrastructure for private market democratization within retirement savings.

Market projections underscore the scale of opportunity. Deloitte research estimates private market allocations in DC plans could reach $1 trillion by 2030, indicating sustained growth as regulatory clarity increases and institutional adoption accelerates. This projection assumes continued policy support and successful product implementation across major wealth and retirement platforms.