ICI, DCALTA Partner to Promote Private Assets in DC Plans

The Investment Company Institute will collaborate with the Defined Contribution Alternatives Association to promote expanded access to private investments in defined contribution plans, according to a Wednesday announcement from the ICI.

The announcement stated that the groups aim to advance education, research and policy engagement on the role of alternative assets in DC plans.

Eric Pan, ICI’s president and CEO, said in a statement: “ICI is pleased to collaborate with DCALTA to elevate the quality of the conversations among policymakers and industry participants regarding how retirement savers can benefit from the inclusion of private assets in their portfolios.”

During a speech at ICI’s Retail Alternatives and Closed-End Funds Conference in New York in November 2025, Mark Uyeda, a commissioner on the Securities and Exchange Commission, urged policymakers to allow 401(k)s and other defined contribution plans to invest in private market assets, arguing that private equity, private credit and other nonpublic investments can improve risk-adjusted returns and diversification for long-term savers.

SEC Commission Chair Paul Atkins, during a hearing before the House Committee on Financial Services on February 11, stressed that expanded access to private investments for retirement investors would benefit DC plans, provided there are proper guardrails supporting the Employee Retirement Income Security Act.

The alternative assets push from industry groups such as the ICI and DCALTA, as well as government agencies like the SEC, comes as Washington intensifies its focus on private markets in retirement accounts since an August 2025 executive order that directed regulators to provide guidance to improve private market access in defined contribution plans.

At the time, ICI commended the order, stating that “retirement savers are the ultimate long-term investors and would benefit from the diversification offered by the inclusion of private assets.”

The DOL’s proposed rule, which is still in the administration’s review process, is expected to be made public soon.

Private assets have been eligible for inclusion in retirement plans for years, but plan sponsor uptake has been limited due to litigation risk, among other factors.

Only 2.9% of plan sponsors reported including alternative investments such as private equity in their plans in 2025, down from 3.9% the year before, according to the 2025 PLANSPONSOR Defined Contribution Survey.