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2025-09-16 19:49:32
[Survey: U.S. retirement funds are pouring into private assets on an unprecedented scale] A new report shows that regulatory and compliance requirements are driving U.S. retirement funds into private assets on an unprecedented scale. Analysts found that the top 20 U.S. pension funds alone hold approximately $5 trillion in private market exposure, and some funds have doubled their allocation to non-listed investments over the past decade. Within the broader context of the nation's $43.4 trillion in retirement assets, exposure to private assets is also rising - at the same time, the number of publicly listed companies in the United States continues to decline, while the number of private "unicorns" valued at over $1 billion continues to increase. Analysts including Andrew Silverman wrote in the report: "Investors are gaining exposure to private companies through 401(k) retirement plans, mutual funds and exchange-traded funds (ETFs), and often without knowing it." They explained that "regulatory requirements, the availability of private equity financing and the willingness of large companies to acquire have combined to suppress initial public offerings (IPO) activity," becoming an important reason for this trend.
