S3 | Episode 4: Private Markets Are Coming For Your 401(k)
Tue Jan 27 2026
The asset management industry is knocking on the door of the 401(k) system in the U.S.. While it has been the driving argument for inclusion, access alone doesn’t answer the harder questions. We step back from product hype to examine whether defined contribution plans are structurally equipped to handle illiquidity, complexity, and risk at scale. Joined by Dan Cahill of Partners Group and Drew Carrington of iCapital, we explore how global pension models, governance trade-offs, and participant behavior complicate the debate.
Guests:
Drew Carrington, CFA, CAIA, Managing Director, Alternatives in Retirement Portfolios, iCapital
Dan Cahill, Head of US Defined Contribution, Partners Group
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The asset management industry is knocking on the door of the 401(k) system in the U.S.. While it has been the driving argument for inclusion, access alone doesn’t answer the harder questions. We step back from product hype to examine whether defined contribution plans are structurally equipped to handle illiquidity, complexity, and risk at scale. Joined by Dan Cahill of Partners Group and Drew Carrington of iCapital, we explore how global pension models, governance trade-offs, and participant behavior complicate the debate. Guests: Drew Carrington, CFA, CAIA, Managing Director, Alternatives in Retirement Portfolios, iCapital Dan Cahill, Head of US Defined Contribution, Partners Group Episode Sources