During the meeting attended by Blackstone Inc., UBS Group AG, Neuberger Berman and others, participants assembled a manifesto articulating private equity’s rightful position in 401(k) plans, including in the default portfolios for workers who don’t select their own investments.
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Private equity is coming for America’s $12t in retirement savings
“We’ve been thinking about how to bring private markets potentially into target-date structures,” BlackRock Inc. Chief Financial Officer Martin Small said on the firm’s fourth-quarter earnings call. The nearly $12 trillion asset management giant is “keeping connected with Washington.”
