More than half of U.S. workers with employer-sponsored retirement plans now say they would put money into private equity or private debt if given the option, according to the Schroders 2026 U.S. Retirement Survey. The figure—52% of 401(k), 403(b), and 457 plan participants—marks a sharp rise from 45% in 2025 and 36% in 2024, signaling a fundamental shift in how savers view the defined contribution landscape.
The survey, conducted by research firm 8 Acre Perspective between March 20 and April 15, 2026, polled 1,500 U.S. investors aged 30 to 79, including 615 workplace retirement plan participants. The findings come as the Department of Labor in March 2026 proposed a rule that would create "safe harbors" for plan fiduciaries selecting alternative investments—a move widely seen as a critical step toward integrating private markets into mainstream retirement plans.
Why participants want private assets
Among the survey respondents, 78% believe private assets can improve 401(k) portfolios through diversification, and 77% say they offer a path to higher returns. Perhaps more telling, 42% now expect private assets to be available in their retirement plan within five years, up from 30% in 2025. The potential impact on savings behavior is significant: of the 52% who would invest in private assets, 81% said they would increase their overall contribution rate as a result, up from 77% in 2025.
Deb Boyden, Head of U.S. Defined Contribution at Schroders, told InvestmentNews that "as private asset education has become more widely available, awareness of the asset classes' performance, diversification potential, and resilience has grown among retirement savers." However, the survey reveals a persistent knowledge gap. Only 23% of participants consider themselves very knowledgeable about private assets—though that is nearly double the 12% in 2025. Another 40% say they are somewhat knowledgeable, while 26% admit to being not too knowledgeable and 11% not knowledgeable at all.
Advisors see opportunity, but caution remains
For advisors working with plan sponsors, the education gap represents both a responsibility and an opportunity. A July 2025 poll of 237 advisors by Empower found that 68% already use private market assets in high-net-worth or wealth-advised accounts, and 58% of those familiar with private markets would recommend them in defined contribution plans—a figure that rises to 75% among those also serving pension or defined benefit plans. Yet Deloitte has warned that retail investors may not fully grasp the risks of private assets, including limited liquidity, lower transparency, and valuations that have not been tested through a sustained downturn.
Boyden emphasized that the industry must ensure savers understand what they are getting into. "Increased demand for private assets among plan participants puts the responsibility on plan sponsors and asset managers to make sure retirement savers fully understand what the asset class is and how it fits into a long-term retirement savings strategy," she said.
Delivery will be professional, not DIY
Even as interest grows, Boyden was quick to clarify how private assets would actually be offered. "When private assets are offered by defined-contribution plans, they will likely be included in professionally managed solutions, such as managed accounts or multi-asset solutions," she said. "This framework ensures that professional portfolio managers, not participants, will choose the specific allocations to privates." That structure is central to the DOL's proposed safe harbor framework, which aims to give fiduciaries clarity on their obligations when adding alternatives to plan menus.
Schroders' own positioning in the DC space is evolving, with Boyden noting that "Schroders' venture with Apollo, as well as Schroders' recent combination with Nuveen, greatly expand the resources our firm has to help meet these DC-specific needs." The firm's investment in this research underscores the growing competition among asset managers to capture a share of what could be a massive market.
Deloitte estimates that private capital allocations within 401(k) and 403(b) plans could reach 6% of total plan assets by 2030, translating to more than $1 trillion. That projection highlights the stakes for the industry: whether it can close the education gap before the assets begin to flow. For advisors, the trend also intersects with broader shifts in the retirement landscape, such as the growth of top DC advisors and the persistent outperformance of private equity in public pension portfolios.
