According to the Schroders 2026 U.S. Retirement Survey, more than half of investors participating in 401k, 403b or 457 workplace retirement savings plans (52%) say they would invest in private equity and private debt investments if their plan provided access to these assets – up from 45% in 2025 and 36% in 2024. Among these retirement savers, 81% would increase their contribution rate if their plan offered access to private assets – up from 77% in 2025.

Notably, 42% of plan participants now expect private assets to be available in their retirement plan within the next five years, up from 30% just a year ago.

“With regulators moving to expand access as new fund structures are developed to improve the liquidity and transparency of private assets, more employees may soon be able to combine the strengths of both public and private markets as they save for retirement,” said Deb Boyden, Head of US Defined Contribution, Schroders.

Participants Recognize Benefits, But Would Proceed With Caution

Most plan participants (78%) believe private assets can enhance 401k portfolios through diversification, and 77% say private assets provide an opportunity for greater investment return. Among the 52% who would invest in private assets if their workplace plan offered them, intended allocations are measured:

  • 49% would allocate less than 10% of workplace retirement assets to private assets

  • 39% would allocate between 10-15%

  • 7% would allocate more than 15%

  • 5% are unsure how much they would allocate to private assets

Knowledge Gap Narrowing

Education remains a challenge for the industry, but progress is being made. Almost a quarter of plan participants (23%) now consider themselves very knowledgeable about private assets, nearly double the 12% who said so in 2025. Another 40% say they are somewhat knowledgeable, while more than a third say they are either not too knowledgeable (26%) or not at all knowledgeable (11%) about private assets.

Boyden added, “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.”

For more information, visit https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/us-retirement-survey/private-markets/.

About the Survey

The Schroders 2026 US Retirement Survey was conducted by 8 Acre Perspective among 1,500 US investors nationwide ages 30-79, including 615 who participate in a workplace retirement plan. The survey was conducted from March 20 to April 15 in 2026.

About Schroders

Nuveen and Schroders have joined forces to establish one of the world’s leading active asset and wealth managers. Together, Nuveen and Schroders have truly global reach combined with on-the-ground presence built up over decades in more than 40 markets around the world. With approximately $2.6 trillion in assets under management and scale across the full spectrum of public to private markets, we have a powerful platform to seamlessly deliver the outcomes our clients want.

We are equipped to build tailored solutions to meet the needs of every type of client. The dynamic changes in the marketplace today are demanding new investment solutions. Whether that is across retirement, insurance or wealth, the expanded range of capabilities and tools we bring as one firm enable us to help our clients respond to their most complex challenges.

We have centuries of experience and a shared commitment to delivering outstanding performance for the long-term. The patient capital and stability of our parent company, TIAA, underpins our ability to invest in the future and focus on the needs of our clients today and for the generations to come.

Important Information: All Investments involve risk including the loss of principal.

The views and opinions stated are those of the individuals quoted and are subject to change. These views may not reflect the views of Schroders or any of its affiliates. This document does not purport to provide investment advice and the information contained is for informational purposes and not to engage in any trading or investment planning activities.

Schroder Investment Management North America LLC (“SIMNA LLC”) is registered as an investment adviser with the SEC and as a Portfolio Manager with the securities regulatory authorities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. It provides asset management products and services to clients in the United States and Canada. Schroder Fund Advisors LLC (“SFA”) markets certain investment vehicles for which SIMNA LLC is an investment adviser. SFA is a wholly-owned subsidiary of SIMNA LLC and is registered as a limited purpose broker-dealer with the FINRA and as an Exempt Market Dealer with the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan. SIMNA LLC and SFA are indirect, wholly-owned subsidiaries of Schroders Limited. Further information about Schroders can be found at www.schroders.com/us.

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