A new survey from Empower uncovers significant adviser interest in bringing private market investments into defined contribution portfolios.
Empower’s July 2025 survey of financial advisers found 68 percent already utilize private market investments — including private equity, private real estate and private credit — primarily in wealth-advised or high-net-worth accounts. Notably, 58 percent of advisers who use private market investments would recommend them within retirement plans. That figure jumps to 75 percent among advisers who also serve pension or defined benefit plans and 43 percent of advisers overall, signaling growing interest.
“Private markets are not a niche corner of the investment landscape,” said Edmund F. Murphy III, president and CEO of Empower. “With most U.S. companies privately held and trillions of dollars from individuals already invested, expanding access to these markets through defined contribution plans presents a significant oppo