In total, 43 percent of all advisors surveyed expressed interest in such recommendations, pointing to a growing shift toward private markets in retirement planning. 

Survey respondents identified diversification (62 percent), higher return potential (48 percent), and lower correlation to public markets (48 percent) as the main benefits. Challenges cited included liquidity (68 percent), fees (48 percent), and investment complexity (33 percent). 

Additionally, 66 percent said greater ERISA and regulatory clarity would make them more likely to recommend private markets in retirement plans. 

Edmund Murphy III, president and CEO of Empower, said private markets are not a niche segment of the investment landscape.  

With most US companies privately held and trillions of dollars already invested, he noted that expanding access through defined contribution plans offers a significant opportunity to strengthen long-term retirement outcomes. Â