iCapital selected Great Gray Trust Company’s preferred partner for private markets solutions and manager evaluation. The partnership is focused on retirement investing and defined contribution plans. The firms will collaborate on private markets manager assessment, due diligence and portfolio construction. They also intend to create solutions tailored to defined contribution plans.
Great Gray® and iCapital will support broader diversification opportunities for retirement investors through this collaboration. The companies also seek to improve long-term participant outcomes with professionally managed retirement solutions. The partnership underscores the increasing interest in alternative investments in workplace retirement plans. Meanwhile plan sponsors and advisors are under increasing pressure to deliver effective governance and fiduciary oversight.
“The conversation has evolved from whether alternative investments should play a role in retirement plans to how they can be implemented responsibly to deliver greater investment choice, improved diversification, and simplified adoption within retirement portfolios,” said Rob Barnett, President and Chief Executive Officer of Great Gray Group. “We selected iCapital because of its extensive private markets expertise, market-leading technology, and a commitment to education for plan sponsors and advisors. Together, we are focused on developing innovative solutions that can help retirement investors access a broader opportunity set while supporting the governance and fiduciary standards required by defined contribution plans.”
New CITs to Cover Multiple Private Market Asset Classes
Great Gray and iCapital will develop a suite of asset-class-specific collective investment trusts. The planned CITs will focus on private equity, private credit, and private real assets. This approach will give retirement plan sponsors greater flexibility when adding private markets to managed portfolios. In addition, the solutions will support several important investment functions.
These capabilities will include manager selection and portfolio construction. They will also address liquidity management and ongoing investment oversight. The companies intend to embed private markets capabilities directly within the CIT structures. As a result, plan sponsors can access specialized investment expertise within professionally managed retirement portfolios.
The initiative also tackles the changing investment climate for defined contribution plans. Investors continue to look to private markets to diversify their exposure away from traditional public markets. But retirement plans are still a critical part of building long-term wealth in the United States. Defined contribution assets stood at over $13.8 trillion at the end of the first quarter of 2026, the companies said.
The size of this asset base points out the importance of workplace retirement plans to retirement security. Thus, increasing the range of investment choices could provide plan participants with more opportunities. Economic growth and innovation are also increasingly coming from private markets. That is making retirement investors in the workplace more interested in public and private market opportunities.
Private markets investing within defined contribution plans remains in its formative stages. However, the market continues to advance across several areas. These areas include product development, fiduciary guidance, and operational infrastructure. They also include participant education and broader ecosystem readiness.
“Across the investment landscape, we’re seeing increasing demand for broader diversification, greater access to private markets, and more sophisticated portfolio construction,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital. “Retirement investors should be able to benefit from these same advances through solutions that are scalable, professionally managed, and aligned with the needs of plan sponsors and participants. Together with Great Gray, we’re helping build the foundation for the next generation of retirement investing.
Great Gray to Maintain Fiduciary Oversight
Great Gray will establish the CITs and serve as their trustee. The company will also retain ultimate fiduciary authority over the investments. In addition, Great Gray will oversee servicing for the new investment structures. The company will contribute its experience across fiduciary management, CITs, and retirement plans. Great Gray will also bring institutional investment expertise to the relationship. Its operational and distribution infrastructure will further support the collaboration.
The partnership will extend Great Gray’s flexPATH capabilities. The multi-manager framework provides a specialized glidepath approach for retirement portfolios. As of June 30, 2026, flexPATH represented more than $130 billion in assets. This existing platform provides additional scale for Great Gray’s private markets strategy. Meanwhile, iCapital will provide specialized private markets capabilities. These services will include due diligence, manager evaluation, and portfolio construction.
iCapital will also assist with the investment lifecycle. The company will recommend Great Gray underlying private markets managers. It will also be responsible for liquidity management and allocation design. iCapital will also offer education to plan sponsors and advisors. Great Gray and iCapital are looking together to build a structured approach to investing in private markets. The companies will concentrate on governance, fiduciary oversight and long-term diversification.
The firms also aim to help retirement plan providers more easily integrate private markets exposure. Advisors will have access to solutions built for the operational needs of defined contribution plans. The partnership will provide a framework for regulated CIT fund structures and private markets exposure. The solutions will blend Great Gray’s retirement infrastructure with iCapital’s private markets expertise. Finally, the companies hope to turn on the tap for retirement investors to invest in the projects. The partnership also moves forward the broader evolution of private markets in defined contribution investing.
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News Source: Businesswire.com
