Private Assets Bolstered Retirement Savings Outcomes

New research suggests that including select private investments in retirement portfolios may help improve long-term outcomes for savers.

Updated on Sept. 21, 2026 in Retirement Planning

Isometric editorial illustration of stacked geometric metallic blocks in deep teal, oxblood, and slate, representing structural stability in investment planning. — A CFA Institute study suggests that incorporating private market assets, such as private debt and real estate, may enhance long-term outcomes for retirement savings portfolios. AI Illustration. Upload story photo >

Live Poll

Would you consider including private market assets in your personal retirement investment portfolio?

A study from the CFA Institute Research and Policy Center found that adding modest allocations of private market assets could enhance risk-adjusted performance within defined contribution plans. The findings examine how different asset classes influence total wealth accumulation over a 40-year career.

The study modeled a 40-year accumulation period for a worker starting at age 25 with a $25,000 base salary and 2.5 percent annual growth. Researchers examined how private equity and debt affected end-of-career savings versus traditional portfolio allocations.

The players

CFA Institute Research and Policy Center

An organization that provides research and guidance on investment standards and retirement savings outcomes for households.

The details

Researchers simulated 10,000 different market scenarios to evaluate how private assets interact with traditional funds in target-date portfolios. They found that private equity and venture capital contributed to higher average end balances, while private debt, infrastructure, and real estate helped reduce the volatility of those final savings. However, the study emphasized that personal contribution levels and the duration of one's investment horizon have a greater overall impact on retirement income than asset class selection.

January 2010 to December 2024 served as the baseline period for market return data.
September 21, 2026, marked the publication of the research findings.

Money Landscape

This research follows a broader trend of exploring how private market access can be democratized for individual retirement accounts. It situates asset allocation discussions within the context of established defined contribution plan design.

Savers should review their current contribution rates and time until retirement, as these remain the most significant factors in wealth accumulation. Discuss potential changes to your portfolio's asset mix with a qualified financial professional to see if it aligns with your goals.

The takeaway

The most effective way to improve your retirement outcome remains maximizing your consistent contributions over the longest possible time horizon. Use the study findings to prepare for a discussion with a qualified financial or tax professional about your current asset allocation.