Go beyond the headlines to master the structural realities, risks, and diversification benefits of integrating private markets into retirement plans.
The asset management industry is knocking on the door of the 401(k) system in the U.S. While it has been the driving argument for inclusion, access alone doesn’t answer the harder questions. We step back from product hype to examine whether defined contribution plans are structurally equipped to handle illiquidity, complexity, and risk at scale. Joined by Dan Cahill of Partners Group and Drew Carrington of iCapital, we explore how global pension models, governance trade-offs, and participant behavior complicate the debate.
Key topics covered in this course include:
Join us as we navigate the structural, ethical, and financial implications of bringing private markets to the masses, providing the clarity needed to understand the future of capital allocation in retirement planning.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
Managing Director, Alternatives in Retirement Portfolios, iCapital
Drew Carrington, CFA, CAIA, is the Managing Director of Alternatives in Retirement Portfolios at iCapital, a leading global fintech platform. Appointed in August 2025, he leads the firm's strategy to accelerate the adoption of alternative asset classes—such as private equity, debt, and real estate—within the defined contribution (DC) market. DC Market Integration: Leads efforts to integrate alternative investment products into the existing DC and 401(k) ecosystem. Product Development: Partners with alternative asset managers to develop and distribute cost-effective, professionally managed solutions for retirement plans. Thought Leadership: Positions iCapital as a key contributor in the evolving retirement landscape, focusing on increased personalization and retirement income solutions. Professional Background: Carrington has nearly 30 years of experience in retirement plan strategy and consulting. Franklin Templeton Investments: Served as Senior Vice President and Head of Institutional DC (2013–2024). UBS Global Asset Management: Led the defined contribution team (2005–2013). Mercer Investment Consulting: Senior Investment Consultant (2000–2005). Industry Involvement: Founding member of the Defined Contribution Institutional Investment Association (DCIIA) and serves on its Board and Executive Committee. Education: Holds a BA from Harvard University. Certifications: Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA). Licenses: Holds FINRA Series 7 and Series 63 licenses.
Head of US Defined Contribution, Partners Group
Dan Cahill is the Head of US Defined Contribution (DC) within the Client Solutions Americas team at Partners Group, a leading global private markets investment firm. Professional Focus & Role: Advocacy for Private Markets: Cahill is a prominent advocate for integrating private market assets (like private equity and real estate) into US retirement plans, such as 401(k)s. Structural Innovation: He emphasizes that the technical and operational hurdles for including illiquid assets in daily-liquid DC plans have largely been solved, moving the focus toward execution and education. Target Date Fund (TDF) Integration: He predicts an evolution where target date funds will incorporate small allocations of private equity to improve long-term outcomes for savers. Recent Industry Contributions: Regulatory Support: In August 2025, Cahill publicly welcomed a White House Executive Order aimed at clarifying fiduciary duties for plan sponsors considering alternative investments. Thought Leadership: He frequently participates in industry forums, such as the 2025 DCIIA/SPARK Public Policy Forum, where he spoke on the lifecycle of target date funds.
