Capital Decanted S3 | Episode 4: Private Markets Are Coming For Your 401(k)
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Jan 27, 2026 
Drew Carrington, Managing Director at iCapital focused on alternative asset access for retirement plans. He discusses whether 401(k)-style plans can handle illiquidity and complexity. Conversation covers global pension models, governance trade-offs, and the regulatory and litigation clarity needed to scale private markets in defined contribution systems.
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AustralianSuper's Institutional DC Model
- AustralianSuper centralizes decisions and invests like a large institution, allocating ~27% to private markets.
- Members accept limited personal control in exchange for institutional-style management.
NEST Uses Centralized Strategy, Outsourced Execution
- NEST defaults members into multi-asset target-date funds and aims to raise private exposure to 30% by 2030.
- It centralizes strategy while outsourcing execution to specialist managers like IFM.
APG Centralizes Governance And Execution
- APG (Dutch system) centralizes governance and execution, smoothing outcomes and enabling ~25% private allocations.
- Participants log balances but do not set portfolio construction directly.