Great Gray Taps iCapital to Develop Private Markets CITs for DC Plans

Great Gray Trust Company has selected iCapital as its preferred partner for private markets manager evaluation, due diligence, and portfolio construction, the companies announced on September 14, 2026, in a joint release datelined Las Vegas and New York. The firms said they aim to develop purpose-built private markets solutions for defined contribution plans, with the goal of helping plan sponsors and advisors expand diversification opportunities and support long-term participant outcomes within professionally managed retirement solutions.

Great Gray and iCapital will work together to develop a suite of asset-class-specific collective investment trusts (CITs) across private equity, private credit, and private real assets, giving retirement plan sponsors greater flexibility to incorporate private markets into professionally managed portfolios. The private markets capabilities embedded within these CITs will support manager selection, portfolio construction, liquidity management, and ongoing oversight.

Roles in the Collaboration

Great Gray will establish the CITs, serve as their trustee, maintain ultimate fiduciary authority over their investments, and oversee their servicing. The company will bring its fiduciary, CIT, and retirement plan expertise, along with its institutional investment, operational, and distribution infrastructure, to the relationship.

iCapital will provide private markets due diligence, manager evaluation, portfolio construction, and investment lifecycle management capabilities. That role includes recommendations to Great Gray on the selection of underlying private markets managers, allocation design, liquidity management, and education for plan sponsors and advisors.

The collaboration extends Great Gray’s flexPATH capabilities, which the release describes as a best-of-breed, multi-manager, specialized glidepath framework that currently represents more than $130 billion in assets as of June 30, 2026. Together, the firms said they aim to help retirement plan providers and advisors incorporate private markets exposure through well-regulated CIT fund structures designed with governance, fiduciary oversight, and long-term diversification in mind.

Market Context and Company Profiles

The release cites Investment Company Institute data showing more than $13.8 trillion in defined contribution assets in the United States at the end of the first quarter of 2026. It describes retirement plans as one of the most important vehicles for long-term wealth creation and retirement security for American workers, and states that a growing share of economic growth, innovation, and value creation is occurring within private markets. Private markets investing in defined contribution plans remains in its formative stages, according to the release, with progress continuing across product development, fiduciary guidance, operational infrastructure, participant education, and ecosystem readiness.

“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. He said Great Gray selected iCapital for its extensive private markets expertise, market-leading technology, and commitment to education for plan sponsors and advisors.

“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. Calcano said retirement investors should be able to benefit from the same advances through solutions that are scalable, professionally managed, and aligned with the needs of plan sponsors and participants.

Great Gray Trust Company, LLC reports $371.8 billion in fund assets as of June 30, 2026, and serves thousands of retirement plans nationwide as part of Great Gray Group. More than 8.9% of total reported assets are held in fund-of-fund structures for which Great Gray serves as trustee or administrator of funds at both levels. Great Gray Group, LLC is the parent company of Great Gray Trust Company, LLC and Retirement Plan Advisory Group, LLC.

iCapital reports $1.2 trillion of assets serviced globally on its platform as of June 30, 2026, including $327 billion in alternative platform assets, $311 billion in structured investments and annuities and insurance outstanding, and $563 billion in client assets reported on. The company serves nearly 3,900 wealth management firms and 144,000 active financial professionals. Headquartered in New York and Greenwich, Connecticut, it operates 18 offices globally, including hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Sydney, Abu Dhabi, and Toronto, and a research and development center in Lisbon.

Great Gray Funds are bank collective investment funds, not mutual funds, and the funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively. Investments in the funds are not bank deposits and are not insured or guaranteed by Great Gray Trust Company, any bank, the FDIC, the Federal Reserve, or any other governmental agency.

The iCapital selection follows Great Gray’s June 2025 target date announcement, in which the firm selected BlackRock to provide a custom glidepath allocating across public and private markets for its first target date retirement solution featuring private equity and private credit exposures. BlackRock’s index equity, index fixed income, and private equity offerings were also selected to underpin that solution, and Wilshire Advisors LLC was named to oversee implementation of the strategy, including liquidity management.