The U.S. Department of Labor released guidance on Wednesday in an information letter that clarifies that defined contribution pension plan fiduciaries can incorporate certain private equity strategies in their offerings.
Large private equity firms celebrated the guidance, which offers some much-needed clarity on whether private market options can fit safely into diversified investment options such as target-date funds.
“The Department of Labor has taken a major step toward modernizing defined contribution plans and providing participants with a more secure retirement,” said Robert Collins, managing director and head of $130 billion Partners . . .
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