Achieving Liquidity in Private Markets for Defined Contribution Pension Plans

Published

July 25, 2018

 

Some of the features enabling private markets to generate outsized returns are incompatible with how Defined Contribution (“DC”) pension plans operate: for institutions functioning in a daily pricing environment, it can be difficult to invest in asset classes that only provide episodic liquidity. However, as private markets have evolved, new investment structures have emerged which have the potential to resolve this dilemma.

This research report from StepStone, “Achieving Liquidity in Private Markets for DC Pension Plans”, explores replication strategies and other early attempts by private markets to solve the issues of liquidity and daily pricing. It also digs into the mechanics of auction funds and other more recent constructs.

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Topics In This Article

Our Solutions

We are a market leader in facilitating private company liquidity. Since 2013, we have facilitated liquidity programs on behalf of 120+ private companies.

Key Offerings

  • Tender Offers/Buybacks

  • Secondary Captial Introductions

  • Auctions

Through organized auctions, fund managers can provide liquidity to current investors while broadening access to new investors.

Key Offerings

  • Limited partner Interests

  • '40 Act Registered Funds

  • Auction Funds