Achieving Liquidity in Private Markets for Defined Contribution Pension Plans
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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Secondary Captial Introductions
Through organized auctions, fund managers can provide liquidity to current investors while broadening access to new investors.
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