Great Gray Trust Company, a leading provider of collective investment trusts (CITs) and retirement solutions, announced that it has selected iCapital, the global fintech company shaping the future of investing, as its preferred partner for private markets manager evaluation, due diligence, and portfolio construction. Through this collaborative relationship, Great Gray^® and iCapital aim to develop purpose-built private markets solutions for defined contribution plans, helping plan sponsors and advisors expand diversification opportunities and support long-term participant outcomes within professionally managed retirement solutions.

"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. "We selected iCapital because of its extensive private markets expertise, market-leading technology, and a commitment to education for plan sponsors and advisors. Together, we are focused on developing innovative solutions that can help retirement investors access a broader opportunity set while supporting the governance and fiduciary standards required by defined contribution plans."

Great Gray and iCapital will work together to develop a suite of asset-class-specific 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.

With more than $13.8 trillion in defined contribution assets in the United States at the end of the first quarter of 2026², retirement plans represent one of the most important vehicles for long-term wealth creation and retirement security for American workers. At the same time, a growing share of economic growth, innovation, and value creation is occurring within private markets, driving increased interest in providing workplace retirement investors with access to both public and private market opportunities. While private markets investing in defined contribution plans remains in its formative stages, progress continues across product development, fiduciary guidance, operational infrastructure, participant education, and ecosystem readiness.

"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. "Retirement investors should be able to benefit from these same advances through solutions that are scalable, professionally managed, and aligned with the needs of plan sponsors and participants. Together with Great Gray, we're helping build the foundation for the next generation of retirement investing.

Great Gray will establish the CITs, serve as their trustee, maintain ultimate fiduciary authority over their investments, and oversee their servicing. Great Gray will bring its fiduciary, CIT, and retirement plan expertise, as well as its institutional investment, operational, and distribution infrastructure to the relationship. This extends Great Gray’s flexPATH capabilities, a best-of-breed, multi-manager, specialized glidepath framework that currently represents more than $130 billion in assets as of June 30, 2026. iCapital will provide private markets due diligence, manager evaluation, portfolio construction, and investment lifecycle management capabilities, including recommendations to Great Gray regarding the selection of underlying private markets managers, allocation design, liquidity management, and education for plan sponsors and advisors. Together, the firms aim to help retirement plan providers and advisors incorporate private markets exposure through well-regulated CIT fund structures that are designed with governance, fiduciary oversight, and long-term diversification in mind.