Capital Allocators – Inside the Institutional Investment Industry Understanding the 401(k) Market – Eric Mogelof, KKR (EP.464)
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Oct 9, 2025 
Eric Mogelof, Head of Global Client Solutions at KKR, shares his expertise on retirement markets and private investments. He discusses the $40 trillion landscape of defined benefit, defined contribution, and IRA plans. Mogelof highlights the growing appeal of alternatives in 401(k)s, the critical role of target date funds, and the barriers faced by traditional funds in adopting these investments. He predicts a gradual shift towards more private market allocations over the coming decade, especially in managed accounts and custom targets.
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Retirement Market Is $40T And Growing
- The U.S. retirement market totals over $40 trillion across DB, DC, and IRAs.
- DC is the fastest growing and now the primary vehicle for retirement savings.
IRAs Follow Private Wealth Trends
- IRAs largely mirror private wealth and skew toward equity risk with long horizons.
- Private markets in IRAs are small today (a few percent) but growing quickly across multiple private asset types.
DB Plans Already Embrace Alternatives
- Defined benefit plans historically allocated heavily to private markets and equities.
- Public DBs still hold north of 30% in private markets while corporate DBs shifted toward fixed income but keep alternatives exposure.