What Participants Really Think with Invesco’s Greg Jenkins
Key Takeaways
- Private markets require a guided approach: 80% of participants are open to private market investments, but strongly prefer them embedded within target date funds or managed accounts rather than as standalone options.
- Language matters: Participants responded highly to words like “diversification” and “growth opportunity” when discussing private markets, but actively disliked the term “alternatives.”
- Artificial Intelligence (AI) needs specific applications: While participants are wary of general AI, they are highly receptive to it when solving specific challenges—such as determining a Roth contribution rate or setting up a withdrawal program.
- Human oversight is non-negotiable: Despite the enthusiasm for AI tools, participants universally agreed that human oversight is essential, with data privacy and security remaining the top concerns.
There’s a lot of increased attention about adding private markets investments to 401(k) plans in the wake of President Trump’s 2025 Executive Order on alternatives, and participants are starting to take notice.
Invesco’s recent DC Participant Pulse Survey had some very interesting findings about participant perceptions of private markets, which we explore in this episode with Greg Jenkins, Managing Director, DC Solutions at Invesco. Greg shares insights about participant familiarity with private markets, which types are most interested, and even which words and phrases resonated best with participants.
Check out the research at this link: 2026 DC Pulse Survey: Exploring participant views on AI and private markets
According to Invesco’s research, participants are highly open to private markets, provided they are included as a slice of guided solutions like target date funds or managed accounts. There is very little appetite for utilizing them as standalone investment options.
Terms like “diversification,” “long-term,” and “opportunity” tested exceptionally well. Conversely, generic industry descriptors like “diversifiers” and “alternatives” were actively disliked and can cause unnecessary confusion.
Participants are generally open to AI, but they view it most favorably when applied to specific problems—such as setting an initial Roth contribution rate or establishing a retirement withdrawal program. However, they universally agree that human oversight remains essential.
Data privacy and security are by far the biggest barriers to AI adoption. This hesitation is particularly pronounced among older generations (Gen X and Baby Boomers) and female investors.
FOR DEFINED CONTRIBUTION PLAN SPONSOR USE
The opinions expressed are those of the author, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
This does not constitute a recommendation of any investment strategy for a particular investor. Investors should consult a financial professional before making any investment decisions if they are uncertain whether an investment is suitable for them.
This material is for informational and educational purposes only. This is not intended to be legal or tax advice or to offer a comprehensive resource for tax-qualified retirement plans.
Diversification does not guarantee a profit or eliminate the risk of loss.
A target date fund identifies a specific time at which investors are expected to begin making withdrawals, e.g., now, 2025, 2030. The principal value of the fund is not guaranteed at any time, including at the target date.
Alternative strategies may include investments in private equity, private debt, private real estate and infrastructure, which may involve additional risks such as lack of liquidity and concentrated ownership. These types of investments may result in greater fluctuation in the value of a portfolio. Private Market investments are exposed to the risk that a counterpart is unable to deal with its obligations. Changes in interest rates, rental yields and general economic conditions may result in fluctuations in the value of any underlying strategies. These types of strategies may carry a significant risk of capital loss and other market risks.
Invesco is not affiliated with Ipsos, Brian Anderson or 401(k) Specialist.
Invesco partnered with Ipsos to conduct an online survey of 512 defined contribution plan participants (September 2025). Survey respondents had following characteristics: Age 26-65 years old; Personal income $30,000+; Employed full-time for an organization for 1+ years; Employer has 1,000+ employees; Actively contributing to a defined contribution plan. Generation Z, ages 13 to 28 (born to 1997 to 2012); Millennial, ages 29 to 44 (born 1981 to 1996); Generation X, ages 45 to 60 (born 1965 to 1980); and baby boomer, ages 61 to 79 (born 1946 to 1964).
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco’s retail products and private placements. Both are indirect, wholly owned subsidiaries of Invesco Ltd.
NA5350256
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.