Great Gray Trust Company has selected iCapital as its preferred private markets partner as the retirement investment provider develops new collective investment trusts offering defined contribution plans access to private equity, private credit and private real assets.
The companies plan to create asset-class-specific CITs designed to integrate private market exposure into professionally managed retirement portfolios. iCapital will support manager evaluation, due diligence, portfolio construction, liquidity management and ongoing investment oversight.
Great Gray will establish the CITs, serve as trustee, retain ultimate fiduciary authority over investments and oversee servicing.
The partnership extends Great Gray’s flexPATH platform, a specialized multi-manager glidepath framework representing more than $130 billion in assets as of June 30, 2026. Great Gray Trust Company itself had $371.8 billion in fund assets.
iCapital will provide recommendations covering underlying private market managers, asset allocation design and liquidity management while also supplying education for plan sponsors and advisors.
The opportunity is potentially substantial. U.S. defined contribution plans held more than $13.8 trillion in assets at the end of the first quarter of 2026, while private markets continue representing a growing share of corporate investment, innovation and value creation.
iCapital services approximately $1.2 trillion of assets globally through its platform, including $327 billion of alternative platform assets. The company serves nearly 3,900 wealth management firms and 144,000 active financial professionals.
The Great Gray partnership reflects growing industry efforts to make alternatives accessible through workplace retirement plans while maintaining the governance, fiduciary oversight and liquidity structures required by defined contribution programs.
KEY QUOTES:
“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. 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.”
Rob Barnett, President and CEO of Great Gray Group
“Across the investment landscape, we’re seeing increasing demand for broader diversification, greater access to private markets, and more sophisticated portfolio construction. 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.”
Lawrence Calcano, Chairman and CEO of iCapital
