As the discussion around private markets in defined contribution (DC) plans is gaining traction, advisors are seeking clarity on how to navigate this evolving landscape. This FAQ Guide breaks down key considerations, common questions, and how the Panorix Target Date Series supports a seamless integration—so you can guide your clients with confidence.
Access to private assets have traditionally been gated behind accredited investor rules and multi-million dollar minimums, making it nearly impossible for most retail investors to access this asset class, which can provide diversification and non-correlation to an investor’s asset mix, and generally improved performance over the long term. As the retirement landscape evolves, the goal is to bring appropriately structured exposure to retirement savers who stand to benefit from greater diversification over time horizons. Because of restrictions on access to private assets and related liquidity limits, retirement plans may serve as the most logical gateway for the investing public to access private assets, as the average American’s most significant investment exposure is through their 401(k) per the Federal Reserve’s latest Survey of Consumer Finances. As a result, private markets embedded in TDFs will play an important role in expanding access to private markets for all Americans.
Why incorporate private assets into Target Date Funds (TDFs)?
We started this innovation in a target date fund CIT vehicle because it’s a simple first step, provides professionally management of the private assets, and therefore a practical way to add alternative investments into retirement plans. You can think of this solution as Target Date 2.0. Also, by including private assets in a TDF, investors have the benefit of daily liquidity of their TDF even if there is less liquidity in the private assets as one component of the multi-assets in the glidepath. We believe this is the best way to integrate private assets across the lifecycle. Why should someone adopt this solution? Capital market shifts create opportunities to benefit from diversification that can help drive better retirement outcomes. Additionally, the significant reduction in the number of public companies due to the growing trend of public companies going private and private companies opting not to IPO (go public) means retail investors have fewer public companies to invest in and underscores the importance of accessing innovative solutions that align with where the market is going. Defined benefit plans have been investing in private assets for decades for greater diversification and performance opportunities while defined contribution plans have not. This helps level the playing field and expands the range of investments for DC plans and their participants.
Why a CIT TDF?
For years, the conversation around TDFs was dominated by fee compression. The next frontier is about helping to empower better outcomes paired with robust investor protections and best-in-class innovation. Learn more about why CITs are becoming the primary investment vehicle for TDFs here.
Why now?
Amid the buzz around the White House Executive Order, one standard remains unchanged: the ERISA standard that guides plan lineups. Great Gray Sr. Counsel Jason Levy outlines how fiduciaries like you can move forward with confidence here.
In short, Great Gray’s mission is to drive innovation and democratization of access in the U.S. retirement market. Over the past several years, we have seen demand from plan sponsors and consultants for this kind of evolution grow as capital markets shift. Great Gray has led innovation across the retirement ecosystem, and we take pride in our forward-thinking approach to retirement planning.
Why Great Gray and Panorix?
As an independent trustee focused on fiduciary governance, oversight, and operational support for CITs, we offer scale, experience, and a successful track record of bringing innovative retirement savings solutions to market. Our role in this new target date fund is to safeguard its structure and support transparency and compliance.
Why collaborate with other institutions?
Our collaborators bring deep investment expertise in investment management, private markets and glidepath management. Great Gray’s complementary role as a fiduciary trustee in offering CIT solutions is to oversee the structure and exercise governance in support of long-term retirement outcomes.
What are the roles of the different collaborators?
*Please see disclosures for a complete description of the entities supporting Panorix.
When will the product be available?
Great Gray will begin selling the product in the fall.
What is the competitive advantage of this solution?
This product stands apart by having a comprehensive and transformative TDF glidepath that fully integrates private asset building blocks, adjusting asset allocations according to a participants’ age and retirement timeline, rather than a static allocation to private assets over the lifecycle of a TDF. Unlike other solutions that maintain a fixed percentage of total private assets exposure as well as fixed percentage in private equity and private credit for all participants regardless of their age, this glidepath is built with individual building blocks which allows for more private equity to younger investors and more private credit to those near retirement, which is intended to drive better alignment with participants’ evolving financial needs and retirement goals.
What is BlackRock’s role in the Panorix TDF?
BlackRock Financial Management, Inc. will be providing the custom glidepath, which sets out the strategic asset allocation to public and private markets and how they shift over time as retirement approaches.
BlackRock’s index (equity and fixed income) and private equity offerings have also been selected as investment components in the solution. For the private equity component, Great Gray has created a CIT that will invest mostly in BlackRock’s BPIF fund – BlackRock Private Investments Fund – which is designed to deliver a diverse, core portfolio of institutional private equity in an evergreen, registered interval fund structure. BPIF had $366.8 million AUM as of 6/30/25. The CIT will also have a BlackRock-managed liquidity sleeve to help manage asset flows.
How will the liquidity needs of plan sponsors and participants be met for the product?
Wilshire Associates LLC, as sub-advisor to Great Gray, is responsible for managing liquidity and cashflows of the TDF. Evergreen funds help overcome long-standing impediments to adoption of private markets within DC retirement plans. If you aren’t yet familiar, evergreen funds are investment vehicles that do not have a fixed end date, allowing for continuous investment and redemption, providing flexibility and liquidity to investors.
We expect that at least 80% of the fund will be in highly liquid, daily dealing index components that we expect will provide sufficient liquidity for everyday plan participant cashflows. Plan cashflows would be matched at the fund level, and as part of its role, Wilshire will seek to manage cashflows to minimize tracking error, and where possible to tighten to target allocations. Similar to other private asset funds, the ability to manage redemptions becomes easier as the TDF scales (e.g. size and number of plans grow.)
What liquidity provisions will be put in place for Panorix?
Will there be other private market solutions released?
We will continue to consider rolling out products in the future – and we see these products best fitting within TDFs or Asset Allocation products. We will have a thoughtful process and ensure what we are bringing to market is competitive and responsible.
What is the fee breakdown?
Rolling up underlying fund fees, management fees, all-in total cost of implementation ranges from 26bps to 46bps based on the vintage year, with the average fee being 42.2 bps.
What thought went into this product’s development?
This product took 18 months of discussions to solve the structural complexities. Here are three key areas how we developed this product across Wilshire, Goldman Sachs, BlackRock, and Great Gray:
What does Panorix mean?
Panorix signifies Panorama. The name symbolizes a commitment to broadening investment horizons and elevating participant options through expanded access.
Please click on this link for important information about Panorix Target Date Series.
Great Gray Trust Company, LLC Collective Investment Funds (“Great Gray Funds”) are bank collective investment funds; they are not mutual funds. Great Gray Trust Company, LLC serves as the Trustee of the Great Gray Funds and maintains ultimate fiduciary authority over the management of, and investments made in, the Great Gray Funds. Great Gray Funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively.
Investments in the Great Gray Funds are not bank deposits or obligations of and are not insured or guaranteed by Great Gray Trust Company, LLC, any bank, the FDIC, the Federal Reserve, or any other governmental agency. The Great Gray Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the Great Gray Funds.
Participation in Collective Investment Trust Funds is limited primarily to qualified retirement plans and certain state or local government plans and is not available to IRAs, health and welfare plans and, in certain cases, Keogh (H.R. 10) plans. Collective Investment Trust Funds may be suitable investments for plan fiduciaries seeking to construct a well-diversified retirement savings program. Investors should consider the investment objectives, risks, charges, and expenses of any pooled investment fund carefully before investing. The Additional Fund Information and Principal Risk Definitions (PRD) contains this and other information about a Collective Investment Trust Fund and is available at www.greatgray.com/cit-fund-info/principal-risk-definitions/ or ask for a free copy by contacting Great Gray Trust Company, LLC at (866) 427-6885.
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