BlackRock CEO Larry Fink’s recent comments that institutions blending public and private markets have, in many cases, been “a great investment” is another illustration of just how important private market assets are likely to be in US retirement plans. The world’s largest asset manager has more than 50% of its $11.6 trillion in AUM in retirement products. But Fink and other industry leaders say the $12.5 trillion workplace retirement plan marketplace needs more diversification. Approximately 87% of US companies with revenues north of $100 million are privately held. That’s an awful lot of innovation and economic growth to tap in to for 401(k) plans. Target-date funds are likely to be the best vehicle to incorporate asset classes like private equity and private credit, as asset managers look for the perfect blend of opportunities. Like any good blend, however, this will depend on the quality of individual ingredients. For GPs, these are exciting times…can you smell that rich aroma of success?