Should Defined Contribution Plans Include Private Equity Investments?
评估了在固定缴费计划中加入私募股权投资的利弊，包括潜在的高回报和多元化收益，以及流动性支持机制带来的费用增加和模型风险。
This paper evaluates the pros and cons of including private equity fund investments in defined contribution plans. Potential benefits include higher returns and improved diversification as well as a relatively safe method for accessing investments previously only available to institutions and the very wealthy. Despite these enticing benefits, they need to be weighed against potential challenges and costs that may arise from creating this broader access to private funds. The complicated structure and uncertainty around the mechanism to provide required liquidity backstops may bring increased fees or even disrupt the private fund model.