Survey: American retirement funds are flooding into private assets on an unprecedented scale.

On September 16, Jin10 Data reported that a new report shows that regulatory and compliance requirements have driven an unprecedented influx of U.S. retirement funds into private assets. Analysts found that the exposure to private markets held by just the top 20 pension funds in the U.S. is approximately $5 trillion, with some funds doubling their allocation to private investments over the past decade. Across the broader scope of $43.4 trillion in retirement assets in the U.S., exposure to private assets is also continuously rising — meanwhile, the number of publicly traded companies in the U.S. is steadily decreasing, while the number of private "unicorn" companies valued at over $1 billion continues to increase. Analysts, including Andrew Silverman, wrote in the report: "Investors are accessing private companies through 401(k) retirement plans, mutual funds, and exchange-traded funds (ETFs), often without being aware of it." They explained that "regulatory requirements, the availability of private equity financing, and the willingness of large corporations to engage in acquisitions have collectively suppressed initial public offering (IPO) activity," becoming important reasons driving this trend.