LAS VEGAS and NEW YORK — Great Gray Trust Company, a leading provider of collective investment trusts (CITs) and retirement solutions, announced that it has selected iCapital1, the global fintech company shaping the future of investing, as its preferred partner for private markets manager evaluation, due diligence, and portfolio construction. Through this collaborative relationship, Great Gray® and iCapital aim to develop purpose-built private markets solutions for defined contribution plans, helping plan sponsors and advisors expand diversification opportunities and support long-term participant outcomes within professionally managed retirement solutions.
“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,” said Rob Barnett, President and Chief Executive Officer of Great Gray Group. “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.”
Great Gray and iCapital will work together to develop a suite of asset-class-specific CITs across private equity, private credit, and private real assets, giving retirement plan sponsors greater flexibility to incorporate private markets into professionally managed portfolios. The private markets capabilities embedded within these CITs will support manager selection, portfolio construction, liquidity management, and ongoing oversight.
With more than $13.8 trillion in defined contribution assets in the United States at the end of the first quarter of 20262, retirement plans represent one of the most important vehicles for long-term wealth creation and retirement security for American workers. At the same time, a growing share of economic growth, innovation, and value creation is occurring within private markets, driving increased interest in providing workplace retirement investors with access to both public and private market opportunities. While private markets investing in defined contribution plans remains in its formative stages, progress continues across product development, fiduciary guidance, operational infrastructure, participant education, and ecosystem readiness.
“Across the investment landscape, we’re seeing increasing demand for broader diversification, greater access to private markets, and more sophisticated portfolio construction,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital. “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.
Great Gray will establish the CITs, serve as their trustee, maintain ultimate fiduciary authority over their investments, and oversee their servicing. Great Gray will bring its fiduciary, CIT, and retirement plan expertise, as well as its institutional investment, operational, and distribution infrastructure to the relationship. This extends Great Gray’s flexPATH capabilities, a best-of-breed, multi-manager, specialized glidepath framework that currently represents more than $130 billion in assets as of June 30, 2026. iCapital will provide private markets due diligence, manager evaluation, portfolio construction, and investment lifecycle management capabilities, including recommendations to Great Gray regarding the selection of underlying private markets managers, allocation design, liquidity management, and education for plan sponsors and advisors. Together, the firms aim to help retirement plan providers and advisors incorporate private markets exposure through well-regulated CIT fund structures that are designed with governance, fiduciary oversight, and long-term diversification in mind.
About Great Gray Trust Company
Great Gray Trust Company, LLC is a leading provider of collective investment trust solutions for retirement plans, with $371.8 billion in fund assets as of June 30, 2026.3 Great Gray is committed to innovation and growth in the retirement planning sector, delivering solutions that offer efficiency, value, and growth opportunities to retirement professionals and their clients. As part of Great Gray Group, the company serves thousands of retirement plans nationwide.
For more information, visit: https://greatgray.com
About Great Gray Group
Great Gray Group, LLC is the parent company to Great Gray Trust Company, LLC and Retirement Plan Advisory Group, LLC, creating a comprehensive retirement platform built on fiduciary excellence and advisor enablement. With a distribution reach across thousands of advisors and institutions, Great Gray Group delivers retirement solutions on a national scale.
About iCapital
iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, insurance carriers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes4 for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides broad access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.
iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities and insurance products into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.
iCapital has $1.2 trillion5 of assets serviced globally on its platform, including $327 billion in alternative platform assets, $311 billion in structured investments and annuities & insurance outstanding, and $563 billion in client assets reported on, and serves nearly 3,900 wealth management firms and 144,000 active financial professionals.
Headquartered in New York and Greenwich, CT, iCapital operates globally with 18 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Sydney, Abu Dhabi, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.
For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc
For media inquiries, please contact:
iCapital
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Great Gray
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1. iCapital, Inc., together with its affiliates, "iCapital".
2. Investment Company Institute, Defined Contribution Plan Participants’ Activities, Q1 2026. ICI Q1 2026 Retirement Market Data.
3. More than 8.9% of total assets reported are held in fund-of-fund structures for which Great Gray is the trustee or administrator of funds at both levels.
4. iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
5. As of June 30, 2026.
IMPORTANT INFORMATION: This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital. This is not intended as and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC, a registered broker/dealer, FINRA and SIPC. Financial products made available by iCapital Markets LLC may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.
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IMPORTANT DISCLOSURES: 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.
Great Gray® and Great Gray Trust Company are service marks used in connection with various fiduciary and non-fiduciary services offered by Great Gray Trust Company, LLC.
