Mogelof: Defined contribution is $12.5T, with DB and IRAs ~35% each
Eric Mogelof · Understanding the 401(k) Market – Eric Mogelof, KKR (EP.464) · Oct 9, 2025 · at 7:03
Eric Mogelof of KKR explains the structural breakdown across the three primary categories of U.S. retirement assets.
0:00 / 0:13exact quote · 13.3s
720p mp4 · rendered on demand · StarZero watermark
“The defined contribution market, which is about 12 and a half trillion dollars, represents about 30% of the overall retirement market, and then DB and IRAs are split pretty evenly, about 35% each.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Eric Mogelof
Mogelof: 401(k)s will hit 10-15% private market allocations within a decade
“There's no doubt in my mind in a decade from now, we will see very meaningful allocations within that DC market to private markets. Whether it's 10%, 15%, it's going to be really, really big.”
Mogelof: Over 80% of Private Wealth Flows Will Target Evergreens
“If you ask me, I think the drawdown vehicles serve a very important purpose for institutional investors. But over time, I would expect 80 plus percent of all wealth flows to go into these evergreen investment solutions.”
Mogelof: Daily Liquidity for Private Markets Erodes the Illiquidity Premium
“If you're going to do that, then you need to have some liquidity function, and that always is going to come at a cost. It could be an explicit cost, it could be an implicit cost, but at the end of the day, you can't magically say something that's illiquid is l…”
Mogelof: The Biggest Risk in Wealth Alternatives Is Advisor Mis-Selling
“I think the biggest thing that could go wrong is that these products are not sold appropriately. We saw a little bit of that in the past, but I think the biggest risk here is that advisors don't spend the time to fully understand the liquidity profile, the ris…”
Mogelof: Wealth Allocations to Alternatives Will Exceed 10% to 15%
“Based upon our conversations with wealth platforms and advisors, we think that two to three percent should ultimately be 10, 15 plus percent. And if you were to do the numbers, that just means that there's literally trillions of dollars of money that's in moti…”
Mogelof: Expanding Private Markets Prevent Return Dilution From Retail Inflows
“The reality is private markets are growing by leaps and bounds. And if you think about it, even in the equity space, More and more companies are staying private for much, much longer. So it's early, early days before we worry or get concerned about our ability…”