The Ledger
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Mogelof: Evergreen Wealth Products Hold Identical Investments to Drawdown Vehicles
“All of our evergreen investment solutions have the same investments that you would find in our drawdown vehicles, and that's a really important differentiator.”
Mogelof: KKR Public Stock Is Not Pure-Play Private Markets Exposure
“Anyone could buy our stock, which is certainly one way to get exposure to some of these investments. But if you think about it, the investment in KKR stock trades at a multiple to earnings and reflects the number of things that we do here at KKR, which include…”
Mogelof: US retirement accounts hold over $40 trillion in assets
“If you were to look at the retirement market in the United States today, there is more than 40 trillion dollars of assets in, quote, retirement accounts.”
Mogelof: Defined contribution is $12.5T, with DB and IRAs ~35% each
“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.”
Mogelof: Public DB plans allocate over 30% to private markets
“Public DB plans are heavily allocated to equity beta, equity type of risk, north of 30% in public market equities, north of 30% in private market allocations.”
Mogelof: Corporate DB plans hold 50-60% fixed income, 20%+ alts
“Now, about 20 years ago, there was some accounting changes which gave companies a really strong incentive to start moving more assets to a liability hedge, and so that's why you probably see north of 50 to 60% in fixed income, but still 20 plus percent in alte…”
Mogelof: 40% of DC assets are in target date or managed accounts
“If you look at where we are today, roughly 40% of all DC assets are in some type of investment solution, whether it's a Off the shelf target date fund, a custom target date fund, or some sort of managed account.”
Mogelof: Defined Contribution assets are virtually entirely in public markets
“There is very little money in DC today that's in alternatives or private markets. Small amounts, very bespoke plans, but virtually all of the allocations today are sitting in public markets.”
Mogelof: Over 60% of new DC inflows flow into target date funds
“I should mention, north of 60% of all new flows in DC are going into target date funds.”
Mogelof: Six asset managers control over 85% of target date fund assets
“There are really six managers that dominate the market, probably have 85 plus percent of the assets. That's Vanguard, Fidelity, BlackRock, State Street, T. Rowe, and Capital Group.”
Mogelof: Wealth Portfolios Allocate Only 2% to 3% to Alternatives
“If you look at the typical institutional investor, you can see that they are allocated to alternatives and private markets anywhere from 20 to 30 to even 50% of their portfolios. If you look at the wealth market today, that number is two to three percent.”
Mogelof: Modern Fund Vehicles Expand Access Down to Non-Accredited Investors
“Through whether it's an interval fund, a tender offer fund, a non-traded BDC, an operating company, there are now a number of new vehicles that asset managers can utilize, which really widen the aperture for investors to invest. And that includes not just qual…”