Private market investments

All-in-one access

Empower provides access to experienced private asset managers across private equity, private credit, private real estate, and private infrastructure.

These opportunities are available through flexible structures.

Partners include: Apollo, Blackstone, Franklin Templeton, Goldman Sachs Asset Management, Neuberger Berman, Northleaf, Partners Group, PIMCO, and Sagard.

All images and screenshots provided are for illustrative purposes only. Some features may not be available and are subject to change without notice.

1 World Federation of Exchanges, June 2024.

2 The Private Market Investments Plan Sponsor Survey was conducted online by The Harris Poll on behalf of Empower, among 205 private sector401(k)/403(b) benefits administrators in the U.S. during August 21-28, 2025. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 7.4 percentage points using a 95% confidence level.

3 UBS, “Private markets are too big to ignore and growing,” January 2025.

4 Empower is the recipient of the 2025 NAPA Advisors’ Choice Award.

5 Morningstar, based on assets, as of June 30, 2025.

Investing involves risk, including possible loss of principal.

Investments in private markets are often complex, illiquid, may involve higher fees, and are typically intended for long-term investors. These investments are subject to greater risk and are not suitable for all investors.

This material is intended for education and informational purposes only and should not be construed as investment advice or a recommendation to invest in any specific product. Any offering of private investments must comply with applicable securities law.

Certain statements in this presentation may contain forward-looking information which are subject to risks and uncertainties and actual results may differ materially.

Securities underwritten by Empower Financial Services, Inc., Member FINRA/SIPC, an affiliate of Empower Funds, Inc.; Empower Trust Company, LLC; and registered investment adviser Empower Capital Management, LLC, marketed under the Empower Investments brand. ECM is the investment adviser to Empower Funds, Inc.

Advisory services are offered by named registered investment adviser as defined by the advisory services agreement. Empower Advisory Group, LLC, (EAG) provides subadvisory services. The named registered investment adviser is not affiliated with EAG. The named registered investment adviser may pay some or the entire participant advisory services fee to EAG. Past performance it not indicative of future returns. You may lose money.

Apollo, Blackstone, Goldman Sachs Asset Management, Neuberger Berman, Partners Group, and PIMCO are independent entities and are not affiliated with Empower Retirement, LLC or its affiliates.

Empower Annuity Insurance Company of America (EAICA) is affiliated with Great-West Lifeco Inc. (“Lifeco”) who sold Putnam Investments, LLC to Franklin Resources, Inc. (“Franklin”). As a result of the transaction, EAICA’s affiliate owns approximately 6% of Franklin as of January 1, 2024. As a part of the transaction, Lifeco entered into arrangements with Franklin under which Lifeco has committed to allocate assets over a period of time to be managed by Franklin’s investment managers and has agreed to support the availability of Franklin and its affiliates’ products and services on enterprise platforms. If certain Franklin revenue thresholds are achieved under those arrangements, Lifeco will receive contingent transaction consideration and other financial benefits. Franklin also includes Alcentra, Benefit Street Partners, Brandywine Global, Clarion Partners, ClearBridge Investments, Franklin Templeton Investments, K2 Lexington Partners, Martin Currie, Putnam Investments, Royce Investment Partners, and Western Asset Management as of January 1, 2024.

Empower’s indirect affiliate, IGM Financial, holds a majority interest in Northleaf.

Empower is wholly owned by Great-West Lifeco Inc. (“Lifeco”), which holds a minority interest in Sagard Holdings Manager LP (“Sagard’). Lifeco is majority-owned by Power Corporation of Canada, which holds a majority interest in Sagard.

As part of providing products and services to retirement plans, Empower personnel may provide information to plan representatives about available investment or pricing options. In providing this information, Empower is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, regarding any transactions. Plan fiduciaries are responsible for the selection and monitoring of the plan’s investment options and for determining the reasonableness of all plan fees and expenses.

Information concerning investment or pricing options we may provide is intended to provide you with resources for your consideration as a convenience and is not intended to be exhaustive or prescriptive for your plan and its specific circumstances. Plan fiduciaries are not required to utilize any of the investment options referenced in any of our communications to you.

Empower may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Empower products or third-party investment products or securities offered by Empower or its affiliates. Investment vehicles you select which sponsored or managed by an Empower affiliate generate more revenue for Empower enterprise and/or Empower representatives than non-proprietary investment vehicles.

Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency

Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC.

Private markets, new possibilities

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Unlocking the Potential of Private Investments

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Overview of private market investments in DC plans

Advisor survey results

Plan sponsor survey results

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