Larry Fink, chief executive officer of BlackRock, during the 2025 National Retirement Summit in Washington, DC, on March 12, 2025. Photo: Al Drago/Bloomberg
Larry Fink, CEO of BlackRock, the world’s largest asset management firm with more than $11 trillion in assets under management in 2024, argued that retirement plan access needs to be expanded and, more specifically, 401(k) plans should invest more in private assets, in his annual letter to investors.
“Private assets like real estate and infrastructure can lift returns and protect investors during market downturns,” he said. “Pension funds have invested in these assets for decades, but 401(k)s haven't. It’s one reason why pensions typically outperform 401(k)s by about 0.5% each year.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
