Participant research Summer 2026 DC Participant Pulse Survey

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July 29, 2026
At night, a woman talks to artificial intelligence

Key takeaways

  • Broad awareness, gaps in depth:

    Participants recognize private markets broadly, but may benefit from stronger understanding of characteristics, fees, and specific strategies.

  • Risk management is top-of-mind:

    Risk tolerance drives participants openness to private markets; clear explanations of risk-return dynamics can help build comfort.

  • Best practices can alleviate concerns:

    There is apprehension about AI data privacy and security, but stringent data practices, transparency, and human oversight can help.

Our latest Defined Contribution Participant Pulse Survey examined perceptions of private markets and artificial intelligence (AI) among more than 500 large-plan participants, with findings segmented by gender, generation, and investor type.1

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When asked specifically about private equity investments, the top characteristics participants cited were growth potential and high risk, while intrigued and optimistic were the most common initial reactions. Millennials were particularly positive, with 34% feeling optimistic, although 40% of all respondents reported neutral, confused, intimidated, or negative feelings.

Participants familiar with private markets showed stronger interest in private equity, followed by real estate.

Overall, most participants believed that private market investments have higher fees and potentially higher returns – those who agreed view this as part of the value proposition. 

Which private market strategies are you most interested in right now? (Rank from most to least interested)

Rank score (mean)
1. Private equity 1.9
2. Real estate 2.4
3. Infrastructure 2.8
4. Private lending 2.9

When learning about AI, participants favored self-guided resources – such as interactive tools, step-by-step guides, and videos – rather than advisor-led conversations, while emphasizing the need for human oversight.


 As long as I have final decision-making at any point at which I want it, I am okay with AI having some input.

- Male, Gen X

80% of participants were “very” or “somewhat concerned” about their data being shared beyond plan management. AI data practices should be clearly addressed in participant communications.

To learn more about defined contribution participants perspectives on private markets and AI in DC plans, download our research report.

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About the survey

Invesco partnered with Ipsos to conduct an online survey of 517 DC plan participants across the US. Respondents worked for large organizations with 1,000+ employees, were actively contributing to a DC plan, and 26 to 65 years old.

  • 1

    Invesco partnered with Ipsos to conduct an online survey of 517 defined contribution plan participants (April 2026). Survey respondents had following characteristics: Age 26-65 years old; Personal income $30,000+; Employed full-time for an organization for 1+ years; Employer has 1,000+ employees; Actively contributing to a defined contribution plan. Generation Z, ages 14 to 29 (born to 1997 to 2012); Millennial, ages 30 to 45 (born 1981 to 1996); Generation X, ages 46 to 61 (born 1965 to 1980); and baby boomer, ages 62 to 80 (born 1946 to 1964).

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