DES MOINES, Iowa — August 26, 2026
Executive Summary
Principal Financial Group® has expanded its Principal® Featured Partner Program to support greater access to private market strategies within U.S. retirement plans. The initiative will bring together asset managers, trust companies and fiduciaries to develop investment solutions combining public and private strategies, with emphasis on diversification, fiduciary oversight, liquidity, participant suitability and ongoing monitoring. The expanded program includes leading private markets managers and builds on Principal’s experience supporting private assets through its recordkeeping platform.
Announcement Overview
The expanded Principal® Featured Partner Program is designed to help plan sponsors and financial professionals evaluate private market exposure within defined contribution retirement plans through professionally designed investment products and services. Principal plans to collaborate with investment managers on collective investment trusts (CITs) supporting target-date funds, target-risk funds, managed accounts and other asset allocation services. The initiative builds on existing relationships while adding new partnerships with private markets managers, with a focus on operational standards, fiduciary discipline, liquidity considerations and evolving regulatory requirements.
Key Announcement Details
- Announcement Type: Program Expansion
- Announcing Entity: Principal Financial Group®
- Announcement: Featured Partner Program Expansion
- Primary Focus: Private Market Access
- Announcement Date: August 26, 2026
- Dateline: DES MOINES, Iowa
- Market: U.S. Retirement Plans
- Investment Vehicles: Collective Investment Trusts (CITs)
- Investment Strategies: Public and Private Markets
- Program Scope: Target-Date, Target-Risk and Managed Accounts
- Partners: Asset Managers, Trust Companies and Fiduciaries
- Private Market Managers: AllianceBernstein, Apollo, Ares, Blackstone, Blue Owl, Carlyle, Franklin Templeton, Goldman Sachs, KKR, Morgan Stanley Investment Management, Neuberger, Partners Group, PGIM, Principal Asset Management
- Core Priorities: Suitability, Fiduciary Oversight, Liquidity, Monitoring
- Technology: AI-Driven Investment Capabilities
- Employees: 19,000+
- Customers: 82 Million
- Company History: 147 Years
- Ticker: Nasdaq: PFG
Principal Expands Featured Partner Program for Private Market Strategies
Principal Financial Group® (Nasdaq: PFG) announced the expansion of its Principal® Featured Partner Program to support private market strategies within retirement plans.
The expanded program is intended to give plan sponsors and financial professionals additional ways to evaluate private market exposure within defined contribution plans while maintaining a structured approach to investment design and oversight.
Principal said the initiative is focused on incorporating private market exposure as one component of professionally designed and managed investment products and services.
The program’s expanded focus includes:
- Participant suitability
- Fiduciary oversight
- Liquidity considerations
- Ongoing monitoring
- Investment strategy evaluation
- Operational discipline
The initiative forms part of Principal’s broader effort to expand its investment product offering while supporting long-term retirement outcomes for participants.
Principal’s Experience Supporting Private Assets
Brett Fisher, Assistant Vice President, Investment Product Strategy at Principal Financial Group, highlighted the company’s experience with private assets and the importance of appropriate structure and oversight.
“Private markets are becoming an increasingly important part of the retirement conversation, but they require the right structure, oversight and operational discipline. With more than two decades of experience supporting private assets on our recordkeeping platform, Principal is well positioned to help make these strategies more practical for retirement plans.”
Principal’s stated experience includes more than two decades of supporting private assets on its recordkeeping platform, providing a foundation for the company’s expanded work with private market strategies in retirement plans.
Collaboration Across Asset Managers, Trust Companies and Fiduciaries
Principal plans to work with asset managers, trust companies and fiduciaries as part of the expanded program.
The collaboration will support the development of a suite of collective investment trusts (CITs) intended for U.S. retirement plans. These vehicles are planned to combine public and private investment strategies.
Through the Featured Partner Program, investment managers will be able to draw on Principal’s:
- Services
- Investment products
- Recordkeeping expertise
- Global R&D capabilities
The planned CIT solutions will support several types of retirement investment offerings, including:
- Target-date funds
- Target-risk funds
- Managed account services
- Other asset allocation services
Principal said the approach is intended to broaden access to professionally managed investment strategies while creating value for financial professionals, plan sponsors and retirement plan participants.
Private Market Managers Participating in the Expanded Program
The expansion builds on Principal’s existing relationships while introducing additional partnerships with leading private markets managers.
Current private market managers participating in the expanded program include:
- AllianceBernstein
- Apollo
- Ares
- Blackstone
- Blue Owl
- Carlyle
- Franklin Templeton
- Goldman Sachs
- KKR
- Morgan Stanley Investment Management
- Neuberger
- Partners Group
- PGIM
- Principal Asset Management
Focus on Investment Design, Fiduciary Discipline and Regulatory Considerations
Principal stated that expanding private market access within retirement plans requires thoughtful investment design, fiduciary discipline and clear operational standards.
The company plans to work with investment managers participating in the Featured Partner Program to support industry practices and help plan sponsors evaluate strategies in relation to their individual plan objectives.
The program will also support fiduciaries as they navigate evolving regulatory considerations associated with private market exposure.
Principal’s approach places continued emphasis on evaluating private market strategies within the broader framework of retirement plan responsibilities, including liquidity and participant suitability.
Building on Principal’s aiERP Capabilities
The expanded private markets initiative also builds on Principal’s broader investment in AI-driven business management and technology capabilities.
Principal stated that the Featured Partner Program supports its strategy of acquiring and working with AI-native, product-leading companies and continuously expanding the value available through its product offering.
The company said the addition of private market capabilities connects more sophisticated investment strategies with its existing retirement and investment infrastructure.
Private Equity Investment Risks and Liquidity Considerations
Principal’s disclosure accompanying the announcement notes that investors in private equity face several forms of risk, including:
- Market risk
- Liquidity risk
- Operational risk
The disclosure states that private equity strategies may make a limited number of investments and may invest in start-up ventures with little or no operating history or in companies that use significant leverage. Such strategies involve a high degree of risk and may increase the possibility of investment losses.
Private equity strategies may also make minority equity investments where the investment manager may have limited ability to protect, control or influence the businesses involved. Performance may also be materially affected by an individual investment.
Because certain private equity investments are less liquid, Principal states that investment managers seek to accommodate daily participant activity through other underlying investments intended to support routine contributions, withdrawals and rebalancing. Under certain circumstances, however, transaction processing may be delayed, partially completed or temporarily unavailable because of fund-level liquidity or valuation conditions.
Principal also states that, other than Principal Global Investors, companies participating in the Principal® Featured Partner Program are not affiliated with any member of the Principal Financial Group®.
About Principal Financial Group
Principal Financial Group® (Nasdaq: PFG) is a global financial company focused on improving the wealth and well-being of people and businesses.
The company reports:
- More than 19,000 employees
- 82 million customers
- 147 years in business
- Operations serving customers across planning, insurance, investing and retirement
Principal also states that it works to support the communities where it operates and build an inclusive workforce.
The company was recognized as one of the 2026 World’s Most Ethical Companies by Ethisphere and was named a Best Places to Work in Money Management by Pensions & Investments in 2025.
Employee and customer figures are as of June 30, 2026.
Media Contact
For additional information, visit principal.com.
Source Attribution
Source: Company announcement
