More than half of US workplace retirement plan participants would invest in private credit and private equity if given access, with appetite for the asset class rising for the third consecutive year, according to new research from Schroders.

The asset manager’s 2026 US Retirement Survey found that 52 per cent of investors participating in 401(k), 403(b) or 457 plans would invest in private assets including private credit if their retirement schemes offered them, up from 45 per cent in 2025 and 36 per cent in 2024.

Among those interested in private assets, 81 per cent said they would increase their retirement contributions if their plans provided access, compared with 77 per cent last year.

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Meanwhile, 42 per cent of respondents said they expect private assets to become available through their workplace retirement plans within the next five years, up from 30 per cent in 2025.

The survey also found that 78 per cent of participants believe private assets can improve their portfolio diversification, while 77 per cent said they see opportunities for higher investment returns.

“With regulators moving to expand access as new fund structures are developed to improve the liquidity and transparency of private assets, more employees may soon be able to combine the strengths of both public and private markets as they save for retirement,” said Deb Boyden, head of US defined contribution at Schroders.

However, those interested in investing said they would generally allocate a relatively small proportion of their retirement savings to the asset class.

Almost half (49 per cent) would allocate less than 10 per cent, while 39 per cent would invest between 10 and 15 per cent. Just seven per cent would allocate more than 15 per cent.

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The findings also suggest that knowledge of private assets is improving, with 23 per cent of participants describing themselves as very knowledgeable, compared with 12 per cent in 2025.

A further 40 per cent said they were somewhat knowledgeable, although 37 per cent reported having limited or no knowledge of the asset class.

“Increased demand for private assets among plan participants puts the responsibility on plan sponsors and asset managers to make sure retirement savers fully understand what the asset class is and how it fits into a long-term retirement savings strategy,” Boyden added.