CFA Institute: Declining listings in the public markets and implications for retirement savers

16 March 2020

With listings in public markets waning and private markets becoming bigger and more critical to economic activity, CFA Institute has released its second report in a series exploring the evolving role of public and private equity markets.

Publicly listed equities remain a key asset in most retirement portfolios, however the decline in listed public equity worldwide has potentially negative implications for retirement savers, with reduced investment options and lowered potential investment returns.


The report, Capital Formation 2: Investing Pension Contributions in Private Markets Responsibly, has been produced in response to increasingly loud calls for greater defined contribution (DC) pension fund participation in private markets. It reviews the existing pensions landscape in developed European markets and identifies the benefits and disadvantages of DC pension schemes increasing their investments in private companies and markets, such as private equity, venture capital, private debt and infrastructure.


The report identifies the following challenges to calls for increased DC investments into private markets:


Full press release on CFA Institute

Full report on CFA Institute: Capital Formation 2: Investing Pension Contributions in Private Markets Responsibly

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