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Private markets and retirement funds: access is only part of the decision

01.07.2026
By RisCura

Private markets are becoming a more important part of retirement fund portfolio discussions as institutional investors look beyond listed markets for long-term returns, diversification and exposure to real-economy assets.

This formed part of the discussions at South Africa Investment Week in London, hosted by Schroders and Prescient Investment Management, where participants considered both the role private markets can play and the practical constraints that continue to shape allocation decisions.

South African retirement funds may have room to increase private-market exposure, but access alone is not enough. Liquidity needs, governance, data limitations, manager selection and portfolio construction all affect how these assets should be used.

Private markets can provide access to areas not easily available through listed markets, including infrastructure, energy transition and logistics. However, these assets typically require a longer investment horizon, making liquidity a central consideration – particularly for defined-contribution funds managing member withdrawals and benefit payments.

Chad Ward, Head of Investment Research at RisCura in South Africa, noted that allocations should be considered within a broader investment strategy, rather than as fixed targets that may not reflect current market conditions or available opportunity sets.

As access to private markets expands, outcomes will depend on execution. This includes manager selection, diversification and how allocations are integrated into the overall portfolio.

For retirement funds, this means balancing opportunity with discipline. Governance and implementation will ultimately determine whether private-market exposure can support long-term objectives.

Read the full Citywire South Africa article:
https://citywire.com/za/news/private-markets-test-retirement-fund-liquidity/a2492923

For more updates and media coverage, visit the RisCura newsroom.

Author

  • RisCura is a global financial services firm with more than $200 billion in assets under advice and reporting. We partner with institutional investors across emerging markets, bringing specialist investment management, advisory, and analytical expertise to help clients make informed, long-term investment decisions.

    Guided by our “Invest with Care” philosophy, we recognise that investment decisions are not only about money and numbers, but about the people and futures they affect. Through tailored solutions, deep research, and a client-centric approach, RisCura helps investors navigate complexity, manage risk, and create lasting value for their beneficiaries.

    RisCura is known for its focus on liability-driven investing, responsible investment practices, investment transparency, reliable valuations, independent risk assessments, performance standards, and long-term investment outcomes.

    Our capabilities span investment advisory, investment management, investment analytics, institutional platform services, and alternative investment services. Across these areas, we combine consistent methodology and proprietary tools with deep local insight, recognising that each market is unique while responsible investing remains universal.