Voya Investment Management, the asset management business of Voya Financial Inc., launched a multi manager series of collective investment trusts featuring private market investments designed for defined contribution retirement plans.
V-ALT Multi-Manager Alternative Fixed Income and V-ALT Multi-Manager Alternative Equity will initially be available through advisor-managed accounts on Voya’s Retirement platform. Global Trust Company, an independent trust company, is the trustee for the V-ALT CITs.
Voya Investment Management Co. LLC serves as non-discretionary investment advisor, advising on initial manager selection, portfolio design and allocation recommendations. GTC serves as the trustee and discretionary manager, retaining authority over final investment decisions, implementation and ongoing changes.
“When it comes to introducing investments like private credit, private equity and other alternatives into DC plans, we believe that professionally managed investment products, such as advisor-managed accounts or a CIT or registered fund structures, represent an appropriate starting point,” Voya Retirement President Amy Vaillancourt said in a statement. “Rather than place the burden on individual participants or a plan sponsor to decide if, when, or how much to allocate to less liquid investments, these decisions are made within a framework designed to balance opportunity with prudent risk management.”
Voya’s launch comes amid a wave of asset managers prepping products for the retirement channel alongside the Department of Labor crafting proposed new rules providing guidance on the use of alternative assets in DC plans. (The comment period for the rule drew over 37,000 comments before closing at midnight on Monday)
Two weeks ago, a trio of investment managers teamed up to launch a turnkey private markets account for defined contribution plans. AllianceBernstein and alternative asset managers Brookfield Asset Management and Carlyle announced their collaboration to deliver ABC [ONE], a single source of private-market exposure for a DC plan’s Qualified Default Investment Alternative.
Empower, the second-largest U.S. retirement plan provider, added alternative asset manager giant Blackstone to its private markets investment partnership program in January. (It launched the program in May 2025.) Previously, Blackstone created an internal business group to ramp up its strategy for the DC market.
In addition, PGIM announced the launch of its first private credit CIT for DC plans, following in the footsteps of Goldman Sachs, Invesco, State Street and others, including Apollo, KKR and Carlyle Group. With the Trump administration pushing for inclusion of private assets in DC plans and the Department of Labor proposing new rules on their use, research firm Deloitte estimates that by 2030, private-market allocations in DC plans could reach $1 trillion or 6.1% of total AUM.