For example, "If somebody were to put 50% or 60% of their holdings into our private markets, nobody would recommend that," he said. WTW Investments recently announced a partnership with Oaks, Pennsylvania-based SEI to develop private market offerings for 401(k) plans and others in the U.S. defined contribution market. WTW Investments said it has been integrating private markets into defined contribution plans since 2018. "You need education on the asset class itself and what it's used for and most appropriate for," Joseph of WTW Investments said. In a recent analysis, Deloitte estimated that private assets could make up about 6% of assets in defined contribution plans, such as 401(k) plans, or about $1.1 trillion by 2030.