Constitution Capital Launches Private Equity CIT for 401(k) Plans
Constitution Capital Partners has launched a collective investment trust designed to add private equity exposure to defined-contribution retirement plans through target-date funds, managed accounts and other professionally managed portfolios.
The Constitution Capital Horizon CIT launched with more than $50 million in initial assets from 18 retirement plans. Near-term commitments are expected to bring total plan assets tied to the launch to more than $1 billion, according to the Boston-based alternative asset manager.
Horizon will be offered to eligible plans using Principal Financial Group’s 401(k) recordkeeping platform. SEI Trust Co., a subsidiary of SEI Investments Co., will serve as trustee.
The CIT invests through a diversified, multimanager private equity strategy, combining primary fund investments with direct equity co-investments. Constitution Capital said it built a dedicated liquidity sleeve to support participant transactions and plan cash flows.
Constitution Capital said its strategy will focus on the North American middle market and diversify exposure across private equity managers, sectors, investment vintages and underlying companies.
“When combined, US middle market private companies would be the third-largest economy in the world, behind only the US and China; yet investment in many of these companies has historically been out of reach for individual retirement investors,” said Daniel Cahill, CEO of Constitution Capital Partners.
The launch comes as Washington encourages greater use of private assets in retirement portfolios. An August 2025 executive order directed the Labor Department to reconsider its guidance and clarify fiduciaries’ responsibilities when selecting alternative investments. The department proposed a related fiduciary rule in March.
Collective investment trusts held $8.3 trillion in defined contribution assets as of March, up from $6.1 trillion in September 2024, according to ISS Market Intelligence.
Ropes & Gray LLP serves as counsel to Constitution Capital in connection with the Horizon CIT.