Private assets are flooding into the defined contribution conversation — but are they a breakthrough or a bogeyman? Brandon Shea of T. Rowe Price breaks down what private equity, infrastructure, and credit actually are, and the handful of questions every committee should ask before they ever say yes or no. In this episode, Eric and Brandon Shea discuss: Private assets 101: equity, infrastructure, creditWhy private assets remain optional, not mandatoryLiquidity vs. valuation in target date structuresThe committee's evolving due diligence frameworkPlan size, advisors, and practical implementation Key Takeaways: Private assets are a tool, not a destination — the goal is helping participants build and preserve enough savings for retirement.Complexity belongs to the professional asset manager. The committee's job stays where it's always been: portfolio-level oversight of philosophy, glide path, fees, performance, and risk.Participant liquidity and investment liquidity are two different things — a participant can have daily access even when underlying holdings don't trade daily.Don't mistake infrequent pricing for low volatility; smoother reported returns may reflect valuation timing rather than underlying economics.Core questions don't scale with plan size — a $25 million plan and a $2 billion plan ask the same things; only the depth of documentation and resources differ.Bonus: a documented "no" is a valid fiduciary outcome — it’s OK to get educated and then decide a particular direction, which includes declining a certain service or strategy. Record the process and the reasoning. “Keep the decision at the portfolio level. Private assets are not a goal by themselves. Participant outcomes are the goal.” - Brandon Shea Brandon Shea is a defined contribution strategist for the Global Retirement Strategy team. The team leads an enterprise retirement strategy, advises on the development of new products and services, and helps amplify the firm’s voice in retirement security-related public policy initiatives. Brandon is a vice president of T. Rowe Price Associates, Inc. Brandon’s investment experience began in 2000, and he has been with T. Rowe Price since 2017, beginning as a defined contribution investment-only regional consultant. Prior to this, Brandon held multiple sales leadership roles with RidgeWorth Investments, Pioneer Investments, Salomon Brothers Asset Management, and Transamerica Capital. Brandon earned a B.A. in political science, with minors in economics and management information systems, from Miami University of Ohio. He is a Series 6, 7, and 63 registered representative. Connect with Brandon Shea: Website: https://www.troweprice.com/en/us LinkedIn: https://www.linkedin.com/in/brshea/ Connect with Eric Dyson: Website: https://90northllc.com/ Phone: 940-248-4800 Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change. It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made. The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances. The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or by Executive Director Eric Dyson.
