I. Introduction Private equity has long been marketed to U.S. retirement plans as a source of diversification and “illiquidity premium.” But for ERISA fiduciaries, private equity contracts are not simply another asset class; they are contracts structured to evade transparency, domiciled in offshore havens, and riddled with conflicts. Unlike mutual funds or collective investment trusts … Continue reading Private Equity as an ERISA Prohibited Transaction updated 12/13/25