AllianceBernstein, Brookfield Asset Management and Carlyle have announced a collaboration to create turnkey private markets solutions for defined contribution (DC) plans of US retirement savers.

The solution is designed to be implemented alongside an existing target-date fund or managed-account solution, the firms said in a joint press release on Wednesday.

AllianceBernstein will manage the asset allocation and private credit component, Brookfield will manage the private real assets component and Carlyle is to manage the private equity component.

The collaboration comes as alternative asset management firms increasingly look to partner with traditional asset managers to broaden access to private markets beyond their typical institutional investor base.

Onur Erzan, president of AllianceBernstein said: “We’re pleased to bring together Brookfield, Carlyle and AB to provide a turnkey private markets solution to DC plans that gives retirement savers an allocation to private markets that dynamically adjusts by age.”

“Based on our investment research and hands-on experience, we believe that when a plan decides to include them, it’s critical to optimize the deployment of these assets for DC participants.”

Connor Teskey, CEO of Brookfield Asset Management said: “We are excited to bring the breadth of Brookfield’s private strategies to the defined contribution space, alongside a market-leading target-date manager.”

“With more than 125 years of experience owning, operating and investing in the infrastructure, energy and real estate assets that underpin the global economy, we believe private real assets offer compelling diversification benefits and differentiated return drivers that can support more stable, resilient long-term outcomes for DC participants.”

John Redett, co-president and head of global private equity at Carlyle said: “We believe private equity can play a meaningful role in enhancing retirement outcomes over time.”

“By combining expertise with a diversified investment approach, we aim to help investors access opportunities aligned with long-term retirement needs.”

“We’re pleased to collaborate to deliver a thoughtfully designed solution that brings together complementary strengths for DC plans.”