Name: Private Markets Roundtable Series
Start: 2026-01-07T09:00:00-05:00
End: 2026-01-07T12:00:00-05:00

Thursday

,

September

4

,

2025

9:00

a.m.

-

12:00

p.m. ET

Private Markets Roundtable Series

Part 2: Liquidity and Transparency

Explore highlights from the second in a series of roundtable discussions on the private markets

On January 7, 2026, SIFMA hosted its second session in this roundtable series, focusing on liquidity and transparency —essential pillars of private markets. Industry leaders and regulators explored these key topics for investors and plan sponsors considering enhanced exposure to private markets.

Discussion Topics

Trends in private market asset classes and fund structures

Transparency and and investor information

What’s ahead for private market data

And more

Discussion Topics

Overview of SEC rules adopted in December 2023

Review of SIFMA's new model documentation for done-with transactions

Insight into SIFMA's workstreams and deliverables that will set the stage for long-term implementation

Factors that firms should consider as they phase-in implementation of the mandate

Watch On Demand

Download Transcript

The Private Markets Roundtable Series Part 2 Debrief

Inside this note, we recap just some takeaways from Deputy Secretary of Labor Keith Sonderling and panelists, including:

✓ ERISA needs an update—not a rewrite.
✓ Neutrality remains a core, process-driven principle.
✓ While private market data is plentiful, standardization remains a challenge—one technology can help address.

Read Now

Private Markets in Focus

Transparency, Valuation, and Retirement

IIn this episode of The SIFMA Podcast, SIFMA COO Joe Seidel is joined by Lindsey Keljo, Head of SIFMA AMG, and Lisa Bleier, Head of Wealth Management, Retirement, and State Government Relations, to recap key takeaways from the recent Private Markets Valuation Roundtable, including:

✓ Why private and public markets work best together
✓ How valuation practices are evolving
✓ What private markets could mean for retirement savers
✓ The importance of transparency and investor trust

Also available: replays and reflections with speakers including SEC Commissioner Mark Uyeda, SIFMA President and CEO

Kenneth E. Bentsen, Jr., and leading academics and executives from across asset and wealth management.

Speakers

Keith E. Sonderling

Deputy Secretary

U.S. Department of Labor

Angela Antonelli

Research Professor and Executive Director

Georgetown Center for Retirement Initiatives

Kenneth E. Bentsen, Jr.

President and CEO

SIFMA

Marco Bertolino

Director, Global Client Solutions

KKR

Bradford Campbell

Partner

Faegre Drinker Biddle & Reath LLP

Peter Driscoll

Partner

PwC

Brian Garfield

Managing Director & Head of U.S. Portfolio Valuations

Lincoln International

Natasha Vij Greiner

Chair, Investment Management

WilmerHale

James Hannigan

Managing Director, Client & Product Solutions

Apollo

Jane Kirkland

Head of Asset Management Regulatory Communications

Broadridge

Andrew Jacobs Van Merlen

Portfolio Manager, Target Date Strategies

T. Rowe Price

Nick Nefouse

Global Head of Retirement Solutions and Head of LifePath

BlackRock

Marc Pinto

Global Head of Private Credit

Moody's

James Ryder

Vice President, Defined Contribution Investment Strategy

State Street Investment

Sara Shean

Managing Director, Global Head of Defined Contribution

PGIM

The Industry Viewpoint

Both SIFMA and SIFMA's Asset Management Group have long supported efforts to increase the resiliency of the Treasury market and stressed the need to ensure the Treasury market remains resilient and deeply liquid.

On behalf of our members, SIFMA is working to advance multiple workstreams and short-term deliverables that will set the stage for long-term implementation. These include development of market standard documentation, enhancements to market structure, further needed regulatory reforms, and an operations timeline.

Learn More

Speakers

Kenneth E. Bentsen, Jr.

President and CEO

SIFMA

Joseph L. Seidel

Chief Operating Officer

SIFMA

josh wilsusen

Executive Vice President, Advocacy

SIFMA

Speakers

Kenneth E. Bentsen, Jr.

President and CEO

SIFMA

Joseph L. Seidel

Chief Operating Officer

SIFMA

Josh Wilsusen

Executive Vice President, Advocacy

SIFMA

Agenda

All times in Eastern Time (ET) and subject to change.

9:00 A.m. - 9:30 A.m.

Opening Remarks and Keynote

Featured Speaker:

Keith E. Sonderling, Deputy Secretary, U.S. Department of Labor

9:30 A.m. - 10:40 A.m.

Session 1: Examining Private Market Liquidity

This session will explore liquidity trends across private market asset classes and examine the various fund structures that enable sufficient liquidity to meet retail investor and plan participant redemption demands.

10:40 A.m. - 10:50 A.m.

Break

10:50 A.m. - 12:00 p.m.

Session 2: Assessing Transparency in Private Markets

This session will discuss current data and disclosures available to investors and plan sponsors and consider how the private market information landscape is expected to evolve.

12:00 pm.

Roundtable Concludes

Private Markets Perspectives: Liquidity and Transparency

Kenneth E. Bentsen, Jr.

President and CEO
SIFMA

Jane Kirkland

Head of Asset Management Regulatory Communications

Broadridge

Andrew Jacobs Van Merlen

Portfolio Manager, Target Date Strategies
T. Rowe Price

Nick Nefouse

Global Head of Retirement Solutions and Head of LifePath
BlackRock

James Ryder

Vice President, Defined Contribution Investment Strategy
State Street Investment

Sara Shean

Managing Director, Global Head of Defined Contribution
PGIM

"

Used responsibly, DEPs provide significant benefits to retail investors, including enhanced access to customized products and services, lower costs, access to a broader range of products, better customer service, and improved compliance efforts leading to safer markets. Certain DEPs also raise potential risks, highlighting the need to ensure investor protection in connection with their use.

The existing, robust regulatory regime, however, amply addresses firms’ use of DEPs today, preserving their well-documented benefits, while appropriately managing potential risks.

SIFMA

Useful Information

Technical Requirements

This briefing will be hosted on the Zoom Webinar platform. View instructions on joining and participating in Zoom Webinars.

Access Instructions

Access instructions will be sent from SIFMA AVSupport; please check your inbox. Didn't receive? Contact us.

Accessibility

It is a priority to make our briefings inclusive and accessible for all. For questions or requests, contact SIFMA Conferences.

Registration Questions

Participation is complimentary and open to all. Questions? Please contact SIFMA Conferences.

Media Inquiries

This Roundtable is open to the media. Please contact Anthony Mitchell to register and for our press policy.

Replay

A replay of this Roundtable will be available through May 12, 2026. Can't make the live briefing? Register to receive access to the replay.

Related Resources

01

Part 1 Replay

Watch Part 1 of SIFMA’s Private Markets Roundtable where industry experts explored foundational valuation principles in private credit and private equity markets, dispelled common misconceptions, and examined best practices for private asset valuation—especially in the context of retirement plans.

Watch

02

Part 1 Highlights

SIFMA President and CEO Kenneth E. Bentsen, Jr. highlights key insights from Part 1 of the roundtable, including the need for structured valuation processes, transparency and investor safeguards, and how private assets—with the right regulations—can boost diversification and long-term outcomes.

Read

03

Audio Recap

Listen to SIFMA’s COO Joe Seidel with Lindsey Keljo and Lisa Bleier as they recap key takeaways, including evolving valuation practices, the role of private markets for retirement savers, and why transparency and trust matter.

Listen

04

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