Overview
Ropes & Gray is the leader in the representation of collective investment trusts (CITs), their sponsors and sub-advisors and has helped clients launch cutting-edge CITs that include new features not typically found in the market. We have extensive experience across practice groups advising financial institutions as to the organization and ongoing operation of CITs. We represent a substantial portion of all CITs focused on alternative access for 401(k) plans.
Why Partner with Ropes & Gray?
A Wealth of Experience:
We have deep experience in fund formation, CIT design and ongoing operations, from both corporate and ERISA standpoints, with a client roster that positions us as market leaders.
Customized Solutions:
We employ novel approaches to our clients’ sophisticated CIT issues, including feeder funds, multi-level fund arrangements, and ERISA-compliant vehicles for alternative assets.
Latest Market Intelligence:
We help clients keep pace with CIT market growth, providing timely insights on CIT flows, pricing, product innovation, and the competitive landscape, enabling them to position their offerings strategically.
Industry Knowledge:
We take a multidisciplinary approach to providing client service. With more than 20 lawyers from our asset management, ERISA, regulatory and compliance, tax, and enforcement practices, we collaborate to deliver seamless, practical advice for every stage of the CIT lifecycle.
Product Types and Strategies
Services Provided
Who We Serve
We represent a broad spectrum of clients in the CIT space: including global asset managers, private markets and alternatives participants such as sponsors focused on private equity, private credit, real estate, infrastructure and other real assets, secondaries, co-investments and growth/venture, CIT trustees, sponsors and fiduciaries, and wealth/intermediary and multi-manager/OCIO platforms.
Unlocking the 401(k) Market for Alternatives
In August 2025, President Trump issued a long-rumored executive order that calls for expanded access to private equity and other alternative investments, including private credit and real estate, for 401(k) plans and their participants. The executive order arrives at a time when interest in such products is high, and it is already generating further momentum behind the design and launch of new funds for this market. We have been working with many clients to design these products for over a decade and are well positioned to advise on key issues, including:
- Proven strategies for integrating alternatives into 401(k) plans, including CITs, interval funds, and target date fund sleeves, maximizing flexibility, asset aggregation, and fee transparency while meeting unique liquidity and valuation needs.
- Tailored structuring for alternatives: Designing investment products and disclosures that withstand intense scrutiny from class action lawsuits and regulatory oversight, drawing on our experience with the latest case law and settlement trends.
- Practical, market-tested solutions: From VCOC compliance to daily liquidity management and multi-level fee reporting, our team delivers actionable answers to the most complex challenges in bringing alternatives to the 401(k) space.
- Deep expertise in structuring compliant solutions that address fiduciary duties, fee disclosures, and litigation risks, leveraging the latest DOL and SEC guidance to ensure your products are both innovative and defensible.
