With the alternative investment industry preparing for its push into the retirement plan market, industry-leading manager Blackstone Inc. said this week it tapped a retirement plan veteran, Michael Miller, to lead its effort.
Miller’s title at Blackstone is head of retirement solutions sales in its defined contribution group. He reports to Heather von Zuben, global head of retirement solutions.
According to an industry source, Miller’s new role will include growing Blackstone’s footprint in Washington through adoption of private markets by plan sponsors and wealth managers.
Most recently, Miller had worked, starting in 2022, at Prudential’s PGIM defined contribution group. Prior to that, he worked 15 years at J.P. Morgan Asset Management in various senior retirement positions.
The alternative investment industry is primed to expand into 401(k)s, a multi-trillion dollar market they have been shut out of.
Alternative investments such as nontraded business development companies and real estate investment trusts are high-cost vehicles and lack substantial liquidity, features that make them less than ideal for retirees, many have argued.
According to a report released this week by fund tracker Morningstar, alternative investments are getting a “green light” for retirement accounts, including 401(k)s.
“For alternative asset managers, the more than $12 trillion sitting in 401(k) plans has long been out of reach, but new regulatory developments and the increased adoption of [collective investment trusts] may finally change that,” according to Morningstar.
“In March 2026, the U.S. Department of Labor unveiled its anticipated rule proposal to address the inclusion of private investments, lifetime income, and cryptocurrencies in 401(k) plans,” according to the report. “The most likely access point will be either through a target-date strategy or a managed account.”
Blackstone’s defined contribution business unit, launched in October 2025, has recently struck partnerships with Empower and OneDigital to work with private investments in retirement portfolios. The defined contribution group is part of Blackstone’s private wealth business, which manages more than $300 billion in assets.
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