Morgan Stanley Tactical Value to Invest Up to $50 Million in Human Interest

San Francisco- August 4, 2025

 Human Interest, Retirement Industry Disruptor™ and the fastest growing 401(k) provider¹, has announced an investment of up to $50 million by investment funds managed by Morgan Stanley Tactical Value. The investment, unannounced until now, was part of the previously announced Series E round. Morgan Stanley Tactical Value joins a select list of premier investors and strategic partners of Human Interest, including Marshall Wace, Baillie Gifford, and BlackRock, and brings Human Interest to more than $700 million² in total primary and secondary financings. 

"This investment will support expanded access to modern, automated retirement benefits for businesses of all sizes," said Jeff Schneble, CEO of Human Interest. "This funding helps us continue our journey to reinvent the 401(k) experience for employers, advisors, and workers across the country."

The investment is a testament to Human Interest's strong, sustainable growth trajectory as the company continues its path to public company readiness. Human Interest estimates that it added one in four of all new 401(k) plans in the U.S. last year³, and the company experienced 71% year-over-year revenue growth in 2024. Human Interest's customers have represented nearly three million employees⁴ over the last 10 years.

The firm is also growing business with advisors through its integrated platform, PartnerConnect™. In just three months, the platform has already enabled nearly 1,000 customers with over 400 advisors from over 140 firms to more efficiently sell, onboard, and manage 401(k) plans and investments — all in one streamlined dashboard.

David Zhong, Executive Director, Morgan Stanley Tactical Value, said, "Human Interest is disrupting the retirement industry through their continued modernization of outdated legacy systems and processes. They are saving countless hours and millions of dollars for businesses, financial advisors, and retirement savers."

By increasing access to high-quality retirement plans, transforming customer experience, and delivering value for advisors, savers, and business owners, Human Interest is creating a path to a secure financial future for people in all lines of work through notable industry-leading innovations:

• In April 2025, Human Interest launched PartnerConnect, a next-generation integrated platform that empowers financial advisors to seamlessly create, manage, and monitor their clients' 401(k) plans and investments from a single dashboard. 

• In February 2025, the company announced the first-of-its-kind Customer Experience Guarantee⁵, the industry's only transparent pledge to deliver outstanding, fast, reliable service to both administrators and participants. 

• In 2024 alone, Human Interest saved $24.6M in transaction fees for customers and their employees⁶, continuing to lead the industry in delivering value for its customers as the first 401(k) provider to eliminate transaction fees.⁷

The investment comes as Human Interest has secured several accolades in 2025, including the 2025 Fast Company Most Innovative Award⁸, the DALBAR Plan Participant Service award ⁹, and the 2025 Stevie Gold Award in Customer Experience.¹⁰

About Human Interest

Human Interest, Retirement Industry Disruptor^™, is focused on fixing a broken industry that often relies on legacy technology, manual processes, and offshored service models. Human Interest is transforming the way 401(k)s should work, including several industry firsts: eliminating transaction fees, offering a cash-back incentive program for plan participants, and the first of its kind money-backed customer experience guarantee.

Human Interest has won several accolades, including the 2025 Fast Company Most Innovative Award, and the 2025 Stevie Gold Award in Customer Experience. Founded in 2015 and headquartered in San Francisco, Human Interest has helped provide retirement benefits to employees at over 35,000 companies and counting. For more information, please visit humaninterest.com.

This press release contains forward-looking statements about the future development of Human Interest. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Human Interest assumes no liability for updating such statements in light of new information or future events.

About Morgan Stanley Tactical Value

Morgan Stanley Tactical Value is the flexible, non-control private investment platform within Morgan Stanley Investment Management (MSIM). With a broad mandate to invest across asset classes, sectors and geographies, Morgan Stanley Tactical Value is able to tailor bespoke solutions to meet unique strategic and financial objectives. The team's expertise, including deep structuring capabilities, is complemented by Morgan Stanley's extensive network and global capabilities to drive differentiated capital solutions for companies, founders, sponsors, and stakeholders.