Goldman Sachs and T. Rowe Price Team Up for Public-Private Investments

Goldman Sachs and T. Rowe Price are partnering to offer mass affluent and high-net-worth clients access to private markets through public-private investments. Goldman will invest up to $1 billion in T. Rowe stock and acquire up to 3.5% of shares, creating a platform for advisors with managed retirement accounts and offering target-date strategies, model portfolios, and multi-asset products. This move comes as demand for private assets grows among retail investors, and the partnership aims to tap into this market.

Goldman Sachs and T. Rowe Price have announced a strategic collaboration aimed at broadening access to diversified public and private market portfolios, with a focus on retirement and wealth channels. The partnership, which includes an investment of up to $1 billion by Goldman Sachs in T. Rowe Price common stock, positions the firms to deliver innovative solutions for mass-affluent and high-net-worth clients Goldman Sachs And T. Rowe Price Announce Strategic Collaboration To Deliver Innovative Public-Private Investment Solutions^[1].

The collaboration will leverage the strengths of both firms, combining T. Rowe Price's expertise in retirement planning and active management with Goldman Sachs' extensive experience in private equity, private credit, and infrastructure. The partnership will introduce a range of co-branded products, including target-date strategies, model portfolios, and multi-asset offerings that blend public and private market vehicles Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].

One of the key initiatives is the launch of co-branded target-date strategies in mid-2026, which will integrate private market allocations to enhance long-term returns. These strategies aim to provide retirement investors with a diversified portfolio that includes both public and private market assets .

The firms will also introduce a series of jointly created model portfolios tailored to the needs of advisors serving mass-affluent and high-net-worth clients. These portfolios will incorporate separately managed accounts (SMAs), direct indexing, ETFs, mutual funds, and private market vehicles Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].

Additionally, the partnership will explore multi-asset offerings that provide access to asset classes such as private equity, private credit, and private infrastructure in a diversified portfolio delivered through one vehicle. Another strategy under consideration integrates US public and private equity investing into a single offering Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].

The collaboration also includes plans to deliver an innovative, scalable advisory platform for advisors and other registered investment advisors (RIAs) to offer managed retirement accounts at scale, both in-plan and out-of-plan. This platform will integrate retirement planning and advice from the firms into the T. Rowe Price recordkeeping and Individual Investor platforms Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].

The strategic alliance comes as demand for private assets among retail investors continues to grow, driven by regulatory shifts and the increasing need for long-term wealth strategies. The partnership emphasizes transparency and structured liquidity, aiming to balance innovation with investor education amid systemic risk concerns Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].

This collaboration marks a significant milestone in the investment landscape, seeking to bridge the gap between institutional-grade private market opportunities and retail investors. By democratizing access to alternative assets, Goldman Sachs and T. Rowe Price aim to provide investors with diversified, long-term wealth solutions Goldman Sachs and T. Rowe Price’s $1 Billion Strategic Alliance: A New Era for Retail Access to Private Markets?^[2].