T. Rowe Price Group (TROW) Soars 5.84% on $1B Goldman Sachs Partnership to Expand Private-Market Access

The share price of T. Rowe Price Group (TROW) surged to its highest level since September 2025, with an intraday gain of 12.20% as of the latest trading session. The stock closed up 5.84%, reflecting strong investor optimism following a strategic partnership that has reshaped the firm’s market trajectory.

The partnership, announced earlier in the week, involves Goldman Sachs committing $1 billion to acquire a 3.5% stake in T. Rowe Price through open-market transactions. This investment positions Goldman as one of T. Rowe’s largest shareholders and underscores a joint focus on expanding access to private-market investments for a broad range of clients, including retirement funds and high-net-worth individuals. The collaboration aligns with industry trends where traditional asset managers are increasingly integrating alternative assets like private equity and infrastructure to meet investor demand for higher returns in a low-yield environment.

The partnership is designed to address T. Rowe’s recent challenges, including significant outflows from its public market funds and a stock price that has declined over 50% from its 2021 peak. By leveraging Goldman’s expertise in private markets, T. Rowe aims to diversify its offerings and strengthen its competitive position against rivals such as BlackRock and Apollo. The firms plan to launch co-branded retirement funds by mid-2026, blending public and private assets to cater to 401(k) participants, financial advisors, and institutional clients.

Analysts highlight that the deal provides both financial resources and strategic credibility for T. Rowe, which has historically lagged in private assets. The collaboration also benefits Goldman by granting access to T. Rowe’s extensive retirement-focused client base, a segment critical for long-term growth. The move reflects broader industry shifts toward tailored solutions as investors seek alternatives to traditional active funds and low-cost index products.

CEO Rob Sharps emphasized the partnership’s alignment with T. Rowe’s strategic vision, noting that the investment accelerates its expansion into private markets. The firm’s previous acquisition of Oak Hill Advisors in 2021 marked an initial step in this direction, and the Goldman collaboration builds on that foundation. With regulatory and demographic trends favoring retirement-focused products, the partnership is positioned to capitalize on evolving investor priorities while mitigating risks tied to public market volatility.