Goldman Sachs and T. Rowe Price are expanding their collaboration to provide individual investors with greater access to private markets. By the end of 2025, the firms plan to introduce alternative investment products for high-net-worth clients, followed by retirement account solutions in 2026. This move follows a policy change under President Trump that allows 401(k) plans to include private credit and equity, potentially accessing $9 trillion in U.S. retirement savings.
Goldman will invest up to $1 billion in T. Rowe, strengthening their alliance to co-develop and distribute new offerings. T. Rowe will leverage its expertise in retirement planning to create target-date funds, model portfolios, and alternative strategies for both institutional and retail clients.
The rollout will occur in phases, starting with small allocations in retirement products that gradually decrease as retirement nears. For affluent clients, specialized portfolios will be available, combining private credit, private equity, and traditional investments. The retirement products will offer daily pricing and limited liquidity to address concerns over transparency.
Goldman’s Marc Nachmann highlighted the goal of making these products accessible to a broader audience, while T. Rowe’s Rob Sharps anticipates having all products available by mid-2026. This partnership aims to integrate alternative investments into mainstream retirement planning, combining traditional strategies with the growing demand for private market exposure.
