Goldman Sachs and asset manager T. Rowe Price will begin offering alternative investment products to wealthy clients by the end of the year, with retirement accounts set to follow in 2026, executives told Reuters.
The plan builds on a partnership announced earlier this month, under which Goldman will take a stake of up to US$1 billion in T. Rowe.
Together, the firms aim to broaden access to private assets, including private credit and private equity, for retail investors.
The initiative follows an executive order by President Donald Trump allowing 401(k) retirement accounts to include alternative investments. The order potentially opens access to roughly $9 trillion in retirement savings.
T. Rowe Price, which manages $1.6 trillion - around $1 trillion of which is tied to retirement - will oversee the new products.
Some products will take the form of target-date funds, which adjust allocations as clients approach retirement.
These portfolios will carry a small allocation to alternative assets alongside traditional public and liquid investments, with the alternatives’ share reduced closer to maturity.
Other products will cater exclusively to high-net-worth clients, offering diversified portfolios that mix private credit, private equity, and listed equities.
While Goldman and T. Rowe clients will be the first to access them, broader distribution may follow.
Talks between the two companies began a year ago when Sharps and Goldman President John Waldron discussed the growth of private markets and the convergence of investment opportunities.
Substantive deal discussions accelerated during the summer, culminating in the partnership.
