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Goldman, T. Rowe Team Up on Alternatives for Wealthy, Retirement Savers

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Key Takeaways

  • {\"0\":\"Goldman and T. Rowe plans to offer alternative investment products for affluent clients by late 2025.\",\"1\":\"Retirement account solutions with alternatives are expected to launch in 2026.\\r\\n\",\"2\":\"Goldman will invest up to $1B in T. Rowe to co-develop and distribute new offerings.\"}

The Goldman Sachs Group, Inc. (GS - Free Report) and T. Rowe Price Group, Inc. (TROW - Free Report) are expanding their recently announced partnership to give individual investors greater access to private markets. The firms will roll out alternative investment products for high-net-worth clients by the end of 2025, with retirement account solutions set to follow in 2026. The news was first reported by Reuters.

This initiative comes after an executive order from President Donald Trump broadened the scope of 401(k) plans to include private credit, private equity and other alternatives, potentially unlocking access to about $9 trillion in U.S. retirement savings.

As part of the deal, Goldman will invest up to $1 billion in T. Rowe, strengthening their alliance and enabling both firms to co-develop and distribute new offerings. T. Rowe will use its retirement expertise to help design target-date funds, model portfolios and alternative-focused strategies tailored for both institutional and retail clients.

The rollout will happen in stages. Retirement products, such as target-date funds, typically begin with small allocations to alternatives, which gradually decrease as investors approach retirement. For affluent clients, the firms will also offer more specialized portfolios that combine private credit, private equity and traditional public investments.

To address concerns over liquidity and transparency, the retirement products will feature daily pricing and limited liquidity options. Over the long term, alternative investments could represent 10%–20% of retirement portfolios.

GS & TROW Management Remarks

Marc Nachmann, head of Wealth and Asset Management at Goldman, emphasized, “The idea is to be able to open the products to everybody. It's still very early days, today investors in alternatives are mainly large institutions as endowments or high net worth individuals.”

Rob Sharps, CEO of T. Rowe, added, “It’s reasonable to expect that we can target having all of the different products in market by mid-2026. New structures can provide some element of liquidity and daily pricing to give more comfort to individual investors.”

Final Words on GS–TROW Alternative Push

The Goldman–T. Rowe initiative marks a significant step in bringing alternatives into mainstream retirement and wealth planning. The partnership will unfold in phases, starting with high-net-worth clients in 2025 and expanding to retirement savers in 2026.  It will combine Goldman’s private market expertise with T. Rowe’s experience in retirement planning. Together, the companies will be able to reshape retirement portfolio management by balancing traditional strategies with the growing demand for exposure to private markets.

Goldman’s Price Performance & Zacks Rank

Over the past year, shares of GS have gained 61.8% compared with the industry’s growth of 49.3%.

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Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps Taken by a Finance Firm

In July 2025, BlackRock Inc. (BLK - Free Report) announced the completion of the acquisition of HPS Investment Partners. The move signals the company’s deeper foray into the private credit market, which is rapidly emerging as one of the most lucrative sectors in global finance.

To capitalize on these opportunities, BLK is launching Private Financing Solutions (PFS), a platform that integrates its leading private credit, GP, and LP solutions, and both private and liquid CLO businesses.


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