Goldman Sachs and T. Rowe Price Partner on Innovative Public-Private Investment Solutions

Firms will broaden access to diversified public and private market portfolios with a focus on retirement and wealth channels

BALTIMORE and NEW YORK, Sept. 4, 2025 — Goldman Sachs and T. Rowe Price are forging a strategic alliance to deliver diversified investment solutions across public and private markets, targeting the retirement and wealth management sectors, CNBC has learned.

The collaboration hinges on leveraging the distinct strengths of both firms: Goldman Sach’s prowess in alternative investments and T. Rowe Price’s deep bench in active management and retirement planning. The core strategy revolves around crafting wealth and retirement products that offer access to the potentially lucrative, but often illiquid, world of private markets for a broader range of investors, including individuals, financial advisors, plan sponsors, and retirement plan participants. Industry observers note that this move signals a growing trend of democratizing access to private market investments, traditionally the domain of institutional investors.

Further underscoring its commitment, Goldman Sachs intends to acquire up to 3.5% of T. Rowe Price common stock through a series of open-market purchases, representing an investment of up to $1 billion. This significant stake demonstrates Goldman’s confidence in the partnership’s long-term potential.

“This investment and collaboration represent our conviction in a shared legacy of success delivering results for investors,” said Goldman Sachs Chairman and CEO David Solomon. “With Goldman Sachs’ decades of leadership innovating across public and private markets and T. Rowe Price’s expertise in active investing, clients can invest confidently in the new opportunities for retirement savings and wealth creation.” The integration of Goldman’s alternative investment expertise, particularly in private equity and credit, with T. Rowe Price’s vast distribution network could be a game-changer in the retirement space.

Rob Sharps, Chair, CEO and President of T. Rowe Price, stated, “As a leader in retirement, we have a proven track record of using our expertise to drive solutions that help our clients confidently prepare for, save for, and live in retirement. We are excited to collaborate with Goldman Sachs – building on our broad capabilities across public and private markets to offer clients the ability to unlock the potential of private capital as part of their retirement and wealth management strategies.” Sharps’s remarks highlight T. Rowe Price’s strategic move to incorporate private market exposure into its retirement product suite, addressing a growing demand for higher-yielding assets in a low-interest-rate environment. The partnership aims to bridge the gap between traditional retirement savings and the potential upside of private investments.

Glenn August, Founder and CEO of OHA, the private markets platform of T. Rowe Price Group, said, “This strategic collaboration greatly enhances T. Rowe Price’s and OHA’s ability to deliver a wider range of investment strategies, focusing on accelerating innovation and creating new products to serve client needs. We welcome T. Rowe Price’s and Goldman Sachs’ commitment to deepen private market alternatives access to wealth and retirement clients. We view this collaboration as an important milestone in OHA’s growth with T. Rowe Price.” August’s comments point to the synergistic effect of the partnership, suggesting a unified approach to deliver innovative investment solutions across both public and private markets.

Key Highlights

• Target-Date Strategies: The firms plan to introduce co-branded target-date strategies, blending T. Rowe Price’s retirement expertise with private market investment capabilities from Goldman Sachs, T. Rowe Price, and OHA. Goldman Sachs will serve as the third-party provider of private market strategies. The firms anticipate launching these solutions in mid-2026. These strategies represent a significant evolution in target-date fund design, potentially offering higher returns but also introducing increased complexity and potential illiquidity.
• Model Portfolios: The firms will introduce a series of jointly created model portfolios, incorporating SMAs, direct indexing, ETFs, mutual funds and private market vehicles tailored to the needs of advisors serving mass-affluent and high-net-worth (HNW) clients. These model portfolios are designed to provide advisors with ready-made investment solutions that cater to diverse client risk profiles and investment objectives.
• Multi-Asset Offerings: T. Rowe Price and Goldman Sachs are also exploring multi-asset offerings, including a diversified portfolio with exposure to private equity, private credit, and private infrastructure, as well as a strategy integrating U.S. public and private equity investing. These offerings will provide investors with a one-stop-shop solution for accessing a diversified mix of public and private assets.
• Personalized Advice Solutions and Advisor Managed Accounts: The firms are collaborating on an innovative advisory platform for advisors and RIAs to offer managed retirement accounts at scale, both in-plan and out-of-plan, integrating their retirement planning and advice into the T. Rowe Price recordkeeping and Individual Investor platforms. This platform aims to democratize access to personalized financial advice and managed retirement accounts, making them more accessible and affordable for a wider range of investors.

ABOUT GOLDMAN SACHS
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

ABOUT GOLDMAN SACHS ASSET MANAGEMENT
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs, delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.3 trillion in assets under supervision as of June 30, 2025.

ABOUT GOLDMAN SACHS ALTERNATIVES
Goldman Sachs Alternatives is one of the leading investors globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing US $1.70 trillion¹ in client assets as of July 31, 2025, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets.

Visit troweprice.com/newsroom for news and public policy commentary.

ABOUT OHA
OHA is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $98 billion in assets under management (AUM) across credit strategies, including private credit, distressed and special situation investments, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations as of June 30, 2025. OHA’s emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 420 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ-GS: TROW). For more information, please visit www.oakhilladvisors.com.

¹Amount includes approximately $60 billion of the $98 billion of OHA’s AUM referred to herein.

This press release is not an offer to purchase or a solicitation of an offer to sell shares of T. Rowe Price common stock.