Denver-based recordkeeper Empower announced today that Blackstone, the world’s largest alternative asset manager, has joined its private markets investment partnership program in a move that expands the range of private market strategies available to millions of American retirement savers.
“Our goal is to bring the power of private market investing—delivered through advice and risk-appropriate structures—to millions of Americans who previously lacked access,” said Edmund F. Murphy III, president and CEO of Empower. “Our private market investing platform is built by the world’s best asset managers. Blackstone’s involvement significantly bolsters the opportunities available to retirement savers.”
“Our private market investing platform is built by the world’s best asset managers. Blackstone’s involvement significantly bolsters the opportunities available to retirement savers.”
Empower’s Edmund F. Murphy III
Empower’s initiative, introduced in 2025, enables defined contribution plans to incorporate private equity, private credit, private infrastructure, and private real-estate exposure via collective investment trust (CIT) structures. To date, Empower has aligned with top-tier private investments fund managers and custodians, including Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, Sagard and North Leaf.
With the addition of Blackstone, Empower is now adding a leading provider of private market investments to its platform. With over $1.2 trillion in assets under management, Blackstone is the world’s largest alternative asset manager. The firm was a first mover in the individual investor space, with a track record of providing private markets solutions to individuals since 2002. Blackstone offers access to institutional-caliber investment opportunities across private equity, real estate, private credit and infrastructure, and has a dedicated business unit focused on retirement solutions—underscoring its commitment to bringing private markets access to workplace-savings vehicles.
“Partnering with Empower reflects our shared belief that private markets can play an important role in helping more Americans plan for the future and build long-term financial security,” said Blackstone President and COO Jon Gray. “Bringing Blackstone’s leading investment strategies into defined contribution plans enables retirement savers to access the same opportunities previously only available to institutional investors.”
Heather von Zuben, global head of retirement solutions for Blackstone, added that opening private markets to a broader universe of individual investors is an important evolution in how Americans can benefit from enhanced returns and diversification as they look to build wealth for the future.
“By partnering with Empower, we’re enabling participants to access Blackstone’s proven track record of more than 20 years of bringing private markets investing to individuals, as part of a diversified retirement portfolio,” von Zuben said.
Managed account platform
Empower’s strategy enables employers to offer private market CITs within their plan’s investment lineup, provided they partner with an advisor to deliver the solution through an advice-based managed account. Within this managed-account platform, allocations are tailored to each individual’s risk tolerance, time horizon and long-term financial goals.
Empower said in today’s press release that its program is designed to give participants the potential benefits associated with private market investing—including diversification and new sources of long-term return—within the guardrails of a structure built for liquidity management and fee efficiency.
Back in early November it was revealed that over 200 retirement plan sponsors who utilize Empower have adopted private markets in their retirement platforms.
“Millions of working Americans deserve the same opportunity to diversify their retirement savings beyond public markets,” Empower’s Murphy said. “By adding an industry leader like Blackstone, we are further modernizing the retirement system and helping more people prepare for the future.”
SEE ALSO:
• Empower Offering Private Investments in DC Plans
• Private Market Investments Take Off in Empower’s Retirement Plans