Blackstone Launches DC Unit Dedicated to Expanding Access to Private Assets
New York-based Blackstone—the world’s largest alternative asset manager—today announced the launch of a dedicated business unit focused on broadening access to private markets for retirement savers via defined contribution plans.
“From the launch of our Private Wealth business to today, Blackstone has been a pioneer in bringing private markets investing to individuals…”
Blackstone’s Tom Nides
The new business unit sits within Blackstone’s industry-leading Private Wealth business. Heather von Zuben was named Global Head of Retirement Solutions. Tom Nides, Vice Chairman, Strategy and Client Relations at Blackstone, will serve as the Chairman of the Defined Contribution Unit. Paul Quinlan has been appointed Head of U.S.
“From the launch of our Private Wealth business to today, Blackstone has been a pioneer in bringing private markets investing to individuals, with a strong track-record of performance and an excellent client experience,” Nides said. “Today we are cementing that status with the industry’s first dedicated Defined Contribution Unit. I look forward to working with Heather, Paul, and teams across Blackstone to unlock investment opportunities for retirement savers.”
Nides joined Blackstone in 2024, previously serving as United States Ambassador to Israel from 2021 to 2023. Prior to that, he spent over a decade at Morgan Stanley in various capacities including Chief Operating Officer and Vice Chairman.
Von Zuben was previously Global Head of Perpetual Capital Solutions for Blackstone Credit & Insurance, having joined the firm in 2022 after 15 years at Goldman Sachs, where she held a range of leadership roles in business development across alternative investment solutions, most recently as the Global Head of Wealth Management Alternatives.
Quinlan joined Blackstone in 2010 and was most recently Global Chief Financial Officer of Blackstone Real Estate. Before joining Blackstone, he worked at Bank of America Merrill Lynch, focusing on strategic corporate M&A and private equity investments.
The launch comes on the heels of recent regulatory changes by the Trump administration that has opened the door for private investments in retirement plans. Blackstone’s Defined Contribution unit will focus on the significant opportunities that exist in the market through strategic partnerships, product innovation, and investor education.
“For decades, the world’s biggest and most sophisticated institutional investors benefitted from the strong returns and diversification of investing in private markets,” said Jon Gray, Blackstone President and COO. “Blackstone is well positioned to be the partner of choice for retirement solution providers given our brand, track record and broad slate of perpetual products.”
The launch builds on Blackstone’s 23-year history supporting individual investors. Blackstone began providing individuals with access to its investment strategies in 2002 and was the first major alternatives firm to build a dedicated Private Wealth team in 2011.
Today, Blackstone manages nearly $280 billion of assets from the Private Wealth channel, and dedicated scale strategies across private equity, real estate, private credit, and private infrastructure.
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• Private Equity’s Fast Lane to 401(k)s
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
