Blue Owl Entering 401(k) Market in Collaboration with Voya
Private markets giant Blue Owl Capital is working with Voya Financial to offer private assets in defined contribution plans including 401(k)s, the companies announced today.
The strategic partnership will offer private markets strategies in vehicles tailored for defined contribution plans, addressing the growing demand for alternative investment solutions within retirement portfolios. The partners will initially focus on the joint development of collective investment trusts (CITs) that provide access to private markets strategies offered by Blue Owl and Voya. The CITs will be available through advisor-managed accounts on Voya’s retirement platform and through target date solutions managed by Voya Investment Management.
“We are excited to partner with Voya to extend Blue Owl’s leading private markets capabilities to the defined contribution market. ”
Blue Owl’s Sean Connor
“We are excited to partner with Voya to extend Blue Owl’s leading private markets capabilities to the defined contribution market, helping plan participants meet their retirement goals,” said Sean Connor, Global CEO of Private Wealth at Blue Owl. “We see tremendous opportunity in enabling retirement plan participants to access private markets in defined contribution accounts by leveraging our significant presence in the private wealth space and Voya’s status as a trusted partner and solutions provider to more than nine million participant accounts.”
As the markets for these products continue to evolve, today’s announcement noted that Blue Owl and Voya IM will also collaborate to develop retirement-focused private investment solutions available through other channels, including third-party retirement platforms and target date account providers.
“Partnering with Blue Owl enables us to expand access to innovative solutions that can help clients better achieve their retirement goals,” said Heather Lavallee, CEO of Voya Financial, adding that the company is committed to providing the right investment tools and solutions—including access to private market options—to meet clients’ evolving needs.
Voya serves more than 39,000 U.S. employers and their more than nine million retirement plan participants, who hold over $630 billion in defined contribution assets on Voya’s retirement platform. Blue Owl manages over $273 billion in assets and is a global leader in bringing premier private markets solutions to the private wealth channel, serving nearly 150,000 investors globally.
Blue Owl’s Co-CEOs Doug Ostrover and Marc Lipschultz said in a statement that Voya’s leadership and deep expertise in the retirement market makes the company an ideal partner to work with to expand access to private markets. “Since our founding, Blue Owl’s investment strategies have focused on income generation and downside protection—objectives that align closely with the needs of retirement plan participants. The retirement landscape is expanding, and we see providing plan participants access to private markets assets as a way to build more resilient investment portfolios and pursue stronger long-term returns,” the statement said.
“Voya works closely with advisors and consultants to offer tailored solutions for employers. By combining that approach with Blue Owl’s capabilities, we’re elevating how we support workplace retirement practices,” said Jay Kaduson, CEO of Voya’s Workplace Solutions, and Matt Toms, CEO of Voya IM. “Together, we’re empowering individuals to reach their retirement goals—and this partnership brings us closer to delivering on that mission.”
Private markets momentum keeps building
Today’s announcement marks another significant step toward integrating private markets assets within 401(k) plans—a movement that has been building throughout 2025 as regulatory concerns are diminishing under the Trump administration.
Back in April, State Street and Apollo Global Management introduced a target-date fund with a 10% allocation to private investments, and in May Empower announced it will start allowing private credit, equity and real estate in some of the retirement accounts it administers during the second half of this year. In late June, Great Gray Trust Company and BlackRock announced that Great Gray’s first target date retirement solution featuring private equity and private credit exposures will be powered by BlackRock’s proprietary glidepath that strategically allocates across public and private markets.
President Trump is also rumored to be crafting an Executive Order in the coming weeks instructing the Department of Labor and the Securities and Exchange Commission to provide guidance easing the inclusion of private investments in 401(k) plans.
SEE ALSO:
• Great Gray’s New TDF Solution with Private Markets Access to be Powered by BlackRock’s Proprietary Glidepath
• 401(k) Participants Want In-Plan Access to Private Assets: Empower
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.
