Goldman Sachs intends to invest, through a series of open-market purchases, up to $1 billion in T. Rowe Price common stock with the intention to own up to 3.5% of the company, the firms announced today.
“We are excited to collaborate with Goldman Sachs… to offer clients the ability to unlock the potential of private capital as part of their retirement and wealth management strategies.”
T. Rowe Price Chair, CEO and President Rob Sharps
That investment would place Goldman Sachs among the top five T. Rowe Price stakeholders behind Vanguard, BlackRock, State Street and Charles Schwab, according to FactSet.
The strategic collaboration is aimed at delivering a range of diversified public and private market solutions designed for the unique needs of retirement and wealth investors, as the bank will team up with the asset manager to sell private-market products to retail investors.
“This investment and collaboration represent our conviction in a shared legacy of success delivering results for investors,” said David Solomon, Chairman and CEO of Goldman Sachs. “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 collaboration will leverage the strengths of both firms, including respective investment expertise, solutions orientations, and a deep understanding of the needs of intermediaries and their clients. A central focus is on providing a range of wealth and retirement offerings that incorporate access to private markets for individuals, financial advisors, plan sponsors, and plan participants.
The deal comes on the heels of President Donald Trump’s recent executive order aimed at allowing retirement investors greater access to alternative assets in defined contribution plans, including cryptocurrencies and private-market assets.
“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,” said Rob Sharps, Chair, CEO and President of T. Rowe Price. “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.”
Key highlights of collaboration
- Target-Date Strategies: The firms will offer new, co-branded target-date strategies that leverage T. Rowe Price’s expertise in the retirement blend series while broadening plan participants’ access to private markets by incorporating investment capabilities from Goldman Sachs, T. Rowe Price and global credit-focused alternative asset manager OHA. Goldman Sachs will serve as third-party provider of private market strategies for the target-date series. The firms intend to launch the solutions in mid-2026.
- Personalized Advice Solutions and Advisor Managed Accounts: The firms are collaborating to deliver an innovative, scalable advisory platform for advisors and other RIAs to offer managed retirement accounts at scale in-plan and out-of-plan. This includes integrating retirement planning and advice from the firms into the T. Rowe Price recordkeeping and Individual Investor platforms.
- Model Portfolios: The firms will introduce a series of jointly created, co-branded model portfolios leveraging the strengths of both organizations, 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.
- Multi-Asset Offerings: T. Rowe Price and Goldman Sachs will also collaborate on multi-asset offerings. The firms are currently considering two strategies—one that will provide access to asset classes such as private equity, private credit and private infrastructure in a diversified portfolio delivered through one vehicle, and another that integrates US public and private equity investing into a single offering.
New York-based 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. Goldman Sachs Alternatives is one of the leading investors globally, with over $500 billion in assets
Baltimore-based T. Rowe Price is a leading global asset management firm, managing $1.70 trillion in client assets as of July 31, 2025, about two-thirds of which are retirement-related.
OHA 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.
SEE ALSO:
• Goldman Sachs Launching Private Credit CIT for 401(k) Market
• Private Equity in 401(k)s ‘Will Happen’ says T. Rowe Price’s Rob Sharps
• Trump’s Private Equity 401(k) Push: 12 Legal Views