Goldman Sachs and T. Rowe Price Partner to Bring Private Assets to Retirement Accounts

Goldman Sachs is acquiring a $1 billion, 3.5% stake in T. Rowe Price to expand access to private assets—such as real estate, infrastructure, and private equity—into retirement accounts. The collaboration aims to democratize these traditionally institutional-grade investments for everyday Americans.

The partnership plans to develop a system enabling alternative assets to FLOW directly to retirees, financial advisers, and account sponsors. Goldman CEO David Solomon emphasized the shared legacy of both firms in delivering investor results, while T. Rowe Price CEO Rob Sharps highlighted the company's retirement-focused expertise.

T. Rowe Price's stock surged 9% following the announcement, with Goldman shares also seeing modest gains. The firms will co-brand target-date funds blending public and private assets, signaling a strategic push into the retirement market.