Goldman Sachs plans to invest up to $1bn in T. Rowe Price through a series of open-market purchases, aiming to acquire a 3.5% ownership stake.
This investment forms part of a broader strategic collaboration between the two financial firms, which aims to develop diversified public and private market solutions for retirement and wealth investors.
The partnership will leverage the strengths of both Goldman Sachs and T. Rowe Price, including their respective investment expertise and understanding of client needs.
A key focus is on providing wealth and retirement offerings that incorporate access to private markets for individuals, financial advisors, plan sponsors, and participants.
As part of this collaboration, the firms will introduce new co-branded target-date strategies set to launch in mid-2026.
These strategies aim to broaden plan participants’ access to private markets by combining the investment capabilities of Goldman Sachs, T. Rowe Price, and OHA.
Moreover, they plan to offer jointly developed model portfolios that utilise various investment vehicles such as separately managed accounts (SMAs), direct indexing, exchange-traded funds (ETFs), and mutual funds. These portfolios will also include private market options tailored for advisors serving mass-affluent and high-net-worth clients.
Goldman Sachs chairman and CEO David Solomon said: “This investment and collaboration represent our conviction in a shared legacy of success delivering results for investors.
“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.”
T. Rowe Price, with its NASDAQ listing under TROW, manages approximately $1.7 trillion in client assets as of 31 July 2025. About two-thirds of these assets are retirement-related.
OHA operates as the private markets platform of T. Rowe Price Group and manages around $98bn across various credit strategies. The firm focuses on providing customised credit solutions through long-term partnerships with companies and sponsors.
The collaboration also explores multi-asset offerings with two potential strategies. One of them is providing access to asset classes like private equity and infrastructure within a single vehicle, and the other is integrating US public and private equity investing into one offering.
Additionally, Goldman Sachs and T. Rowe Price are developing a scalable advisory platform to deliver managed retirement accounts at scale through the latter’s recordkeeping and individual investor platforms.
T. Rowe Price chair, CEO, and president Rob Sharps said: “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.
“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.”
