Goldman Sachs and T. Rowe Price announce a $1 billion collaboration in the private markets sphere

Goldman Sachs, a leading global financial institution known for decades of innovation across public and private markets, has announced a strategic collaboration with T. Rowe Price, a prominent investment management firm.

The partnership, set to officially begin in mid-2026, will see Goldman Sachs invest up to $1bn (£740m) in T. Rowe Price common stock. David Solomon, chairman and CEO of Goldman Sachs, expressed his conviction in the shared legacy of success with T. Rowe Price.

Rob Sharps, chair, CEO, and president of T. Rowe Price, shared the same sentiment, expressing his excitement about collaborating with Goldman Sachs. The collaboration aims to offer clients new opportunities for retirement savings and wealth creation, and will introduce a series of jointly created, co-branded model portfolios.

The firms are considering two strategies. One strategy aims to provide access to private equity, private credit, and private infrastructure in a diversified portfolio. The other strategy seeks to integrate US public and private equity investing into a single offering.

In addition to these strategies, the partnership will offer new co-branded target-date strategies that include access to private markets. The collaboration will also work on multi-asset offerings and provide wealth and retirement offerings that incorporate access to private markets.

T. Rowe Price brings its expertise in active investing to the partnership, while Goldman Sachs aims to own up to 3.5 percent of T. Rowe Price through open-market purchases. The partnership aims to deliver diversified private market solutions for retirement and wealth investors.

The strategic collaboration between Goldman Sachs and T. Rowe Price is designed to provide clients with the ability to unlock the potential of private capital as part of their retirement and wealth management strategies. The partnership does not involve any new partnerships with entities such as Nuveen, Hunter Point, Temasek, or BBB, nor does it mention any new co-branded strategies, model portfolios, or multi-asset offerings, other than those explicitly stated.

Goldman Sachs and T. Rowe Price announce a $1 billion collaboration in the private markets sphere