BlackRock and Partners Group have launched a new multi-alternatives separately managed account (SMA) designed to help financial advisors more efficiently align client objectives with private market exposure. 

The platform features three outcome-aligned SMA strategies—income-focused, balanced, and growth—each offering diversified access to private equity, private credit, and real assets. The strategies allocate across seven underlying evergreen private market funds managed by BlackRock, HPS Investment Partners, and Partners Group, and are delivered through a single subscription document. The SMAs are available on the Morgan Stanley wealth platform. 

“This launch transforms the delivery of alternatives from standalone products into a portfolio solution and helps simplify how financial advisors access private markets for their clients,” said Jon Diorio, head of alternatives for BlackRock’s U.S. wealth business. 

The offering builds on BlackRock’s four decades of SMA experience and more than $250 billion in assets under management across its SMA platform, alongside Partners Group’s 25-year track record in evergreen private market vehicles since launching its first such product in 2001. 

The firms previously announced a strategic partnership aimed at expanding retail wealth access to private markets through portfolio-based solutions rather than single-product allocations. 

“By embedding diversified private markets exposure into a scalable, outcome-oriented SMA structure, we are helping advisors move beyond product selection towards a more holistic portfolio solution that provides access to an increasingly important part of the real economy,” said Rob Collins, co-head of private wealth at Partners Group. 

The launch follows BlackRock’s broader push into advisor-focused alternatives, including model portfolios incorporating private assets rolled out last year across platforms such as GeoWealth, Envestnet, Vestmark, iCapital, and CAIS. 

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