Blackstone Joins Empower’s Private Markets Lineup for 401(k) Savers

Blackstone has become the latest manager to join Empower’s private markets program, which is designed to introduce institutional-grade alternative investments into defined contribution plans. The initiative enables 401(k) savers to gain exposure to private equity, private credit, infrastructure and real estate strategies via collective investment trusts that sit within Empower’s advice-driven managed account platform. 

The roster already includes firms such as Apollo, Goldman Sachs, Franklin Templeton, Neuberger Berman, PIMCO, Partners Group and Sagard, positioning the program as a multi-manager gateway to private market solutions. The addition of Blackstone, whose dedicated retirement business supports more than $1.2 trillion in firmwide AUM, adds meaningful scale and further validates the effort to democratize access to asset classes long dominated by institutions and high-net-worth investors. 

The partnership also aligns with Blackstone’s broader strategy to build out its individual wealth and retirement channels. As President and COO Jon Gray noted, “Bringing Blackstone’s leading investment strategies into defined contribution plans enables retirement savers to access the same opportunities previously only available to institutional investors.” 

Empower, which administers approximately $2 trillion in assets for more than 19 million investors across retirement, wealth management and investment solutions, is positioning this program as a next step in the evolution of 401(k) plan design and portfolio construction.