Blackstone Launches Retirement Solutions Unit to Expand Private Market Access for DC Plans
Blackstone announced the formation of a new dedicated business unit focused on expanding access to private markets for retirement savers through defined contribution (DC) plans. The unit will operate within Blackstone’s Private Wealth division, which oversees nearly $280 billion in assets across private equity, real estate, private credit, and infrastructure.
The new business will be led by Heather von Zuben, appointed Global Head of Retirement Solutions, with Tom Nides serving as Chair and Paul Quinlan as Head of U.S. operations. Together, the leadership team will drive initiatives designed to bring institutional-quality private market strategies to workplace retirement plans, an area Blackstone views as one of the most significant growth opportunities in asset management.
“For decades, the world’s biggest and most sophisticated institutional investors benefited from the strong returns and diversification of investing in private markets,” said Jon Gray, President and Chief Operating Officer of Blackstone. “Blackstone is well positioned to be the partner of choice for retirement solution providers given our brand, track record, and broad slate of perpetual products.”
The new defined contribution unit will focus on strategic partnerships, product innovation, and investor education, all aimed at helping retirement platforms integrate private market exposure DC plan structures. Blackstone emphasized that expanding investor access through trusted distribution partners remains a core pillar of its private wealth strategy.
Von Zuben, who joined Blackstone in 2022, was previously Global Head of Perpetual Capital Solutions for Blackstone Credit & Insurance. Before that, she spent 15 years at Goldman Sachs, where she led business development across alternative investment solutions, most recently serving as Global Head of Wealth Management Alternatives.
Nides, who joined Blackstone in 2024, previously served as U.S. Ambassador to Israel (2021–2023) and earlier spent more than a decade at Morgan Stanley as Chief Operating Officer and Vice Chairman.
Quinlan, who has been with Blackstone since 2010, was formerly Global Chief Financial Officer of Blackstone Real Estate and previously worked at Bank of America Merrill Lynch, focusing on strategic corporate M&A and private equity investments.