Goldman Sachs to Buy $1B in T. Rowe Price Shares to Expand Wealth and Retirement Offerings   

Goldman Sachs and T. Rowe Price have announced a strategic collaboration designed to broaden access to wealth and retirement solutions by integrating both public and private market capabilities for individuals, advisors, plan sponsors, and participants. As part of the partnership, Goldman Sachs intends to invest up to $1 billion in T. Rowe Price, acquiring as much as 3.5% ownership through open-market purchases. 

The initiative will deliver a wide array of solutions. Target-date strategies will incorporate Goldman’s private market expertise, with launches planned for mid-2026. A suite of co-branded model portfolios—featuring SMAs, direct indexing, ETFs, mutual funds, and private market vehicles—will be tailored to advisors serving mass-affluent and high-net-worth clients. In addition, the firms are developing multi-asset offerings spanning private equity, private credit, and private infrastructure, as well as integrated U.S. public and private equity portfolios. 

To support advisors, Goldman and T. Rowe Price will also roll out personalized advice solutions and advisor-managed accounts, delivered at scale through T. Rowe Price’s recordkeeping and individual investor platforms. Together, the firms aim to align institutional-grade private market access with T. Rowe Price’s deep active management expertise. 

“With Goldman Sachs’ decades of leadership 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,” said David Solomon, Chair and CEO of Goldman Sachs. Rob Sharps, Chair, CEO and President of T. Rowe Price, added, “This collaboration unlocks the potential of private capital as a meaningful component of retirement and wealth management strategies.”