BlackRock Inc. and Partners Group Holding AG launched the first joint private-markets investment of their partnership aimed at grabbing a slice of the trillions of dollars sitting in the hands of wealthy individuals.
The asset managers on Thursday began selling a new separately managed account through Morgan Stanley's wealth platform that combines a mix of private equity, private credit and real asset funds, according to the firms.
It's the first U.S. product allowing clients to invest across a range of private markets in one account, according to BlackRock and Partners Group.
Investors can choose from three variations depending on risk preference — an income-oriented variation, a balanced portfolio and a growth-focused allocation, according to Jon Diorio, BlackRock's head of alternatives for its U.S. wealth business.
The separately managed account will invest in seven existing funds from BlackRock, its credit unit HPS Investment Partners and Partners Group.
The account aims to make it "easier and more convenient and more simplified for advisers to do private markets," Diorio said.
Traditional and alternative asset managers have raced to form partnerships and launch products to sell to wealthy individuals, as many institutional backers such as pensions and endowments shun new private investments.
The product will charge fees on the underlying funds — which the firms didn't disclose — but not on the separately managed account itself.
BlackRock and Partners Group first joined together in 2024 with plans for the new private portfolio. Since then, BlackRock has significantly expanded its reach in private markets, including by buying HPS for $12 billion.
The BlackRock and Partners Group offering is unique because it's the only separately managed account that combines more than one private asset class, according to Rob Collins, co-head of private wealth at Partners Group.
BlackRock is providing its expertise in separately managed accounts, while Partners has a long history with evergreen funds, according to Collins.
Partners Group has about $56 billion of assets under management for evergreen funds, open-ended perpetual vehicles that allow investors to more easily buy and sell assets.
BlackRock manages about $250 billion of assets across its entire separate-account business.
The product will charge fees on the underlying funds — which the firms didn't disclose — but not on the separately managed account itself.
BlackRock and Partners Group first joined together in 2024 with plans for the new private portfolio. Since then, BlackRock has significantly expanded its reach in private markets, including by buying HPS for $12 billion.
The BlackRock and Partners Group offering is unique because it's the only separately managed account that combines more than one private asset class, according to Rob Collins, co-head of private wealth at Partners Group.
BlackRock is providing its expertise in separately managed accounts, while Partners has a long history with evergreen funds, according to Collins.
Partners Group has about $56 billion of assets under management for evergreen funds, open-ended perpetual vehicles that allow investors to more easily buy and sell assets.
BlackRock manages about $250 billion of assets across its entire separate-account business.
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