T. Rowe Price and Goldman Sachs expand private markets access

T. Rowe Price, a global investment management firm and leader in retirement, and Goldman Sachs Asset Management (GSAM) announced today the launch of T. Rowe Price Goldman Sachs Private Markets Fund, broadening access to institutional alternative assets for individual wealth investors.

The new interval fund1 combines the leadership of T. Rowe Price’s Multi-Asset and Equity investment teams in portfolio construction and late-stage private equity investing, respectively, with GSAM’s global alternatives platform and the institutional private credit expertise of Oak Hill Advisors (OHA), the private credit platform of T. Rowe Price.

Expanding access to private markets

T. Rowe Price Goldman Sachs Private Markets Fund expands access for individual investors to institutional-quality private market opportunities within a single professionally managed portfolio. As more economic value creation occurs outside public markets, private markets and alternative assets have become increasingly important parts of the investment landscape. Yet access for individual investors has typically been limited by hurdles including high investment minimums, high fees, and tax reporting complexity.

The new fund is designed to address these and other barriers through lower investment minimums, daily pricing, professional asset management, simplified 1099 tax reporting, and no investor accreditation requirement. It uses a disciplined research-driven, multi-asset approach to pursue return opportunities beyond those that are available in public markets.

Portfolio Management

The fund will be managed by a team of T. Rowe Price investment professionals:

Vikram Natu, portfolio manager, with 13 years of investment experience
Som Priestley, CFA®, head of global investment solutions, Americas and portfolio manager, with 20 years of investment experience
David DiPietro, head of private equity, portfolio manager, with 39 years of investment experience

The next step in public-private investment strategy collaboration

The new fund is the latest product offering resulting from the strategic collaboration announced by Goldman Sachs and T. Rowe Price in September 2025. The alliance intends to deliver a range of public-private investment solutions designed for the unique needs of retirement and wealth investors. Today’s interval fund launch follows the introduction of model portfolios last December and it anticipates the development of target date and advice offerings expected this year.

"T. Rowe Price Goldman Sachs Private Markets Fund delivers institutional-quality private markets exposure in a manner that’s readily accessible for financial advisors and their clients. It addresses the structural obstacles that have historically prevented investors from accessing private markets with a single fund that can serve as a complementary investment allocation in a wealth portfolio. We are proud to team with Goldman Sachs Asset Management and OHA on this differentiated, innovative, and streamlined solution," Kevin Collins, head, U.S. Intermediaries, said.

"This is another milestone in implementing our shared commitment to deliver innovative, outcome-oriented private market solutions for diversified wealth portfolios. Collectively, we bring decades of active management and portfolio construction expertise, a track record of innovation, and deep private market sourcing and origination as we focus on delivering strong risk-adjusted investment returns. Individual investors can now confidently access opportunities once reserved for institutions," Greg Wilson, co-head Americas Third Party Wealth, global head of Retirement, Asset & Wealth Management, Goldman Sachs Asset Management.

More About T. Rowe Price Goldman Sachs Private Markets Fund

Principal Portfolio Investments

Private equity – Primarily investments in private equity opportunities, including buyouts, growth recapitalizations, secondaries, and co-investments
Private credit – Directly originated financing solutions across a range of credit strategies and industries
Private real estate – Investments in real estate investment trusts (REITs) that hold real property and/or real estate debt
Private infrastructure – Primarily equity or debt instruments in sectors including transportation, energy, and digital infrastructure
Leveraged loans – Primarily floating rate loans and floating rate debt securities

Tickers and Investment Minimums

TGPAX (A Class shares); $2500 initial investment minimum, $100 subsequent investment minimum
TGPDX (D Class shares); $2500 initial investment minimum, $100 subsequent investment minimum
TGPIX (I Class shares); $1,000,000 initial investment minimum2, no subsequent investment minimum

Liquidity

The fund is designed as a long-term investment, not as a short-term trading vehicle
Liquidity is managed through the interval fund structure, with periodic liquidity opportunities through quarterly repurchase offers, typically up to 5% of outstanding shares at net asset value (NAV) but may repurchase up to 25% of outstanding shares. As a result, shares of the fund should be viewed as illiquid.

Re-disseminated by Wealth and Society