Key Takeaways
- • Manulife John Hancock Retirement and Great Gray Trust Co. LLC announced a proposed suite of target-date collective investment trusts, Lifetime Blend+, that is expected to allocate up to 20% to private markets.
- • Apollo Global Management is expected to provide private equity exposure, J.P. Morgan Asset Management and StepStone Group are managing the infrastructure investments, and Townsend Holdings will provide real estate investment management.
- • Great Gray is expected to serve as trustee, supplying the trust structure, fiduciary oversight and operational infrastructure for the suite, with private assets held in a vehicle that values daily and trades on recordkeeping platforms.
- • The launch is the latest in a series of CIT launches with private market allocations, following SEI's October announcement of CITs offering exposure to Carlyle's private market strategies and similar moves by Constitution Capital Partners, Principal, WTW, Voya and PGIM.
- • As of Sept. 30, 2026, Manulife John Hancock Retirement served more than 56,000 retirement plans, more than 3.3 million active participants and more than $278 billion in assets under management and advisement.
Summary
Manulife John Hancock Retirement and Great Gray Trust Co. LLC announced on Monday a proposed suite of target-date collective investment trusts (CITs) with exposure to private market investments. The suite, named Lifetime Blend+, is designed to combine public markets and stable value funds with private equity, private infrastructure and private real estate. It is expected to allocate up to 20% to private markets, with the remainder allocated to Manulife John Hancock-affiliated CITs and stable value funds.
The suite is powered by Manulife Investment Management's Lifetime Through Glidepath strategy, developed by the firm's multi-asset solutions team, which evaluates the potential role of private market investments as part of the strategy's broader long-term approach. The portfolio uses Manulife Investment Management's in-house real estate and credit capabilities. Apollo Global Management is expected to provide the private equity exposure, J.P. Morgan Asset Management and StepStone Group L.P. are managing the infrastructure investments, and Townsend Holdings LLC will provide real estate investment management. Great Gray is expected to serve as trustee, providing the trust structure, fiduciary oversight and operational infrastructure.
Wayne Park, CEO of Manulife John Hancock, said in a statement that participants need investment solutions built not only to reach retirement but to help sustain them through a longer retirement. Rob Barnett, president and CEO of Great Gray Group, said private assets must sit inside a vehicle that values daily, trades on recordkeeping platforms and meets fiduciary standards. Taylor Benson, managing director and head of U.S. defined contribution at StepStone, cited the non-correlation of private infrastructure to public markets, its potential for durable cash flows, inflation resilience and exposure to energy, digital infrastructure and other essential services.
The announcement is the latest in a series of CIT launches incorporating private market allocations. In October, SEI Investments Co. said it will create several CITs, trusteed by SEI Trust Co., offering exposure to The Carlyle Group Inc.'s private market strategies on retirement platform Basic Capital Group Inc. From late spring into summer, Constitution Capital Partners, Principal Financial Group, WTW, Voya and PGIM were among other firms adding to the trend.
Manulife John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. As of Sept. 30, 2026, it serviced more than 56,000 retirement plans with more than 3.3 million active participants and more than $278 billion in assets under management and advisement.
The suite is powered by Manulife Investment Management's Lifetime Through Glidepath strategy, developed by the firm's multi-asset solutions team, which evaluates the potential role of private market investments as part of the strategy's broader long-term approach. The portfolio uses Manulife Investment Management's in-house real estate and credit capabilities. Apollo Global Management is expected to provide the private equity exposure, J.P. Morgan Asset Management and StepStone Group L.P. are managing the infrastructure investments, and Townsend Holdings LLC will provide real estate investment management. Great Gray is expected to serve as trustee, providing the trust structure, fiduciary oversight and operational infrastructure.
Wayne Park, CEO of Manulife John Hancock, said in a statement that participants need investment solutions built not only to reach retirement but to help sustain them through a longer retirement. Rob Barnett, president and CEO of Great Gray Group, said private assets must sit inside a vehicle that values daily, trades on recordkeeping platforms and meets fiduciary standards. Taylor Benson, managing director and head of U.S. defined contribution at StepStone, cited the non-correlation of private infrastructure to public markets, its potential for durable cash flows, inflation resilience and exposure to energy, digital infrastructure and other essential services.
The announcement is the latest in a series of CIT launches incorporating private market allocations. In October, SEI Investments Co. said it will create several CITs, trusteed by SEI Trust Co., offering exposure to The Carlyle Group Inc.'s private market strategies on retirement platform Basic Capital Group Inc. From late spring into summer, Constitution Capital Partners, Principal Financial Group, WTW, Voya and PGIM were among other firms adding to the trend.
Manulife John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. As of Sept. 30, 2026, it serviced more than 56,000 retirement plans with more than 3.3 million active participants and more than $278 billion in assets under management and advisement.
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