Key Takeaways
- • Empower Annuity Insurance Co. of America has added Blackstone Inc., the world's largest alternative investment asset manager, to its private markets platform for defined contribution retirement plans, expanding access to institutional-grade private investments for retail retirement savers.
- • Blackstone joins an elite roster of eight alternative asset managers already partnered with Empower, including Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard, creating a diversified private markets offering across multiple asset classes.
- • The partnership leverages Empower's managed account framework requiring financial adviser involvement, positioning private market investments as risk-appropriate solutions for millions of Americans previously excluded from alternative assets traditionally reserved for institutional and high-net-worth investors.
- • This expansion follows a Trump administration executive order issued in August 2025 directing federal agencies to explore additional mechanisms for integrating private market investments into retirement plans, reflecting broader policy momentum toward democratizing alternative assets.
- • Blackstone's involvement brings multi-strategy capabilities including private equity, private credit, real estate, and infrastructure strategies to Empower's platform, significantly enhancing diversification and return potential for retirement plan participants.
Summary
Empower Annuity Insurance Co. of America announced the addition of Blackstone Inc. to its alternative investment fund manager platform, marking a significant expansion of its private markets initiative for defined contribution retirement plans. Blackstone, the world's largest alternative asset manager, joins a curated group of seven previously announced partners—Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard—to create a comprehensive private markets ecosystem accessible to retail retirement savers.
The partnership reflects Empower's strategic objective to democratize private market investing for American retirement plan participants. Edmund Murphy III, Empower's president and CEO, emphasized that the platform aims to "bring the power of private market investing—delivered through advice and risk appropriate structures—to millions of Americans who previously lacked access." Blackstone's addition significantly strengthens the offering by introducing its multi-strategy capabilities, including private equity, private credit, real estate, and infrastructure investments, alongside other asset managers' specialized strategies.
Implementation occurs through Empower's managed account framework, which requires employers to partner with financial advisers to integrate private market collective investment trusts into their retirement plan offerings. This structure ensures that private investments are distributed through personalized, adviser-led solutions rather than direct retail access, maintaining appropriate risk governance and fiduciary oversight. Heather von Zuben, Blackstone's global head of retirement solutions, characterized the partnership as "an important evolution in how Americans can benefit from enhanced returns and diversification as they look to build wealth for the future."
The timing of Blackstone's addition follows broader policy support for private market participation in retirement plans. An August 2025 executive order from the Trump administration directed federal agencies to explore additional mechanisms for incorporating private market investments into retirement accounts. This regulatory environment has provided tailwinds for Empower's platform expansion, which was first announced in May 2025 with the initial wave of manager partnerships. The combination of institutional-quality asset managers, regulatory encouragement, and adviser-directed distribution positions Empower to capture significant market share among employers seeking to modernize retirement plan offerings with alternative asset exposure.
The partnership reflects Empower's strategic objective to democratize private market investing for American retirement plan participants. Edmund Murphy III, Empower's president and CEO, emphasized that the platform aims to "bring the power of private market investing—delivered through advice and risk appropriate structures—to millions of Americans who previously lacked access." Blackstone's addition significantly strengthens the offering by introducing its multi-strategy capabilities, including private equity, private credit, real estate, and infrastructure investments, alongside other asset managers' specialized strategies.
Implementation occurs through Empower's managed account framework, which requires employers to partner with financial advisers to integrate private market collective investment trusts into their retirement plan offerings. This structure ensures that private investments are distributed through personalized, adviser-led solutions rather than direct retail access, maintaining appropriate risk governance and fiduciary oversight. Heather von Zuben, Blackstone's global head of retirement solutions, characterized the partnership as "an important evolution in how Americans can benefit from enhanced returns and diversification as they look to build wealth for the future."
The timing of Blackstone's addition follows broader policy support for private market participation in retirement plans. An August 2025 executive order from the Trump administration directed federal agencies to explore additional mechanisms for incorporating private market investments into retirement accounts. This regulatory environment has provided tailwinds for Empower's platform expansion, which was first announced in May 2025 with the initial wave of manager partnerships. The combination of institutional-quality asset managers, regulatory encouragement, and adviser-directed distribution positions Empower to capture significant market share among employers seeking to modernize retirement plan offerings with alternative asset exposure.
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