Key Takeaways
- • Empower adds Blackstone, the world's largest alternative asset manager, to its private markets investment platform, expanding access to private equity, private credit, real estate, and infrastructure strategies for retirement plan participants.
- • Blackstone joins seven previously announced partners (Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard) in Empower's initiative to democratize private market investing across defined contribution plans.
- • The partnership positions Empower to serve millions of American savers previously excluded from private market opportunities, leveraging Blackstone's global scale and alternative-asset leadership through personalized managed account frameworks.
- • Regulatory tailwinds accelerated the initiative: President Trump's August 2025 executive order directed federal agencies to explore expanded pathways for private market inclusion in retirement investing, validating Empower's strategy announced in May 2025.
- • Employers retain implementation control by working with financial advisers to integrate private market collective investment trusts into retirement plan offerings, maintaining fiduciary oversight and risk-appropriate investor structures.
Summary
Empower Annuity Insurance Co. of America has expanded its private markets investment platform by adding Blackstone Inc., the world's largest alternative asset manager, to its roster of fund managers. The partnership marks a significant milestone in Empower's broader initiative to democratize access to private market investments for American retirement savers. Edmund Murphy III, Empower's president and CEO, stated that the firm's goal is to "bring the power of private market investing—delivered through advice and risk appropriate structures—to millions of Americans who previously lacked access," emphasizing that the platform is "built by the world's best asset managers" and that "Blackstone's involvement significantly bolsters the opportunities available to retirement savers."
The Blackstone partnership builds on Empower's May 2025 announcement outlining its private markets strategy for defined contribution plans. At that time, Empower had already secured commitments from seven major asset managers: Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard. Blackstone's addition represents a consolidation of institutional-grade alternative asset management across private equity, private credit, real estate, and infrastructure strategies within a single retirement services ecosystem.
The initiative has benefited from favorable regulatory momentum. President Trump's August 2025 executive order directed federal agencies to explore additional mechanisms for incorporating private market investments into retirement accounts, creating a supportive policy environment for Empower's expansion. 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."
Operationally, Empower's model maintains institutional governance standards. Employers integrating private market collective investment trusts into their retirement plan offerings must work with financial advisers who implement solutions through personalized managed account frameworks. This structure preserves fiduciary control and ensures investments are matched to individual risk tolerances and objectives, distinguishing the approach from direct individual investor access to alternative assets.
The Blackstone partnership builds on Empower's May 2025 announcement outlining its private markets strategy for defined contribution plans. At that time, Empower had already secured commitments from seven major asset managers: Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard. Blackstone's addition represents a consolidation of institutional-grade alternative asset management across private equity, private credit, real estate, and infrastructure strategies within a single retirement services ecosystem.
The initiative has benefited from favorable regulatory momentum. President Trump's August 2025 executive order directed federal agencies to explore additional mechanisms for incorporating private market investments into retirement accounts, creating a supportive policy environment for Empower's expansion. 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."
Operationally, Empower's model maintains institutional governance standards. Employers integrating private market collective investment trusts into their retirement plan offerings must work with financial advisers who implement solutions through personalized managed account frameworks. This structure preserves fiduciary control and ensures investments are matched to individual risk tolerances and objectives, distinguishing the approach from direct individual investor access to alternative assets.
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