Blackstone has entered a partnership with Empower that will allow the asset‑management firm’s private‑markets strategies to be offered to defined‑contribution plans through collective investment trust structures. The deal gives Empower’s 19 million participants access to Blackstone’s private‑equity, credit, real‑estate and infrastructure funds, creating a new distribution channel for Blackstone’s institutional‑caliber opportunities.
Blackstone’s total assets under management topped $1.2 trillion as of the end of 2025, a level that has grown steadily from $1.0 trillion in 2023. Empower administers assets for more than $2 trillion and serves 19 million investors, making it the second‑largest retirement‑services provider in the United States. By leveraging Empower’s network, Blackstone can bring its private‑markets products to a broader base of individual savers while adding fee‑earning assets to its book.
The partnership is part of Blackstone’s broader strategy to deepen its presence in the retirement‑plan space, a move that has accelerated since the firm launched a dedicated Defined‑Contribution unit in October 2025. Regulatory changes, including an executive order issued in August 2025, have eased restrictions on private‑market investments in 401(k) plans, creating a multi‑trillion‑dollar opportunity for alternative‑asset managers. Empower, for its part, is expanding its platform to offer institutional‑grade private‑markets options to its participants, citing the growing demand for diversification and higher returns in retirement portfolios.
Blackstone will make available a range of its flagship private‑markets funds, including its top‑performing private‑equity vehicle, a leading credit fund, a real‑estate investment trust, and an infrastructure platform. Investments will be structured through collective investment trusts that provide the necessary regulatory compliance for defined‑contribution plans. While the exact fee schedule is not disclosed, Blackstone’s typical private‑markets fee structure—approximately 1.5% of assets under management plus a 20% performance fee—suggests a significant fee‑earning opportunity for both firms.
"Our goal is to bring the power of private‑market investing to millions of Americans who previously lacked access," said Edmund F. Murphy III, President and CEO of Empower. "Blackstone’s involvement significantly bolsters the opportunities available to retirement savers." Jon Gray, President and COO of Blackstone, added, "Partnering with Empower reflects our shared belief that private markets can play an important role in helping more Americans plan for the future and build long‑term financial security."
The deal positions Blackstone to capture a growing share of the retirement‑plan market while reinforcing its status as a leading alternative‑asset manager. For participants, the partnership offers exposure to institutional‑grade private‑markets strategies that were previously limited to institutional investors, potentially enhancing diversification and return prospects in their retirement portfolios.
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