T. Rowe Price and Goldman Sachs launch private markets fund

T. Rowe Price and Goldman Sachs Asset Management have launched an interval fund combining private equity, private credit, real assets and infrastructure. The vehicle marks another step towards bringing institutional-style private markets exposure into wealth and retirement portfolios through a single, professionally managed structure.

T. Rowe Price and Goldman Sachs Asset Management have launched a new interval fund combining exposure to multiple private market strategies, extending a strategic partnership between the two firms aimed at broadening access to alternatives.

The T. Rowe Price Goldman Sachs Private Markets Fund is designed as a single portfolio spanning private equity, private credit, real estate, infrastructure and leveraged loans. T. Rowe Price is responsible for the fund and portfolio allocation, while Goldman Sachs Asset Management contributes its alternatives capabilities and Oak Hill Advisors provides private credit expertise.

The launch is significant because the vehicle is structured around the increasingly important question of how private assets can be incorporated into wealth and retirement portfolios without requiring investors to assemble separate commitments across multiple private funds.

The fund has a $2,500 minimum for its A and D share classes, while the institutional I share class has a $1 million minimum. It offers daily pricing but limited liquidity through quarterly repurchase offers, normally ranging from 5% to 25% of outstanding shares. The structure therefore provides greater accessibility than traditional closed-end private funds while retaining important liquidity constraints.

The underlying allocation is deliberately diversified. Private equity exposure can include buyouts, growth recapitalisations, secondaries and co-investments, while the credit allocation includes directly originated financing. Real estate and infrastructure provide additional exposure to assets whose return profiles are generally less correlated with listed markets.

The move follows a strategic collaboration announced by the firms in 2025, with model portfolios already introduced and further target-date and advice solutions anticipated. T. Rowe Price manages approximately $1.89 trillion in client assets, while Oak Hill Advisors has around $112 billion in AUM.
For institutional allocators, the development illustrates the continuing convergence between traditional asset management and private markets. The more important question may be whether similar multi-asset structures can scale efficiently while managing valuation, liquidity and operational complexity.

Suggested picture: T. Rowe Price and Goldman Sachs Asset Management corporate imagery, ideally featuring representatives from both firms or an institutional private-markets investment setting.