BlackRock, Partners Group Launch Joint Private Market SMAs
Asset managers BlackRock and Partners Group have launched a multi-asset private-market SMA for private wealth clients. The SMA will invest in multiple alternative asset classes through seven evergreen funds managed by BlackRock, Partners Group and HPS. The product was previously announced in 2024, but was initially planned as a model portfolio.
The SMA, available through the Morgan Stanley wealth platform, will provide individual investors with exposure to private equity, private credit and real assets. It will be focused on both income and growth, and delivered through a single subscription document.
This appears to be the first time two major asset managers have teamed up to offer SMAs with multiple private market investment options.
“This launch transforms the delivery of alternatives from standalone products into a portfolio solution and helps simplify how financial advisors access private markets for their clients,” Jon Diorio, head of alternatives for BlackRock’s U.S. wealth business, said in a statement. “By combining the breadth of BlackRock’s private markets platform, expertise in portfolio construction and SMA capabilities with Partners Group’s deep private markets expertise, we are delivering a powerful, holistic private markets solution for financial advisors to help their clients access the broader opportunity set and achieve better portfolio outcomes.”
“By embedding diversified private markets exposure into a scalable, outcome-oriented SMA structure, we are helping advisors move beyond product selection towards a more holistic portfolio solution that provides access to an increasingly important part of the real economy,” Rob Collins, co-head of private wealth at Partners Group, said in a statement.
Both BlackRock and Partners Group have been expanding their individual suite of private markets products aimed at the private wealth channel over the past few years. BlackRock, for example, has partnered with portfolio management platform Vestmark and online alternative investment platform iCapital to make its public/private model portfolios available through a tax-managed UMA. Partners Group has partnered with PGIM to construct multi-asset model portfolios, including private credit investments, for both individual and institutional clients.
Editor’s note. This story was updated to reflect that the launch is an update of the two firms’ previous announcement rather than a separate product launch.