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SEI, a fintech and management accounts provider, is partnering with global alternative asset manager Carlyle to expand access to private market investments across wealth and retirement channels.
The collaboration will include the development of new joint products, among them model portfolios. SEI and Carlyle will also partner to provide private-market strategies for the defined contribution market.
“One of the most common questions we hear from clients is how to allocate to private markets,” said Michael Lane, head of asset management at SEI, in a statement. “Our objective with Carlyle is to help simplify that decision by providing more streamlined access to a broader range of strategies.
Last March, SEI launched a new alternative investment marketplace as part of SEI Access. The tool provides research on strategies and funds, and subscription processing functionality. The firm has also long served as an asset manager for defined contribution plans.
As the Trump administration continues its push to include private markets as an option in DC plans, plan administrators have shown strong interest in alternative investments. A 2025 survey by research firm Cerulli Associations found that 37% of retirement plan sponsors said they were very interested in learning how to incorporate private market assets through target-date funds or managed accounts.
Meanwhile, Carlyle has been working on a partnership with State Street Corp. that would combine public and private market investments for individual investors. It has also worked with the alternative investment platform CAIS to bring private-market models to its marketplace, including strategies focused on private equity and private credit.
“This partnership reflects the increasing role of private markets across the wealth and retirement landscape,” said Jeff Nedelman, co-president and global head of client business at Carlyle, in a statement.
“SEI brings a deep understanding of this ecosystem, and we look forward to continuing our work together to support greater participation in private markets for individual investors.”
Alternative asset managers, traditional asset managers, fintech firms and management account providers have been increasingly partnering to bring private-market strategies to individual investors. These have ranged from evergreen funds, SMAs and model portfolios combining public and private market exposure on the private wealth side to CITs and target-date funds on the retirement side.
For example, in January, BlackRock and the Partners Group launched an SMA investing in multiple private asset classes through evergreen funds. In February, Bitwise launched model portfolios focusing on crypto ETFs. Other high-profile partnerships have included Blackstone, Vanguard Group and Wellington Management Co. teaming up on funds that would combine public equities and bonds with private-market exposure and KKR and the Capital Group working on public-private fixed-income investment products.
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