Empower Adds Blackstone to Private Market Investment Providers

Core Insights - Empower, the second-largest U.S. retirement plan provider, has added Blackstone to its private markets investment partnership program, aligning with the Trump administration's initiative to broaden private market access for defined contribution plans [1][4] Group 1: Empower's Private Markets Program - Empower launched its private markets investment partnership program in May 2025, offering investments in private equity, private credit, and private real estate through collective investment trusts [3] - The initial partnerships included notable firms such as Apollo Global Management, Goldman Sachs, and PIMCO, with investments accessed through managed accounts rather than traditional 401(k) menus [3] Group 2: Blackstone's Role - Blackstone has established a dedicated business unit for working with defined contribution plan sponsors, enhancing its offerings in private equity, private credit, real estate, and infrastructure products for individual investors [2] - Blackstone's involvement is expected to significantly enhance the investment opportunities available to retirement savers, leveraging its 20 years of experience in private markets [4] Group 3: Market Trends and Interest - A report from Cerulli Associates indicates a growing interest among defined contribution plan sponsors in incorporating private market investment options, with 37% of surveyed sponsors expressing high interest in understanding the benefits and drawbacks [4] - Projections suggest that by 2030, 7% of plan sponsors may allocate to private markets through target-date funds or managed accounts [4]