Blackstone, Apollo Global Management, and Ares Management are partnering with retirement adviser OneDigital to introduce private equity and private credit into US 401(k) plans. OneDigital will weave these strategies into its professionally managed portfolios, with employers deciding whether to offer them to participants. The move targets a slice of the roughly $13 trillion in defined-contribution accounts.

This partnership reflects a broader industry shift as alternative asset managers seek retail capital amid tighter institutional fundraising. Momentum increased after a 2023 executive order eased pathways for alternatives in retirement plans. Similar collaborations, like Empower and Blackstone, show firms adapting structures to reach everyday investors seeking diversification and potential long-term returns.

Ares' global wealth head stated participants should access private markets for growth and stability. Blackstone's retirement solutions head noted the firm has spent over 20 years extending institutional benefits to individuals. The push signals how private markets are evolving products to capture long-duration capital from retirement savers, a massive but previously untapped pool.