Morningstar Teams With Apollo, Franklin Templeton, J.P. Morgan on Public/Private Model Portfolios

Morningstar Wealth is partnering with Apollo, Franklin Templeton, and J.P. Morgan Asset Management to develop a suite of public/private model portfolios aimed at giving financial advisers a single access point to private markets, the company announced Wednesday.

The Morningstar Public/Private Select Series will offer six risk-based portfolios ranging from capital preservation to aggressive growth. Each will hold public market strategies from Franklin Templeton and J.P. Morgan Asset Management alongside private credit and real estate exposure from Apollo and Franklin Templeton, delivered through interval funds. Private market allocations will range from approximately 12% to 20% of each portfolio, depending on risk profile.

Morningstar Wealth said the portfolios will carry no overlay fees and are designed with accessible minimums intended to extend access beyond institutional and ultra-high-net-worth investors. The series will be distributed through wealth and technology platforms; specific platform partners and final pricing have not been announced.

The firm said the portfolio construction draws on Morningstar Investment Management’s asset allocation and manager research capabilities. Morningstar Investment Management, a registered investment adviser, manages approximately $370 billion in assets under management and advisement as of March 31, 2026.

“Morningstar is bringing independent research, disciplined asset allocation, and transparent pricing together in a single framework, so advisers can help navigate complex private markets and democratize access to them for even more investors,” said Kunal Kapoor, chief executive officer of Morningstar.

Jim Zelter, president of Apollo, said the models reflect growing demand for private markets as a core portfolio component rather than a side allocation. Jenny Johnson, chief executive officer of Franklin Templeton, said the partnership is intended to address both access constraints and the challenge of investing for the long term in an environment of persistent inflation and structural uncertainty. George Gatch, CEO of J.P. Morgan Asset Management, said the collaboration is designed to help advisers integrate public and private markets with disciplined oversight as the traditional 60/40 portfolio continues to evolve.

Morningstar Wealth said the series will address common implementation hurdles – including liquidity constraints, valuation timing, and complexity – by packaging private exposure within diversified model allocations and providing clear disclosure of liquidity characteristics.

Additional details on structure, pricing, platform availability, and implementation are expected in the coming months.

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