T. Rowe Price, Goldman Sachs Open Private Markets Fund to Nonaccredited Investors
T. Rowe Price and Goldman Sachs Asset Management, or GSAM, have launched an interval fund that gives individual investors access to private equity, private credit, private real estate, and infrastructure in a single portfolio for a $2,500 minimum investment, the companies said in a joint statement.
The T. Rowe Price Goldman Sachs Private Markets Fund carries a $2,500 initial investment minimum for its Class A and Class D shares, daily pricing, simplified 1099 tax reporting, and no investor accreditation requirement, features the firms said lower traditional barriers to private markets access. The I share class carries a $1 million initial minimum.
Kevin Collins, head of U.S. Intermediaries at T. Rowe Price, said the fund “delivers institutional-quality private markets exposure in a manner that’s readily accessible for financial advisers and their clients,” addressing structural obstacles that have kept investors out of private markets.
The fund splits management responsibilities between the two firms: GSAM’s global alternatives platform handles allocations to private equity, private infrastructure, and private real estate, while T. Rowe Price’s Multi-Asset and Equity teams oversee portfolio construction and late-stage private equity investing, and Oak Hill Advisors , T. Rowe Price’s private credit platform, manages the private credit sleeve.
T. Rowe Price Associates Inc. is the fund’s investment adviser; Goldman Sachs is not a sponsor, adviser, sub-adviser, or affiliate of the fund.
Greg Wilson, co-head of Americas Third Party Wealth and global head of retirement for Asset & Wealth Management at GSAM, said the launch reflects the firms’ “shared commitment to deliver innovative, outcome-oriented private market solutions for diversified wealth portfolios.”
Three T. Rowe Price portfolio managers will run the fund: Vikram Natu, who has 13 years of investment experience; Som Priestley, head of global investment solutions for the Americas, with 20 years of experience; and David DiPietro, head of private equity, with 39 years of experience.
Like other interval funds, liquidity is limited to quarterly repurchase offers, typically for 5% of outstanding shares at net asset value but potentially as much as 25%. The companies said shares should be viewed as illiquid, since shareholders aren’t guaranteed they can redeem the full amount they request.
The launch is the latest step in the strategic alliance Goldman Sachs and T. Rowe Price announced in September 2025, under which Goldman Sachs said it intended to purchase up to $1 billion of T. Rowe Price common stock. That alliance has already produced co-branded model portfolios introduced in December 2025 and the T. Rowe Price OHA Flexible Credit Income Fund, a multi-strategy credit interval fund launched in March. The companies said target-date and advice offerings are expected later this year.
T. Rowe Price appointed Bill Cashel as head of alternatives for U.S. wealth in April. He is responsible for delivering the combined alternative and private market capabilities of T. Rowe Price and Oak Hill Advisors, which the firm acquired in 2021.
T. Rowe Price managed $1.89 trillion in client assets as of June 30, according to the company. GSAM oversees approximately $4 trillion in assets under supervision as of the same date. OHA had approximately $112 billion in assets under management as of March 31.
Visit the AltsWire directory page.
