Empower Adds Blackstone to Bolster Private Market Investment Program

The Empower Annuity Insurance Co. of America added Blackstone Inc. to its roster of alternative investment fund managers to bolster its initiative to offer private investments in its defined contribution plans.

“Our goal is to bring the power of private market investing—delivered through advice and risk appropriate structures—to millions of Americans who previously lacked access,” said Edmund Murphy III, Empower’s president and CEO, in a statement. “Our private market investing platform is built by the world’s best asset managers. Blackstone’s involvement significantly bolsters the opportunities available to retirement savers.”

The decision to add the largest alternative investment asset manager, Blackstone, follows Empower’s announcement in May that it would seek to include the investments in its retirement plans. At the time, Empower had already announced deals with Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group and Sagard.

Private market investments have received significant attention since President Donald Trump’s 2024 election victory, culminating in an August 2025 executive order directing federal agencies to explore additional ways to include them in retirement investing.  

“Opening private markets to a broader universe of individual investors is an important evolution in how Americans can benefit from enhanced returns and diversification as they look to build wealth for the future,” said Heather von Zuben, Blackstone’s global head of retirement solutions, in a statement.

Empower currently allows employers to integrate private market collective investment trusts into their retirement plan offerings. According to the firm, to do so, employers are required to work with a financial adviser, who implements the solution through a personalized managed account framework.

The platform customizes investment allocations based on each participant’s specific risk profile, investment timeline and retirement objectives.

As of September 30, 2025, Empower administered approximately $2 trillion in assets for 19 million investors through its retirement plans, advice services, wealth management and investments.