Blackstone, the world’s largest alternative asset manager, is launching a new business unit aimed at steering more retirement savings into private market investments. The move could reshape how millions of Americans invest for retirement.
On Oct. 15, the New York-based financial services company announced that it was starting a new “Defined Contribution Unit” that will focus on bringing private equity, real estate, and private credit products into 401(k)-style plans through partnerships with financial institutions and retirement plan providers.
The initiative sits within Blackstone’s private wealth division, which manages about $280 billion in assets.
The news was first reported by The Wall Street Journal. Representatives of Blackstone declined to offer The Epoch Times further commentary about the development….