• Blackstone brings additional global scale and alternative-asset leadership to Empower’s retirement-plan private markets program
• Expanding opportunities to broaden American retirement savers access to the same opportunities available to institutional investors

Empower, a leading provider of retirement and wealth management solutions,¹ today announced that Blackstone, the world’s largest alternative asset manager, has joined its private markets investment partnership program — expanding the range of private market strategies available to millions of American retirement savers.

Empower’s initiative enables defined contribution plans to incorporate private equity, private credit, private infrastructure, and private real-estate exposure via collective investment trust (CIT) structures.

With the addition of Blackstone, Empower is now adding a leading provider of private market investments to its platform. Blackstone is the world’s largest alternative asset manager, with over $1.2 trillion in assets under management. The firm was a first mover in the individual investor space, with a track record of providing private markets solutions to individuals since 2002. Blackstone offers access to institutional-caliber investment opportunities across private equity, real estate, private credit and infrastructure. The firm has a dedicated business unit focused on retirement solutions — underscoring its commitment to bringing private markets access to workplace-savings vehicles.

“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 F. Murphy III, president and CEO of Empower. “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.”

“Partnering with Empower reflects our shared belief that private markets can play an important role in helping more Americans plan for the future and build long-term financial security,” said Blackstone President and COO Jon Gray. “Bringing Blackstone’s leading investment strategies into defined contribution plans enables retirement savers to access the same opportunities previously only available to institutional investors.”

“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, global head of retirement solutions for Blackstone. “By partnering with Empower, we’re enabling participants to access Blackstone’s proven track record of more than 20 years of bringing private markets investing to individuals, as part of a diversified retirement portfolio.”

Strengthening retirement portfolios

Empower enables employers to offer private market CITs within their plan’s investment lineup, provided they partner with an advisor to deliver the solution through an advice-based managed account. Within this managed-account platform, allocations are tailored to each individual’s risk tolerance, time horizon and long-term financial goals.

Empower’s program is designed to give participants the potential benefits associated with private market investing — including diversification and new sources of long-term return — within the guardrails of a structure built for liquidity management and fee efficiency.

With the addition of Blackstone, Empower continues expanding access to asset classes historically reserved for institutional investors and high-net-worth individuals.

“Millions of working Americans deserve the same opportunity to diversify their retirement savings beyond public markets,” said Murphy. “By adding an industry leader like Blackstone, we are further modernizing the retirement system and helping more people prepare for the future.”

About Empower

Recognized as the second-largest retirement services provider in the U.S.¹ by total participants, Empower administers approximately $2 trillion in assets for more than 19 million investors² through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok and Instagram.

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at https://www.blackstone.com/. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

1. Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of Dec. 31, 2024.
2. As of Sept. 30, 2025. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength
   
   of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. Empower Annuity Insurance Company of America is not affiliated with Blackstone. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Retirement, LLC. All rights reserved. WF-5592050-0126 RO-5118123-0126

Learn more:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

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