BlackRock and Partners Group have launched a multi-alternatives separately managed account designed to make private markets easier for financial advisors to implement at scale. Announced January 29, 2026, the new offering packages diversified private market exposure into a single account structure intended to support outcome-oriented portfolio construction for wealth clients.
The solution comprises three outcome-aligned SMA strategies: an income-focused, a balanced, and a growth strategy. Each is designed to help advisors align private markets allocations to client objectives while reducing operational friction through a single subscription process.
The strategies provide diversified exposure across private equity, private credit, and real assets through seven underlying evergreen private market funds managed by BlackRock, HPS, and Partners Group. The SMAs are available on the Morgan Stanley wealth platform.
BlackRock positioned the launch as a shift in how alternatives are delivered to advisors, moving from standalone product selection toward a portfolio solution that supports holistic construction. Partners Group framed the structure as a scalable way to embed diversified private markets exposure for wealth clients seeking access to a broader opportunity set.
The firms linked the product to structural trends reshaping advisor portfolios, including longer private-market hold times and rising concentration in public markets. They also pointed to reduced bank participation in credit markets and the growing economic importance of private companies as drivers of demand for more deliberate integration of private markets alongside public investments.
BlackRock cited historical analysis indicating that diversified portfolios deliberately integrating private markets have shown the potential to improve portfolio efficiency, delivering about 100 basis points of incremental return annually at comparable risk levels, based on data from March 31, 2015 to March 31, 2025 (BlackRock, Morningstar, and Preqin).
The announcement also highlighted the increasing concentration of household wealth among affluent segments, noting that roughly 54% of household financial assets, or about $49 trillion, are concentrated among high net worth and ultra-high-net-worth families, up from 27% a decade ago (Cerulli, “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2025 and 2024”).
Despite rising interest, BlackRock said advisor adoption has lagged relative to perceived need. The company cited survey results showing more than half of advisors now invest in private markets, but average allocations remain around 7%. Advisors also reported implementation complexity and confidence gaps, with 68% of respondents indicating they need additional education on portfolio construction involving private assets.
The new SMAs build on BlackRock’s longer-running SMA platform and broader wealth alternatives push. BlackRock said it has more than 40 years of SMA experience and oversees over $250 billion in AUM across its SMA platform. Partners Group noted it manages approximately $185 billion in assets globally and has 25 years of leadership in evergreen private markets funds since launching its first evergreen product in 2001.
KEY QUOTES
“This launch transforms the delivery of alternatives from standalone products into a portfolio solution and helps simplify how financial advisors access private markets for their clients. By combining the breadth of BlackRock’s private markets platform, expertise in portfolio construction and SMA capabilities with Partners Group’s deep private markets expertise, we are delivering a powerful, holistic private markets solution for financial advisors to help their clients access the broader opportunity set and achieve better portfolios outcomes.”
Jon Diorio, Head of Alternatives for BlackRock’s U.S. Wealth Business
“This solution represents a transformational step forward in how private markets are delivered to the wealth channel. By embedding diversified private markets exposure into a scalable, outcome-oriented SMA structure, we are helping advisors move beyond product selection towards a more holistic portfolio solution that provides access to an increasingly important part of the real economy. We are enormously proud to partner with BlackRock and our advisor clients on this groundbreaking launch.”
Rob Collins, Co-Head of Private Wealth at Partners Group
