T. Rowe Price, a global investment management firm and leader in retirement, and Goldman Sachs Asset Management have announced the launch of T. Rowe Price Goldman Sachs Private Markets Fund, a new interval fund offering private markets exposure in a single professionally managed portfolio.
The fund combines T. Rowe Price’s Multi-Asset and Equity investment teams in portfolio construction and late-stage private equity investing, respectively, with GSAM’s global alternatives platform and the institutional private credit expertise of Oak Hill Advisors, T. Rowe Price’s private credit platform. The fund is designed to address barriers that have historically limited individual investor access to private markets, including high investment minimums, high fees, and tax reporting complexity, through lower investment minimums, daily pricing, professional asset management, simplified 1099 tax reporting, and no investor accreditation requirement.
The fund will be managed by a team of T. Rowe Price investment professionals: Vikram Natu, portfolio manager with 13 years of investment experience; Som Priestley, CFA, head of global investment solutions, Americas and portfolio manager with 20 years of investment experience; and David DiPietro, head of private equity and portfolio manager with 39 years of investment experience.
The fund is the latest product resulting from the strategic collaboration announced by Goldman Sachs and T. Rowe Price in September 2025, following the introduction of model portfolios last December, with target date and advice offerings anticipated later this year. Principal portfolio investments span private equity, private credit, private real estate, private infrastructure, and leveraged loans. Share classes include TGPAX and TGPDX, each with a $2,500 initial investment minimum and $100 subsequent investment minimum, and TGPIX, with a $1,000,000 initial investment minimum and no subsequent investment minimum. The fund is structured as an interval fund with quarterly repurchase offers typically covering up to 5% of outstanding shares, and up to 25% in some cases, meaning shares should be viewed as illiquid.
T. Rowe Price manages $1.89 trillion in client assets as of May 31, 2026, about two-thirds of which are retirement-related.
KEY QUOTES:
“T. Rowe Price Goldman Sachs Private Markets Fund delivers institutional-quality private markets exposure in a manner that’s readily accessible for financial advisors and their clients. It addresses the structural obstacles that have historically prevented investors from accessing private markets with a single fund that can serve as a complementary investment allocation in a wealth portfolio.”
Kevin Collins, Head, U.S. Intermediaries, T. Rowe Price
“This is another milestone in implementing our shared commitment to deliver innovative, outcome-oriented private market solutions for diversified wealth portfolios. Collectively, we bring decades of active management and portfolio construction expertise, a track record of innovation, and deep private market sourcing and origination as we focus on delivering strong risk-adjusted investment returns.”
Greg Wilson, Co-Head Americas Third Party Wealth, Global Head of Retirement, Asset & Wealth Management, Goldman Sachs Asset Management
