About T. Rowe Price

• Founded: 1937

• Headquarters: Baltimore, Maryland, United States

• AUM: $1.6 trillion (as of Q3 2024)

• Strategy: Multi-asset global investment manager spanning public equities, fixed income, and alternative strategies

• Leadership: Rob Sharps (CEO and President)

Asset managers T. Rowe Price and Goldman Sachs have launched a multi-strategy private markets interval fund, the latest product from their strategic collaboration announced in September 2024. The interval fund structure provides retail and high-net-worth investors with access to private markets through a vehicle that offers quarterly liquidity at net asset value. The fund combines exposure across private equity, private credit, and real assets, sourced through Goldman Sachs Asset Management's platform.

The interval fund launch extends a pattern of traditional asset managers racing to repackage private markets exposure for wealth channels. Invesco closed a $1.2bn debut private markets interval fund in November 2024, and Franklin Templeton raised $800m for a similar vehicle in early 2025. The Goldman partnership gives T. Rowe Price immediate scale in deal sourcing without building a private markets team from scratch — but also locks them into Goldman's fund selection and fee terms, which could compress economics if the interval fund reaches meaningful AUM.

What matters now is whether T. Rowe Price can move distribution volume through its own wealth relationships or whether the fund ends up competing for shelf space alongside a dozen similar products. Goldman has announced interval fund partnerships with three other managers in the past 18 months, creating potential channel conflict. If T. Rowe Price cannot differentiate on performance or access within two years, the collaboration risks becoming another fee-share arrangement that benefits Goldman's alternatives platform more than the partner's P&L.

Source: Private Debt Investor