BlackRock and Partners Group have launched a new private-markets investment account aimed at wealthy individuals, marking the first product to emerge from their strategic partnership announced in 2024.

The separately managed account is being distributed through Morgan Stanley’s wealth platform and combines exposure to private equity, private credit, and real assets in a single structure. According to the firms, this is the first US product that allows private-wealth clients to invest across multiple private-asset classes through one account.

Investors can choose between three portfolio options based on risk appetite, ranging from income-oriented to growth-focused strategies. The account allocates capital to seven existing funds managed by BlackRock, its credit arm HPS Investment Partners, and Partners Group.

Fees will be charged on the underlying funds, but not at the account level. Jon Diorio, BlackRock’s head of alternatives for its US wealth business, said the structure offers a “holistic private markets solution for financial advisors to help their clients access the broader opportunity set and achieve better portfolios outcomes.”

The launch reflects a broader shift among private-markets managers towards the wealth channel, as traditional institutional investors such as pensions and endowments moderate new allocations. 

BlackRock has accelerated its private-markets push, including the $12bn acquisition of HPS, while Partners Group manages about $56bn in evergreen private-market vehicles.

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