Blackstone, Apollo Global Management, and Ares Management are teaming up with retirement adviser OneDigital to expand access to private equity and private credit within US 401(k) plans.

Under the partnership, OneDigital will incorporate private market strategies into professionally managed, adviser-led portfolios overseen by its investment team. Employers advised by OneDigital will then decide whether to offer these allocations to plan participants.

The initiative targets a portion of the roughly $13tn held in US defined-contribution retirement accounts, as alternative asset managers intensify efforts to reach everyday investors. Momentum has accelerated since President Donald Trump signed an executive order last year easing the path for alternative assets in retirement plans.

“We believe retirement plan participants should have access to private market asset classes, which have the potential to drive growth, generate income, and provide long-term stability,” said Raj Dhanda, global head of wealth management at Ares.

The move follows similar partnerships between retirement administrators and private markets firms, including recent collaborations involving Empower and Blackstone.

“For decades, private markets have helped institutions achieve potential enhanced returns, greater diversification, and reduced volatility. Blackstone has spent more than 20 years extending these same benefits to individual investors,” said Heather von Zuben, Global Head of Retirement Solutions at Blackstone.

The push underscores how private equity and private credit managers are increasingly adapting products and structures to tap long-duration retail capital as institutional fundraising becomes more selective.

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