BlackRock and Swiss private‑markets specialist Partners Group launched a new multi‑alternatives separately managed account (SMA) that bundles private equity, private credit and real assets into a single subscription product. The SMA offers three outcome‑aligned strategies – income‑focused, balanced and growth – and is managed by BlackRock, HPS and Partners Group through seven underlying evergreen private‑market funds.
The product is available on the Morgan Stanley wealth platform and is designed to simplify access for wealth‑management advisors and their clients. By providing a single, scalable solution that spans multiple alternative asset classes, the SMA addresses the fragmentation that has historically limited private‑markets exposure in the wealth channel.
BlackRock’s experience in SMAs – more than four decades and over $250 billion in assets – and Partners Group’s 25‑year track record in evergreen private‑market vehicles – with $185 billion in AUM – give the SMA a strong foundation. The partnership builds on a prior collaboration in 2025 that produced a model portfolio featuring private equity, private credit and real asset options.
The launch reflects BlackRock’s strategy to deepen its private‑markets platform and expand distribution through its wealth‑management ecosystem. The SMA offers advisors a diversified, outcome‑driven investment vehicle that can help clients achieve better portfolio outcomes while reducing operational friction.
Jon Diorio, Head of Alternatives for BlackRock’s U.S. Wealth Business, said the solution transforms the delivery of alternatives from standalone products into a portfolio solution and helps advisors access private markets more easily. Rob Collins, Co‑Head of Private Wealth at Partners Group, added that embedding diversified private‑markets exposure into a scalable, outcome‑oriented SMA structure enables advisors to move beyond product selection toward a holistic portfolio solution.
The product launch positions BlackRock to capture a larger share of the growing alternative‑assets market and signals the firm’s commitment to providing advisors with innovative, diversified solutions that meet the evolving needs of high‑net‑worth clients.
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