Global investment firms Goldman Sachs and Baltimore-based T. Rowe Price announced a collaboration on providing private and public investment services, with Goldman Sachs investing $1 billion in T. Rowe Price stock for a 3.5% stake.

The partnership, announced Thursday, will see both investment companies leveraging their strengths to provide services for private and public market investments.

New services include co-branded target-date strategies using T. Rowe Price’s private investment products and retirement expertise, including jointly created co-branded model portfolios, multi-asset offerings in the private and public market and personal advice solutions and adviser-managed accounts. These services launch in mid-2026.

“This investment and collaboration represent our conviction in a shared legacy of success delivering results for investors,” Goldman Sachs Chairman and CEO David Solomon said. “With Goldman Sachs’ decades of leadership innovating across public and private markets and T. Rowe Price’s expertise in active investing, clients can invest confidently in the new opportunities for retirement savings and wealth creation.”

The partnership has also raised the stock of both Goldman Sachs and T. Rowe Price.

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