Blackstone Inc. has partnered with Wellington Management Co. and Vanguard Group to introduce two new closed-end investment funds aimed at giving individual investors access to private assets. This initiative marks Blackstone's strategic move to expand beyond its traditional base of pensions and institutions, targeting a broader retail investor market.
The two funds launched are the WVB All Markets Fund and the WVB Blackstone All Privates Fund. The WVB All Markets Fund is a multi-asset solution integrating Wellington's active public equity capabilities, Vanguard's active fixed income and index strategies, and exposure to Blackstone's perpetual private markets platform. It is designed for investors seeking a single allocation spanning both public and private assets. Meanwhile, the WVB Blackstone All Privates Fund offers direct private market exposure, covering private equity, private infrastructure, private real estate, and private credit within one allocation. Both funds are structured as closed-end funds with liquidity provided through quarterly tender or repurchase offers at net asset value, and they are not listed on any securities exchange.
These funds are the first products to emerge from a strategic alliance announced by the three firms in April 2025. Initially, they are exclusively available to clients of Merrill and Bank of America Private Bank, with plans for broader distribution across the wealth management channel, including the RIA community, over time. The WVB All Markets fund has a gross expense ratio of 3.40% and targets quarterly repurchase offers for approximately 10% of its outstanding shares, while the WVB Blackstone All Privates fund has a gross expense ratio of 2.59% and limits quarterly repurchases to 3% of outstanding shares. Wellington Management serves as the overall portfolio manager for both strategies.
Blackstone, the world's largest alternative asset manager, manages over $1.3 trillion in assets, including global investment strategies across real estate, private equity, credit, infrastructure, and other areas. Wellington Management manages over $1.35 trillion in assets, and Vanguard, founded in 1975, has a 50-year record in active management and index strategies. This collaboration aims to provide sophisticated investment solutions that were historically accessible primarily to large institutions, broadening access for high-net-worth and mass-affluent clients.
