Wellington, Vanguard and Blackstone launch public-private market funds

Wellington Management, Vanguard, and Blackstone have launched two new closed-end investment funds designed to give eligible investors simplified access to portfolios that combine public and private markets.

They are the first products to emerge from the strategic alliance the three firms announced in April 2025 and the funds are available at launch exclusively through Merrill and Bank of America Private Bank.

The alliance said it anticipates broader participation from the registered investment advisor (RIA) community and plans to explore additional distribution channels across the wealth ecosystem over time.

The WVB All Markets Fund is a multi-asset solution that integrates 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 who want a single allocation spanning both public and private assets without managing multiple sleeves.

Meanwhile, the WVB Blackstone All Privates Fund, provides a single access point to Blackstone's private markets platform covering private equity, private infrastructure, private real estate, and private credit within one allocation. It is aimed at investors seeking direct private markets exposure through a professionally managed structure.

Both funds are closed-end structures without a secondary trading market. Liquidity is expected to be provided only through quarterly tender or repurchase offers at net asset value, and the funds are not listed on any securities exchange.

Wellington Management serves as investment manager of both funds. Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, underwriters, or affiliates of the funds.

"By combining our deep active management and asset allocation capabilities with Vanguard's scale and expertise in fixed income and indexing and Blackstone's leadership in private markets, we are delivering thoughtfully constructed solutions designed to meet investors' evolving needs," said Jean M. Hynes, chief executive officer and managing partner of Wellington Management.

Combined century of scale

The alliance draws on the distinct strengths of three of the investment management industry's most recognized names.

Wellington Management, a Boston-based private partnership, manages more than $1.35 trillion in assets as of April 30, 2026, across pensions, endowments, insurers, family offices, and global wealth managers. Vanguard, founded in 1975 and headquartered in Valley Forge, Pennsylvania, has a 50-year record in active management and index strategies. Blackstone, based in New York, is the world's largest alternative asset manager with more than $1.3 trillion in assets under management across real estate, private equity, credit, infrastructure, and other strategies, according to the firm.

Mark Sutterlin, head of alternative investments at Merrill and Bank of America Private Bank, said clients are "increasingly seeking broader access to private markets and for thoughtful ways to implement these strategies over time."

The three firms said they are actively exploring additional product structures to support retirement savers, financial advisors, and individual investors, signaling that the July 2026 launch is the beginning rather than the end of the alliance's product roadmap.