Blue Owl Capital and Voya Financial Enter Strategic Partnership to Bring Private Markets Investments to Defined Contribution Retirement Plans

Rhea-AI Summary

Blue Owl Capital (NYSE: OWL) and Voya Financial (NYSE: VOYA) have announced a strategic partnership to develop private markets investment products for defined contribution retirement plans. Voya, serving over 39,000 U.S. employers with more than $630 billion in defined contribution assets, will collaborate with Blue Owl, which manages $273 billion in assets.

The partnership will initially focus on developing collective investment trusts (CITs) offering access to private markets strategies through Voya's retirement platform and target date solutions. The collaboration aims to expand into other channels, including third-party retirement platforms and target date account providers. Additionally, both companies plan to explore opportunities in the insurance asset management industry.

Positive

• None.

Negative

• Implementation and integration challenges in developing new CIT products
• Regulatory compliance requirements for retirement products may impact rollout timeline
• Competitive pressure in the growing private markets retirement solutions space

Insights

Investment Strategist

Blue Owl's strategic partnership with Voya creates significant growth opportunity by accessing $630B retirement market with private market products.

This partnership represents a substantial market expansion opportunity for Blue Owl Capital. By partnering with Voya, which manages over $630 billion in defined contribution assets across more than 9 million retirement plan participants, Blue Owl gains access to an enormous distribution channel for its private markets investment products.

The strategic significance lies in addressing a critical industry evolution: bringing private market investments into mainstream retirement accounts. Historically, defined contribution plans have been limited primarily to public market investments, creating a disadvantage for retail investors compared to institutional portfolios that typically allocate 15-25% to alternatives.

The initial collaboration will focus on developing collective investment trusts (CITs) – vehicles that combine features of mutual funds with typically lower fee structures. These will be distributed through Voya's retirement platform via advisor-managed accounts and target date solutions. The partners are also planning broader distribution through third-party retirement platforms.

Beyond the retirement channel, the companies plan to explore opportunities in the insurance asset management sector, with Voya potentially engaging Blue Owl for direct lending and investment grade asset-backed finance strategies, while Blue Owl's insurance clients may gain access to Voya's fixed income solutions.

For Blue Owl, which currently manages $273 billion in assets, this partnership creates a pathway to significantly scale its private wealth business beyond its current base of 150,000 investors. The defined contribution market represents one of the largest pools of investable assets in the financial system, making this partnership a potential step-change in Blue Owl's addressable market.

Firms anticipate further collaboration, including investment strategies targeted to the institutional insurance market.

NEW YORK, July 14, 2025 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL), a leading alternative asset manager, and Voya Financial, Inc. ("Voya") (NYSE: VOYA), a leading provider of retirement, investment, and benefit solutions, announced a strategic partnership to develop private markets investment products for defined contribution retirement plans.

Voya serves more than 39,000 U.S. employers and their more than nine million retirement plan participants, who hold over $630 billion in defined contribution assets on Voya's retirement platform. Blue Owl manages over $273 billion in assets and is a global leader in bringing premier private markets solutions to the private wealth channel, serving nearly 150,000 investors globally.

The strategic partnership will offer private markets strategies in vehicles tailored for defined contribution retirement plans, addressing the growing demand for alternative investment solutions within retirement portfolios. The partners will initially focus on the joint development of collective investment trusts ("CITs") that provide access to private markets strategies offered by Blue Owl and Voya. The CITs will be available through advisor-managed accounts on Voya's retirement platform and through target date solutions managed by Voya Investment Management ("Voya IM"). As the markets for these products continue to evolve, Blue Owl and Voya IM will also collaborate to develop retirement-focused private investment solutions available through other channels, including third-party retirement platforms and target date account providers.

This initiative opens the door for retirement plan participants to access a broader range of investment opportunities, supporting individuals in building more resilient portfolios and optimizing their retirement outcomes.

Blue Owl's Co-CEOs Doug Ostrover and Marc Lipschultz said: "Voya's leadership and deep expertise in the retirement market make them an ideal partner as we work together to expand access to private markets. This collaboration with Voya is a natural extension of our mission, laying the foundation for future initiatives within the retirement channel. Since our founding, Blue Owl's investment strategies have focused on income generation and downside protection—objectives that align closely with the needs of retirement plan participants. The retirement landscape is expanding, and we see providing plan participants access to private markets assets as a way to build more resilient investment portfolios and pursue stronger long-term returns." 

"At Voya, we're committed to helping retirement savers and their families build stronger financial futures. That means providing the right investment tools and solutions—including access to private market options—that meet our clients' evolving needs," said Heather Lavallee, CEO of Voya Financial. "Partnering with Blue Owl enables us to expand access to innovative solutions that can help clients better achieve their retirement goals. We're pleased to work alongside Blue Owl in this current effort, as well as future opportunities that leverage their exceptional private markets strategies and our highly complementary Voya IM asset management and distribution expertise, including those in the insurance market."

Sean Connor, Global CEO of Private Wealth at Blue Owl said: "We are excited to partner with Voya to extend Blue Owl's leading private markets capabilities to the defined contribution market, helping plan participants meet their retirement goals. We see tremendous opportunity in enabling retirement plan participants to access private markets in defined contribution accounts by leveraging our significant presence in the private wealth space and Voya's status as a trusted partner and solutions provider to more than nine million participant accounts. Together, we're well-positioned to deliver innovative, outcome-oriented solutions that meet the needs of investors."

"Voya works closely with advisors and consultants to offer tailored solutions for employers. By combining that approach with Blue Owl's capabilities, we're elevating how we support workplace retirement practices," said Jay Kaduson, CEO of Voya's Workplace Solutions, and Matt Toms, CEO of Voya IM. "Together, we're empowering individuals to reach their retirement goals—and this partnership brings us closer to delivering on that mission."

Voya and Blue Owl are also exploring opportunities to collaborate in additional areas, including enhancing their tailored solutions in the insurance asset management industry by leveraging their complementary expertise. Voya intends to engage Blue Owl in its direct lending and investment grade asset-backed finance private credit strategies, while Blue Owl expects to extend to its insurance clients the benefit of Voya's fixed income solutions across public and private investment grade corporate credit.

About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®.
With over $273 billion in assets under management as of March 31, 2025, we invest across three multi-strategy platforms: Credit, Real Assets, and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,200 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 10,000 employees who are focused on achieving Voya's aspirational vision: "Clearing your path to financial confidence and a more fulfilling life." Through products, solutions and technologies, Voya helps its approximately 15.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya's workplace benefits and savings offerings by engaging directly with approximately 11.9 million employees in the U.S. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World's Most Ethical Companies® by Ethisphere; a listed company on the Dow Jones Best-in-Class North America index; and a "Best Place to Work for Disability Inclusion" on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, Instagram, and LinkedIn.

Forward Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Neither Blue Owl nor Voya assume any obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Blue Owl or Voya, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes with respect to Blue Owl include the inability to recognize the anticipated benefits of strategic acquisitions and partnerships; costs related to acquisitions; the inability to maintain the listing of Blue Owl's shares on the New York Stock Exchange; Blue Owl's ability to manage growth; Blue Owl's ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

Important factors, among others, that may affect actual results or outcomes with respect to Voya Financial include (i) global market risks, including general economic conditions, interest rates, inflation, tariffs imposed or threatened by the U.S. or foreign governments; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from Voya's subsidiaries or lending programs; (iii) strategic and business risks, including Voya's ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage its third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on Voya's ability to use deferred tax assets, changes in law, regulation or accounting standards, and its ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") – Trends and Uncertainties" in Voya's Annual Report on Form 10-K for the year ended Dec. 31, 2024, as filed with the SEC on Feb 21, 2025, and in Voya's Quarterly Report on Form 10-Q for the three months ended Mar. 31, 2025, filed with the SEC on May 8, 2025.

Investor Contact
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com

Media Contact
Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com

Voya Contacts

Olivia Valente
External Communications
(203) 528-5284
Olivia.Valente@voya.com

Kris Kagel
External Communications 
(201) 221-6534
kristopher.kagel@voya.com

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SOURCE Blue Owl Capital

FAQ

What is the strategic partnership between Blue Owl Capital (NYSE: OWL) and Voya Financial?

The partnership aims to develop private markets investment products for defined contribution retirement plans, initially focusing on collective investment trusts (CITs) that will be available through Voya's retirement platform serving over 39,000 U.S. employers.

How many assets does Blue Owl Capital manage and how many investors does it serve?

Blue Owl Capital manages over $273 billion in assets and serves nearly 150,000 investors globally.

What is the size of Voya Financial's retirement platform?

Voya Financial serves more than 39,000 U.S. employers and over nine million retirement plan participants, with over $630 billion in defined contribution assets on their platform.

What additional opportunities are Blue Owl and Voya exploring beyond retirement plans?

The companies are exploring collaboration in insurance asset management, including Blue Owl's direct lending and investment grade asset-backed finance private credit strategies, while leveraging Voya's fixed income solutions.

How will this partnership benefit retirement plan participants?

The partnership will provide retirement plan participants access to private markets investments through CITs, potentially enabling more resilient portfolios and stronger long-term returns through broader investment opportunities.