Goldman Sachs and T. Rowe Price Open Private-Markets Fund to All Investors

Full analysis

Goldman Sachs and T. Rowe Price are launching the T. Rowe Price Goldman Sachs Private Markets Fund, an interval fund open to any investor — no accreditation required — with a minimum investment of $2,500. The fund will spread money across private equity, private infrastructure, real estate, private credit, and late-stage venture capital, asset classes that were previously available only to institutions or wealthy accredited investors.

Readers should understand a critical limitation before considering this product: the fund should be treated as illiquid. While it offers "periodic liquidity opportunities" — meaning a chance to redeem shares at set intervals — those redemptions are capped at roughly 5% of outstanding shares at any one time, up to 25% of shares over time. The fund's launch comes as similar "semi-liquid" private-credit products have recently restricted withdrawals after heavy redemption requests, and the industry has quietly dropped language suggesting easy exit options. Anyone putting retirement savings into this fund should expect their money to be locked up for an extended and uncertain period.