Oct 16, 2025 - Business

Blackstone launches group focused on 401(k) plans

Dan Primack

Illustration of a hand in a black suit pulling back a red curtain to reveal a large golden piggy bank. — Illustration: Lindsey Bailey/Axios

Blackstone has launched a defined contribution business unit, just months after President Trump issued an executive order to encourage 401(k) investment in private equity.

Why it matters: One of private equity's biggest names, and balance sheets, is preparing to capitalize on the industry's controversial expansion into retirement accounts.

Blackstone previously had announced a partnership with Wellington Management and 401(k) giant Vanguard to develop products that blend public and private assets.

Zoom in: The new group will be led by Heather von Zuben, a Goldman Sachs vet who most recently was head of perpetual capital solutions in Blackstone's credit and insurance group.

Its chair will be Tom Nides, the longtime Morgan Stanley exec who was U.S. ambassador to Israel between 2021 and 2023.

The bottom line: Americans hold around $13 trillion in defined-contribution plans, including $9.3 trillion in 401(k) plans.

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Blackstone launches group focused on 401(k) plans

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