Wellington, Vanguard, and Blackstone to Collaborate on Investment Solutions Combining Public and Private Assets

Wellington Management ("Wellington"), Vanguard, and Blackstone (NYSE:BX) today announced a strategic alliance to transform how investors access institutional-caliber investment opportunities. The three firms will collaborate on developing simplified multi-asset investment solutions that seamlessly integrate public and private markets as well as active and index strategies.

The collaboration seeks to broaden access to sophisticated multi-asset portfolios ordinarily available to the largest global institutions. The new initiative, which is the first of its kind for the firms, brings together three world-class organizations drawing on their respective strengths:

• Wellington's nearly 100-year track record of active management and sophisticated asset allocation expertise;
• Vanguard's 50-year track record of delivering high-performing actively managed strategies and index funds at low cost to investors; and
• Blackstone's 40-year track record of cycle-tested performance and leadership position as the world's largest alternative asset manager and number one provider of private markets solutions for individuals.

With this collaboration, the firms seek to address one of the most important long-term challenges facing investors and the asset and wealth management industry – building fully diversified portfolios that incorporate private assets and pursue higher returns. The firms aim to develop solutions that can support financial advisors' efforts to meet their clients' income and growth goals.

Solution details are expected to be announced in the coming months.

Jean M. Hynes, CEO of Wellington Management, said:

"Vanguard and Wellington have worked closely together for 50 years and have long admired Blackstone's capabilities. We believe the unique combination of our investment expertise and well-respected brands will enable us to provide investors with comprehensive asset class exposure in easy-to-access investment solutions. We look forward to expanding these collaborative efforts over time to address evolving investor needs."

Greg Davis, President and CIO of Vanguard, said:

"Vanguard's expertise in both active and index strategies has helped our clients achieve investment success for five decades. Vanguard's world-class active fixed income team combines top-down market and economic insights with bottom-up, research-driven security selection to consistently generate alpha. And Vanguard is an industry pioneer with extensive expertise in offering low-cost index funds. Through this unique collaboration with Wellington and Blackstone, we're once again helping clients achieve investment success and changing the way investors access public and private markets."

Jon Gray, President and COO of Blackstone, said:

"Blackstone has been a pioneer in revolutionizing how individual investors access private markets and today we're proud to join forces with Wellington and Vanguard, two of the world's leading asset managers, to further expand the benefits of private markets. This initiative builds on our proven track record of making institutional-quality investing available to individuals, with the power of Blackstone's scale and expertise across asset classes."

About Wellington Management

Wellington Management is one of the world's largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.3 trillion, as of 31 December 2024, for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. Wellington aspires to provide excellent service to clients through a unique combination of independence enabled by its distinctive private partnership model, diverse perspectives through its unified, multi-asset investment platform, and relentless curiosity and intellectual rigor fostered by its enduring collaborative culture. For more information, visit wellington.com.

About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe - directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

About Blackstone

Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Inc.'s current views with respect to, among other things, its operations and the potential for the development of, and the ability to develop, any investment solutions, as part of the strategic alliance referred to herein. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads," "forecast," "possible" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Inc. believe these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in its periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone Inc.'s periodic filings. The forward-looking statements speak only as of the date of this report, and Blackstone Inc. undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Past results do not predict future returns. This content is published by Wellington Management Company LLP. ©2025 Wellington Management Company LLP. All rights reserved.

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