Wellington, Vanguard, and Blackstone launch two public-private funds

Wellington Management, Vanguard, and Blackstone (NYSE: BX) have launched two closed-end funds that combine public and private market investments, initially available to clients of Merrill and Bank of America Private Bank.

The first fund, the WVB All Markets Fund, is a multi-asset product that integrates Wellington's active public equity management, Vanguard's fixed income and index strategies, and exposure to Blackstone's private markets platform. The fund trades under tickers WVBIX, WVBAX, and WVBMX. The second fund, the WVB Blackstone All Privates Fund, offers access to Blackstone's private markets platform across private equity, private infrastructure, private real estate, and private credit in a single allocation.

The funds are the first products to emerge from a strategic alliance the three firms announced in April 2025. Wellington Management serves as the investment manager of both funds. Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, underwriters, or affiliates of the funds.

The funds are designed for high-net-worth and mass-affluent clients. Shares are not listed on any securities exchange, and liquidity is expected to be provided only through quarterly tender or repurchase offers at net asset value. The firms noted there is no guarantee that repurchases will occur or that investors will be able to sell all shares they wish to sell.

Mark Sutterlin, Head of Alternative Investments at Merrill and Bank of America Private Bank, said: "Our clients are increasingly seeking broader access to private markets and for thoughtful ways to implement these strategies over time."

The alliance said it anticipates participation from the registered investment adviser community and plans to explore additional distribution opportunities. The firms also said they are exploring additional product structures for retirement savers and individual investors.

All investing involves risk, including possible loss of principal. Private investments involve a high degree of risk and are intended only for investors capable of evaluating and bearing those risks.

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