Wellington Management, Vanguard, and Blackstone are launching two new investment funds that combine public and private markets exposure.

The launch is part of the firms’ recently formed strategic alliance, which is aimed at amplifying investor access to professionally managed portfolios that historically have been primarily available to large institutions.

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“WVB Blackstone All Privates Fund” will provide investors with access to Blackstone’s private markets platform, including private equity, private infrastructure, private real estate, and private credit in a single allocation.

The alliance combines the “performance and scale of Blackstone’s private markets platform with the exceptional strengths of Wellington and Vanguard, creating simple and comprehensive access for advisors and their clients to help build long-term wealth,” said Jon Gray, president and chief operating officer of Blackstone.

Meanwhile, “WVB All Markets Fund” is a multi-asset solution for investors who want to simplify the integration of public and private markets. It will integrate Wellington’s expertise in active public equities, Vanguard’s strengths in active fixed income and index strategies, with exposure to Blackstone’s leading perpetual private markets platform.

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Both WVB All Markets Fund and WVB Blackstone All Privates Fund are closed-ended and will be initially available to Merrill and Bank of America Private Bank clients.

“Our clients are increasingly seeking broader access to private markets and for thoughtful ways to implement these strategies over time,” commented Mark Sutterlin, head of alternative investments at Merrill and Bank of America Private Bank. “Our scale and integrated platforms are expanding access to differentiated investment opportunities that can support more resilient long-term portfolios.”

The alliance will explore additional distribution opportunities across the wealth ecosystem over time, as the funds are intended to help advisors support retirement savers, high-net-worth and mass-affluent clients.

“By combining our deep active management and asset allocation capabilities with Vanguard’s scale and expertise in fixed income and indexing and Blackstone’s leadership in private markets, we are delivering thoughtfully constructed solutions designed to meet investors’ evolving needs,” said Jean M. Hynes, chief executive of Wellington Management.