Voya Financial announced on Tuesday an expansion of private asset allocation capabilities within its Advisor Managed Account program, enabling registered investment advisors to allocate private market investments such as private equity, private credit, and private real estate within retirement plan participants' portfolios.

The AMA program, launched in 2021, is designed to allow registered investment advisors to provide personalized, professionally managed portfolios and investment education to retirement plan participants through a consistent user experience. This expansion follows Voya's recent introduction of the Primary Plus non-core investment solution earlier in 2026, which permits third-party registered investment advisory firms to offer clients investment options beyond the plan's core lineup via Voya's managed account program.

Initial investment products available for allocation by advisors include the V-ALT multi-manager collective investment trust from Voya Investment Management, as well as alternative credit and real estate net lease collective investment trusts from Blue Owl. Voya stated it will continuously evaluate and introduce additional managers and investment strategies through its governance process.

Amy Vaillancourt, President of Voya's Retirement business, noted that this solution enables retirement plan sponsors to provide employees with access to private markets through a program that integrates education, professional management, and ongoing account oversight. She pointed out that professionally managed accounts can help participants navigate more complex investment choices with greater confidence, while offering a structured approach to accessing a broader portfolio.

Private markets have historically been accessible primarily to institutional investors due to the unique structures and longer time horizons of the investments. Voya brings over a decade of experience integrating private assets into custom asset allocation portfolios, and this expansion extends that capability to the AMA platform. Voya Financial is a leading provider of retirement, employee benefits, and investment management services, serving more than 18 million customer relationships and managing over $63 billion in defined contribution plan assets as of March 2025.