Manulife John Hancock plans private markets retirement funds

Manulife John Hancock Retirement is partnering with Great Gray Trust Company to develop Lifetime Blend+, a proposed suite of target-date collective investment trusts that would give defined contribution retirement plan participants exposure to private markets.

The funds are expected to allocate up to 20% to private equity, private credit, infrastructure and real estate. The remaining assets would be invested in Manulife John Hancock-affiliated collective investment trusts and stable value products.

The proposed portfolio would draw on Manulife’s real estate and credit capabilities, alongside investments managed by Apollo Global Management, J.P. Morgan Asset Management, StepStone Group and Townsend.

Great Gray is expected to serve as trustee, providing fiduciary oversight and the infrastructure to hold private assets within a daily-valued retirement investment vehicle. The funds would use Manulife Investment Management’s existing target-date framework, which adjusts investment allocations as participants approach and move through retirement.

Lifetime Blend+ remains in development and is subject to final approvals. Availability and final portfolio composition will be confirmed before launch. The funds would be available only through eligible retirement plans, with private-market exposure carrying risks including limited liquidity, valuation complexity and higher fees.

As of September 30, 2026, Manulife John Hancock Retirement serviced more than 56,000 retirement plans covering over 3.3 million participants, with more than $278 billion in assets under management and administration.