Major financial firms partner on public/private model portfolios

By Wed, Jul 1, 2026

The partnership combines Morningstar Wealth’s research and asset allocation expertise, public market strategies from Franklin Templeton and J.P. Morgan Asset Management, and private market strategies from Apollo and Franklin Templeton.

Morningstar’s Morningstar Wealth division is partnering with Apollo Global Management, Franklin Templeton and J.P. Morgan Asset Management to create research-backed model portfolios that combine both private and public market assets for retail investors and their advisors.

“Morningstar Public/Private Select Series” will combine:

  • Morningstar Wealth’s asset allocation, manager research, and due diligence capabilities
  • Public market strategies from Franklin Templeton and J.P. Morgan Asset Management
  • Private market strategies (including private credit and real estate) from Apollo and Franklin Templeton

Morningstar Wealth is a group within Morningstar Investment Management LLC, a registered investment adviser, which offers advisors investment strategies such as model portfolios and separately managed accounts (SMAs). The group has $370 billion in assets under management.

The portfolios will be constructed with ETFs and interval funds to make private markets usable in individual investor portfolios, offering:

  • Six risk-based portfolios, ranging from capital preservation to aggressive growth
  • Public and private exposures integrated into a single asset allocation
  • Transparent, competitive pricing, including no overlay fees
  • Accessible minimums, expanding access beyond traditional institutional investors

“By packaging private market exposure within a diversified model, Morningstar Wealth aims to remove the burden of sourcing, sizing, and managing liquidity, allowing advisors to focus on client needs rather than portfolio construction,” a Morningstar release said.

“The initial models will include exposure to private credit and real estate through interval funds ranging approximately between 12–20% of the models’ allocation, depending on risk profile and current market opportunity.”

Private markets have historically been limited to institutional investors and ultra-high-net-worth individuals. At the same time, industry demand continues to grow, with advisors increasingly seeking to incorporate private markets into mainstream portfolios.