The Pension Benefit Guaranty Corporation has selected BlackRock, Goldman Sachs and J.P. Morgan to manage $2.5 billion in private equity and real estate assets.  

“These new strategic partners will do much more than manage assets," said Charles Millard, director. “Our strategic relationships will be long-term in nature, and will add tremendous value for the PBGC going forward.” 

“Institutional investors at the forefront of best practices are adopting the strategic partnership approach to gain access to world-class intellectual resources,” said Laurence  Fink, chairman and CEO of BlackRock.

"The PBGC joins a group of sophisticated investors at the forefront of the institutional investment community with this forward-thinking program," said Gary Cohn, president and co-chief operating officer, The Goldman Sachs Group.

The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in more than 29,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by PBGC's investment returns.