Wellington Management, Vanguard, and Blackstone have launched two hybrid funds designed to give advisers simplified access to portfolios that blend public and private markets, extending the firms’ recently formed strategic alliance. The WVB All Markets Fund combines Wellington’s active public equity and Vanguard’s active fixed income and index capabilities with Blackstone’s perpetual private markets platform, while the WVB Blackstone All Privates Fund provides a single allocation to Blackstone’s private equity, infrastructure, real estate, and private credit strategies. The funds are initially available through Bank of America’s Merrill and Private Bank platforms, with plans to broaden distribution to registered investment advisers and other wealth platforms over time. Managers emphasize the goal of helping high-net-worth and mass-affluent clients build more diversified, long-term portfolios by integrating public and private market exposures. The alliance positions Vanguard and Blackstone as key players in scaling access to private markets within a structured, multi-asset framework, while Wellington acts as the investment manager for both funds.