Active managers are under pressure as money keeps flowing out of stock pickers and into index funds, yet investor interest in higher fee areas like ETFs and alternatives is growing. That combination of strain and new demand is reshaping how US asset managers that touch private markets are valued. This article looks at three US Alternatives Focused Asset Managers from our screener that appear most exposed to the latest T Rowe Price headlines.

The stocks highlighted below are just a starting sample, and the full screen surfaced 9 more US alternatives focused asset managers with equally compelling narratives that are not covered in this article. To identify and analyze the highest conviction ideas in this theme, head straight to the US Alternatives-Focused Asset Managers screener.

Voya Financial (VOYA)

Overview: Voya Financial is a New York based retirement, investment management and employee benefits provider that helps employers and individuals run workplace savings plans, manage wealth and access insurance coverage such as life, disability and medical related products. Through its retirement platforms, advisory services and investment products, Voya Financial aims to support long term financial well being for millions of participants across corporate, education, healthcare, non profit and government sectors.

Operations: Voya Financial generates most of its revenue from Retirement at about US$3.4b and Employee Benefits at about US$3.4b, with Investment Management contributing about US$1.3b and Corporate US$142m, almost entirely from the United States at about US$8.2b.

Market Cap: US$9.0b

Investors looking at Voya Financial today are getting a large retirement and benefits platform that sits at the intersection of long term savings, private markets access and workplace benefits. The company is using partnerships and acquisitions such as OneAmerica to build scale, while also expanding into private and alternative assets within its advisory and managed account offerings, which ties directly into rising demand for higher fee solutions. At the same time, investors need to weigh factors such as fee pressure, medical cost variability in the benefits business, higher leverage and ongoing activist pressure that could lead to changes in the board or overall strategy. For those seeking exposure to shifting dynamics in retirement and alternative investments, Voya Financial is a company that may warrant closer attention.

Voya Financial sits where long term savings, workplace benefits and private markets access are starting to blur, yet the real story lies in how its business mix compares on quality and risk. Get the fuller picture with the 5 key rewards and 1 important warning sign

Build your own retirement and alternatives shortlist

Voya Financial and the two other US alternatives focused asset managers in this article all surfaced from a single Simply Wall St screener, but the real edge is in building your own. Use our flexible Screener to mix filters across valuation, growth, balance sheet strength and risks, or tap into our ready made Investing Ideas for curated starting points.

TPG (TPG)

Overview: TPG is a global alternative asset manager based in Fort Worth that runs private equity, real estate, private credit and other pooled investment vehicles for institutions and wealth clients, while also providing advisory, capital raising and structuring services. It also invests its own capital alongside clients across its funds, giving it direct exposure to the same private market opportunities it sources and manages.

Operations: TPG currently generates about US$4.6b of revenue from its brokerage activities.

Market Cap: US$19.6b

TPG sits in the slipstream of the shift away from traditional active mutual funds toward alternatives and higher fee private markets. The company has been growing assets under management, expanding fee related revenue and building products like T-POP and TCAP for the private wealth channel, which aligns closely with rising interest in private equity and credit among advisers and high net worth investors. At the same time, you need to weigh risks such as a relatively high P/E, expectations for strong earnings growth despite forecast revenue decline, fundraising that can ebb and flow, and the complexity of acquisitions and new strategies in areas like AI infrastructure. The key consideration is whether TPG's scale, fundraising momentum and multi year wealth push justify those risks.

TPG’s push into private wealth and AI infrastructure is turning heads, yet many investors still treat it like a plain vanilla manager. Get the full story in the analysis report for TPG

Blue Owl Capital (OWL)

Overview: Blue Owl Capital is a New York based alternative asset manager that provides permanent capital and private financing solutions, including direct lending, alternative credit and real estate products, to middle market companies, large alternative managers and corporate real estate owners and tenants.

Operations: Blue Owl Capital generates about US$3.0b in revenue from asset management services to clients, almost entirely from the United States.

Market Cap: US$19.1b

Blue Owl Capital is positioned within the ongoing shift away from traditional stock picking and toward private credit, real assets and interval style funds that investors increasingly use for income. Management highlights institutional interest and growing wealth channel demand, with products that have quarterly redemption features still seeing gross inflows running many times higher than outflows. This coincides with a high current dividend yield and ambitious earnings growth expectations, but also a very high P/E, significant use of debt and a recent one off loss that affects the headline numbers. For investors seeking exposure to private markets growth while remaining mindful of valuation, funding and payout risks, Blue Owl Capital may warrant closer consideration.

Blue Owl Capital’s push into private credit and income products is accelerating, yet the real story sits in its earnings path and payout capacity. Weave those threads together with the analyst forecasts for Blue Owl Capital that may reveal what the headline numbers are not saying yet.

Seeking Alternatives Before Everyone Else?

Fresh ideas do not stay under the radar for long. Potential breakouts gain momentum fast, while interest can drop just as quickly. Scan these curated lists and get in early.

• Spot companies aiming to turn strong balance sheets into future momentum by running a quick pass over the list of solid balance sheet and fundamentals (49 results).
• Ride income trends with businesses that aim to keep cash returns flying while price volatility catches others off guard by checking the 11 dividend fortresses.
• Get ahead of infrastructure shifts that could reshape power demand by reviewing the curated 36 power grid technology and infrastructure stocks before this theme moves out of early stage pricing.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.