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Distribution Management Service


Focused on absolute returns and pursuing client objectives since 1986.

We strive to provide an orderly liquidation of clients' private-equity distributions while pursuing an investment return superior to rapid liquidation. 

30+ Years

History of delivering on client objectives

74,304

Number of distributions

$53.6 B

Total receipts1,2

16.16 Years

Average life span of client relationships

Key Advantages Backed by Expertise

T. Rowe Price has managed over USD 53 billion in private equity receipts since Distribution Management Service's inception over 37 years ago. Our client base includes some of the most sophisticated private equity investors in the institutional community. We have the tenure, experience, and resources to properly manage all aspects of this complex process.

Preferred Economic Proposition

Selling immediately through standing instructions with the distributing broker usually provides suboptimal returns. We aim to achieve distribution price or greater through the analysis, retention, and informed sale of shares

Extensive Research Coverage

Proprietary analysis conducted by T. Rowe Price's global research platform informs the portfolio manager's disposition strategy

Global Trading Platform

Leverages our size, presence, and experience in small- and mid-cap stocks to secure best execution for our clients

Dedicated Operations Team

Manages the complexities associated with private-equity distributions and relieves clients of the administrative burden

One Point of Contact

Clients are supported by firmwide global resources

Straightforward Fee Schedule

One-time fee based on annual contributions (or proceeds of sales), earned independent of holding period

Your Unique Challenges. Our Expert Solutions.

Our Distribution Management Service manages the complexities and administrative burdens associated with private-equity distributions.

Connect With Us

If you have questions, or would like more information, please contact the Distribution Management Service team.

Meet the Portfolio Manager


Jennifer St. Germain

Jennifer St. Germain is the lead portfolio manager of the Distribution Management Service in the U.S. Equity Division. She is a vice president of T. Rowe Price Group, Inc.

Jennifer's investment experience began in 1993, and she has been with T. Rowe Price since 2004, beginning in the U.S. Equity Division. 

Jennifer earned a B.S. in finance from Boston College, Carroll School of Management, and an M.B.A. from Columbia Business School.

1Figures shown in U.S. dollars.

2Assets reported are as of 31 March 2023.

202305-2906116

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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