Choose your location
United States
English
Austria
Belgium
Denmark
Estonia
Finland
France
Iceland
Ireland
Italy
Latvia
Lithuania
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Private Equity Capabilities
Connected to the core
Supporting companies and our clients through our network of relationships, integrated research, and a reputation as an experienced late-stage investor.
At a glance
US $24.7B
Total invested in private companies*
297
Total private company investments*
18
Years investing in private companies1
We seek to deliver better private equity outcomes
We identify, assess, and actively contribute to the growth of next-generation companies.
Nurtured networks uncover investment opportunities
As one of the most active, prominent managers of small- and mid-cap equities in the world, we have built connections with institutions, corporations, and thought leaders that put our team at the forefront of emerging investment opportunities.
Panoramic insights enrich company evaluations
By fully integrating our global research teams, we can draw on specialized investment professionals to stay connected, strengthening our understanding of both public and private markets and advancing our ability to assess companies with true growth potential.
Credible capital has made us a valuable partner
For nearly two decades, clients have counted on us to be stewards of their private equity investments, while company leaders have sought our connection to capital and ongoing guidance to help them scale and succeed.
Partnering with companies to maximize their chance of success
See how we’ve sought to help companies, and ultimately our clients, succeed.
Case Study
DoorDash
Case Study
Redwood Materials
Our insights on issues shaping the private equity market
Jul 2025
From the Field
Article
Finding opportunities in private markets
Why we believe late-stage/growth equity is particularly compelling.
2025 Global Market Outlook
Investing during transition
The world is undergoing transition at a pace and scale rarely seen before. Although this may seem daunting, we believe it will bring with it an opportunity set of a breadth and richness not seen since the aftermath of the global financial crisis.
Nov 2024
On the Horizon
Article
Weaker growth and lower rates set to open up private markets
Shifting conditions should create new opportunities in private credit and private...
Our seasoned experts provide differentiated private company investment capabilities to clients
David DiPietro is the head of the Private Equity team. The team serves as a single point of accountability and coordination of all private equity investments. David is a vice president of T. Rowe Price Group, Inc.
Emma Norchet is the lead private technology investor on the Centralized Private Equity team in the U.S. Equity Division. She is a vice president of T. Rowe Price Investment Management, Inc.
We’ve helped some of the world’s most prominent companies grow
This is just a sample of our active and exited investments.
Leverage our broader equity expertise
Discover equity products that can complement your private equity goals
See how our “always on” approach helps our clients thrive in an ever-changing world.
Explore all of our investment capabilities
Learn more about our investment capabilities designed to meet a full range of client needs.
Important Information
*Data as of September 30, 2025 unless otherwise stated.
Data include all commingled funds and separate accounts that contain privates–comprising all privates advised by T. Rowe Price Associates, Inc. (TRPA), and T. Rowe Price Investment Management, Inc. (TRPIM).
1Data shown represent an aggregate of T. Rowe Price private equity investments experience from May 2007 to September 2025. The investments were managed and held within various non-private equity T. Rowe Price investment vehicles. Information shown is intended to reflect on the firm’s long‐standing experience in the private equity space and does not reflect the management in a discrete private equity portfolio.
The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by these trademarks.
This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature. Prospective investors are recommended to seek independent legal, financial, and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. All investments are subject to risk.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation, or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction. Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from
T. Rowe Price.
The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.
USA - Issued in the USA by T. Rowe Price Associates, Inc., 1307 Point Street, Baltimore, MD, 21231, which is regulated by the U.S. Securities and Exchange Commission. For Institutional Investors only.
© 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.
202412-4114567