T. Rowe Price Associates is a Baltimore-based registered investment adviser and subsidiary of T. Rowe Price Group that advises T. Rowe Price strategies, ETFs and mutual funds and makes direct private-company investments through advised funds or accounts. The firm has acted as a lead investor and participates in early- and later-stage venture financings. Its private-company activity spans the United States and United Kingdom across technology, fintech, life sciences, logistics, materials and recycling, minerals, mobility, AI, analytics and infrastructure, making it most relevant for institutional growth or venture-scale financings rather than seed rounds.