AGM Alts & Wealth Weekly News Roundup | 11.14.25
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
LPs may turn their backs on retail-friendly GPs, early ILPA survey data suggests | Graham Bippart | Buyouts | Results from ILPAās survey suggest that LPs are willing to draw a line in the sand when it comes to investing with private equity managers raising capital from the wealth channel, fearing it could threaten alignment of interests and reduce co-investment opportunities.
iCapitalās Slocock: Issues will happen as alts go down wealth pyramid | John Schaffer | Citywire | iCapitalās Head of International Product Development and Origination Tom Slocock warned that private markets could face more issues as a broader universe of investors enters the space.
The Great Generational Wealth Transfer Is Changing How Family Offices Invest | John Crabb | Institutional Investor | A survey from Bank of America found that younger generations inheriting wealth are increasingly allocating capital to areas such as private equity and real estate.
Macquarie expands wealth team, partners with iCapital | Tania Mitra | Citywire | Macquarie has added to its wealth team, bringing on Christa Demasi, who has joined from Invesco as Head of the US Strategic Relationships Group, Danielle Hickey, who has joined from Invesco as Director of Platform Development for private markets solutions, and Debra Probst, who has joined from PGIM as Global Head of Wealth Channel Marketing. Macquarie also entered into a new partnership with iCapital to distribute its infrastructure solutions to the wealth channel.
Morgan Stanley Adds KKR-Backed Wealth Tech to Speed Up Trades | Allison McNeely | Bloomberg | Morgan Stanley is adopting technology backed by KKR to facilitate transactions from alternative asset managers looking to work with HNWs. Corastone uses blockchain to speed up administrative processing to bring new investors into fund products.
Private Markets-Focused Maybern More Than Triples Valuation With $50 Million Deal | Maria Armental | WSJ | Digital fund administrator Maybern raised $50M from Battery Ventures.
š² Evergreen Funds
BBVA signs distribution deal with Partners Group | John Schaffer | Citywire | Partners Group is collaborating with BBVA Asset Management to launch an evergreen fund, striking a series of similar strategic deals with BlackRock, Deutsche Bank, Generali, Lincoln Financial, and PGIM.
Banca Investis signs Eltif deal with Hamilton Lane | John Schaffer | Citywire | Italian private bank Banca Investis is the latest firm to partner with an alternative asset manager, adding Hamilton Laneās ELTIF to its platform, enabling minimum investments of ā¬5,000.
StepStone Private Wealth Solutions Launches StepStone Private Equity Strategies Fund | StepStone | StepStone launched its latest evergreen investment vehicle, a first-of-its-kind pure-play private equity vehicle available for purchase via ticker, with $750M at inception.
šø Private Equity
AtlĆ©tico de Madrid to Welcome Apollo Sports Capital as Majority Shareholder | Apollo | Newly-formed Apollo Sports Capital will become the Spanish soccer clubās majority shareholder after Atletico de Madrid and its major shareholders ā Miguel Ćngel Gil, Enrique Cerezo, Quantum Pacific Group, and Ares Management funds ā agreed to bring Apollo into the fold.
Permira agrees Ā£2.7bn deal to buy JTC | Ivan Levingston | Financial Times | Permira has agreed to buy UK-listed fund administrator JTC for Ā£2.7B, beating out Warburg Pincus to take the company private. Permiraās purchase of JTC follows previous success investing in fund administrators, having sold Alter Domus to Cinven in a ā¬4.9B deal that saw Permira return over 7x its investment.
KKR sells aerospace supplier Novaria for $2.2B amid defense spending surge | Janelle Bradley | PitchBook | KKR has sold Texas-based aerospace and defense parts provider Novaria to Arcline Investment Management for $2.2B, tripling the value of the business since KKR acquired the company in 2020.
The $590B Californian investor betting big on private equity | Mary McDougall and Sun Yu | Financial Times | CalPERS believes private equity could outperform in the long run. Sceptics question its strategy.
š³ Private Credit
Credit Fueled Most of Alternative Asset Firmsā $257 Billion Haul | Layan Odeh | Bloomberg | Credit strategies drove fundraising flows at many of the biggest alternative asset managers in the third quarter, with six of the large alternative asset managers raising $152B from credit strategies.
Utilities Exploring Private Credit in a Potential First | Josh Saul, Mark Chediak and Paula Seligson | Bloomberg | With US electric companies set to spend over $1.1T over the next five years to support the construction of new infrastructure and rising demand for data centers and electrification, some of the industryās largest power companies are thinking about private credit financing.
UK banks push for easing of capital rules to counter surge in private credit | Martin Arnold | Financial Times | Executives at British banks told the House of Lords financial services regulation committee that onerous capital rules are putting them at a disadvantage versus fast-growing private credit firms.
Hedge Fund Giants Are Muscling Into Red-Hot Private Markets | Nishant Kumar | Bloomberg | Point72ās move into private credit is the latest example of the growing trend of multi-strategy hedge funds adding dedicated private credit funds, which also means these firms are looking to staff up to deal with the operational requirements of illiquid investments.
š Real Estate
Blackstoneās BREIT Unveils DST Platform, Targets UHNW Investors with New Share Classes | Damon Elder | AltsWire | BREIT has launched a Delaware statutory trust platform and introduced new share classes aimed at attracting UHNW and institutional accredited investors.
Invest Clearly Launches Verified Investor Review Platform to Bring Transparency and Trust to Private Real Estate Investing | Business Wire | Invest Clearly, a company dedicated to bringing transparency and accountability to private real estate investing, has launched the first verified investor review platform for private real estate investing that transforms investor feedback into a permanent public record of credibility between LPs and GPs.
š„ Secondaries
LP secondaries soar with influx of first-time sellers | Emily Lai | PitchBook | LP-led secondary deal activity has increased, with many first-time LP sellers according to data from Jefferies, which has found that LP-led secondary deal volume reached $56B in the first half of 2025, representing a 40% increase from H1 2024 and accounting for 54% of the overall secondaries deals in the market.
More creativity needed in impact secondaries to unlock LP commitments | Madeleine Farman | Secondaries Investor | The impact investment secondaries market could unlock $5-15B annually by leveraging creative structures such as NAV loans, preferred equity, and continuation funds.
š ļø Infrastructure
AI power demand fuels PE deals in European energy | Andrea Gaini | PitchBook | PE investment in Europeās energy sector could hit record highs, according to PitchBook data. The sector has hit ā¬38.6B (~$44.7B) in investments across 245 deals, with total investment expected to surpass last yearās figure of ā¬42B.
ACS, BlackRock to seal $27 billion data centre deal, report says | Reuters | Spainās ACS is close to closing a ā¬23B ($26.8B) partnership with BlackRockās Global Infrastructure Partners to develop data centers, with GIP set to take a 50% stake in the ACS Digital & Energy unit.
š„© GP Stakes
Clearlake to Double Assets With Nearly $1 Billion Deal | Miriam Gottfried | WSJ | $95B AUM Clearlake Capital Management has nearly doubled its AUM to over $185B through its acquisition of $95B AUM Pathway, which builds customized portfolios for investors and has a footprint across private equity, private credit, infrastructure, and both primaries and secondaries in each of those respective asset classes.
Tokio Marine to buy majority stake in ACORE Capital | Evelyn Lee | PERE | Tokio Marine has acquired a minority interest in ACORE Capital, a real estate manager, in part due to the rise in demand for real estate credit.
DWS and Nippon Life India Asset Management Plan to Enter into Strategic Collaboration in Alternatives, Passives and Global Distribution | DWS | DWS and Nippon Life India Asset Management have entered into a strategic collaboration, where DWS will take a 40% stake in Nippon Life India Asset Management.
š¬ Private Markets Research
Private Capital Return Barometers | Nizar Tarhuni, Daniel Cook, Zane Carmean, Nathan Schwartz, Miles Ostroff and Drew Sanders | PitchBook | PitchBookās Private Capital Return Barometers provide near real-time, data-driven estimates of US private market fund returns, showing for Q3 2025 that infrastructure is expected to be slightly above its long-term average, natural resources slightly below, and PE, VC, and private debt roughly in line with historical norms.
US VC Valuations and Returns Report | Nizar Tarhuni, Paul Condra, Kyle Stanford, Emily Zheng, Susan Hu, Caleb Wilkins, Drew Sanders, Jenna OāMalley and Josie Doan | PitchBook | Venture capital valuations are rising as liquidity slowly returns and competition for AI deals intensifies, though high prices may pressure future returns and raise bubble concerns.
The KKR news this week is fasinating on both fronts. Tripling the value of Novaria in just five years shows how defense spending is reshaping private equty portfolios. And Morgan Stanley integrating Corastone for HNW clients is a smart move, blockchain tech could really streamlin those administrative bottlenecks in the alts space.