AGM Alts & Wealth Weekly News Roundup | 11.7.25
The news of the week in private markets and wealth management
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AGM News Roundup
đŚ Wealth Management
Wealthspire combines with Madison Dearborn-owned wealth assets to form $580bn mega-RIA | Andrew Foerch | Citywire | Wealthspire has merged and integrated with retirement plan manager Fiducient Advisors, Newport Private Wealth, NFP Retirement division Wealthspire Retirement Advisory, and business management firm Ground Control.
Schwab Agrees to Buy Private Share Platform for $660 Million | Paige Smith | Bloomberg | Schwabâs first acquisition under CEO Rick Wurster is its acquisition of Forge, a marketplace for buying and selling shares of private companies. Schwab will acquire Forge for $660M, taking Forge private at $45 per share, a 72% increase over the closing price on Wednesday.
Barclays survey finds Millennials most bullish on private markets | Ruan Jooste | Citywire | A Barclays Private Bank report, the Private Markets Annual Report, found that 79% of HNW investors aim to grow their allocations to private markets investments, with 82% of Millennials looking to increase their exposure to private markets.
âChicken and eggâ: Lack of platform adoption is a major roadblock for LTAFs | John Schaffer | Citywire | In the UK, adoption of private markets funds, particularly LTAFs, by wealth management platforms is reportedly going slower than expected, in part due to platformsâ challenges with being able to support new fund structures.
đ˛ Evergreen Funds
Apollo CEO says daily NAVs needed to win over traditional managers | Selin Bucak | Citywire | Apollo CEO Marc Rowan said in the firmâs Q3 earnings call that increased transparency and providing daily net asset value reporting will be key to winning capital flows from traditional asset managers.
Goldmanâs Nachmann warns of âdeployment pressureâ from explosion of evergreen funds | Leslie Picker | CNBC | Goldman Sachsâ Global Head of Asset & Wealth Management Marc Nachmann said thereâs risk to the rise of evergreens: âOne of the concerns is, are you feeling too much pressure from the flow in the evergreen fund, and are you ending up doing deals that are not as good of a return.â
Morningstar unveils private market indices | Eva Thomas | Citywire | Morningstar launched a suite of private markets indices, the Morningstar PitchBook US Evergreen Fund Indexes.
Private equity investor body sounds alarm over rush of retail money | Alexandra Heal | Financial Times | Institutional Limited Partners Association, an industry organization, noted in a report the potential risks to institutional investors about the flow of capital coming from the private wealth channel.
đ¸ Private Equity
Apollo exec discusses partnership plans with traditional managers | Tania Mitra | Citywire | Apollo CEO Marc Rowan said this week that deals and partnerships between traditional and alternative asset managers will âallow our industry to reach clients that we would never on our own reachâ and Apolloâs Head of New Markets division Neil Mehta discusses the firmâs approach to partnerships.
Private capital zombie firms will pile up in next decade, says EQT chief | Alexandra Heal | Financial Times | EQT CEO Per Franzen wonders how many private capital firms will have successful fundraising efforts in the next five to ten years, leading to what Franzen sees as âthe number of zombie funds [could] increase by an additional couple of thousand.â Franzen also noted that he doesnât see continuation vehicles as a long-term solution for the industry.
Hamilton Lane to Manage Guardian Lifeâs $5 Billion PE Portfolio | Alexandre Rajbhandari | Bloomberg | Hamilton Lane will manage Guardian Life Insuranceâs $5B buyout portfolio as part of a long-term agreement that includes Guardian committing $250M in seed capital for Hamilton Laneâs evergreen funds.
Will Private Equityâs âWindow of Opportunityâ Last? | Michelle Celarier | Institutional Investor | A âwindow of opportunityâ in the M&A markets has led to a surge of PE deal activity in Q3, with PE deal value hitting a record $310B during the quarter.
đł Private Credit
Ares sees tailwinds from lower interest rates, improved M&A volume | Madeline Shi | PitchBook | Ares Co-Founder and CEO Mike Arougheti said that lower interest rates could be a tailwind for private credit.
UBS chair warns of âlooming systemic riskâ from private credit ratings | Arjun Neil Alim | Financial Times | UBS Chair Colm Kelleher said that insurers looking for better ratings on their private credit assets are creating âlooming systemic riskâ to global finance.
Top Funds Warn of Private Credit Risks in âRace to the Bottomâ | Echo Wong, Venus Feng and Bei Hu | Bloomberg | A number of senior asset management executives discuss risks associated with the growth in private credit.
Point72 Gears Up to Raise at Least $1 Billion for Private Credit | Nishant Kumar | Bloomberg | Point72 has started conversations to raise money for at least $1B for a private credit fund that will be run by Todd Hirsch.
đ Real Estate
Singaporeâs Top Real-Estate Asset Managers Mull Merger That Could Create $150 Billion Entity | P.R. Venkat | Wall Street Journal | Two Singaporean real estate asset managers, Temasek-owned Mapletree Investments and Singapore-listed CapitaLand Investment, are exploring a merger that could create one of Asia-Pacificâs top property companies with more than $150B AUM.
đĽ Secondaries
HarbourVest launches dedicated secondaries evergreen fund | Selin Bucak | Citywire | HarbourVest is launching a dedicated secondaries fund for the private wealth market outside the US.
Leonard Green Is Leading a $1 Billion Ares Continuation Fund | Preeti Singh and Laura Benitez | Bloomberg | Leonard Green & Partners has emerged as the lead investor for a secondary transaction that will led Ares extend its hold on Convergint Technologies, with the single-asset CV raising close to $1B.
đ ď¸ Infrastructure
Investors need to look beyond the âbragawattsâ in AI infrastructure boom | Waldemar Szlezak | Financial Times | An op-ed by KKRâs Global Head of Digital Infrastructure Waldemar Szlezak discusses the need for AI infrastructure and the nuances of financing the buildout of AI.
Apollo commits $6.5B to the worldâs largest offshore wind farm | Andrea Gaini | PitchBook | Apollo has agreed to pay $6.5B for a 50% stake in the worldâs largest offshore wind farm project, the PE firmâs biggest European energy investment so far this year.
𼊠GP Stakes
State Street Takes Coller Capital Stake to Tap Secondaries Boom | Preeti Singh and Loukia Gyftopoulou | Bloomberg | State Streetâs asset management arm acquired a minority equity stake in Coller Capital, the $46B AUM secondaries manager.
Millennium Sells $2 Billion Minority Stake in Hedge Fund Firm | Katherine Burton and Hema Parmar | Bloomberg | Millennium sold a ~15% stake for $2B in the $79B AUM firm to investors, valuing the firm at $14B.
Blue Owlâs GP stakes platform distributes $5.5bn-plus to LPs | Kirk Falconer | Buyouts | Blue Owlâs GP stakes funds distributed more than $5.5B to investors in the past 18 months, including a strip sale of 2019 vintage Blue Owl GP Stakes IV, which generated more than $2.5B of proceeds and a gross return of 3.2x.
Kingswood Capital Management Announces Strategic Minority Investment from Bonaccord Capital Partners | Business Wire | Bonaccord Capital Management will acquire a strategic minority interest in Kingswood Capital Management, a middle market buyout firm.
đŹ Private Markets Research
Benchmarking the Evergreen Evolution | Zane Carmean and Sandy Beharry | PitchBook | Morningstar and PitchBook benchmark evergreen funds.
Private equity deal value climbs in October, setting up for strong year | Karl Angelo Vidal and Neel Hiteshbhai Bharucha | S&P Global | Global private equity and venture capital deal value in October grew 49% YoY to $111.44B and has already exceeded the full-year totals of 2023 and 2024.
