AGM Alts & Wealth Weekly News Roundup | 6.5.26
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Hightower pursuing sale of controlling stake: Sources | Ian Wenik | Citywire | Hightower Advisors is reportedly pursuing a sale of a controlling stake in the company.
Goldman Sachs open to asset and wealth management M&A | Tania Mitra | Citywire | Goldman Sachs is open to doing acquisitions in the asset and wealth management space, according to the firm’s CEO David Solomon. Speaking at The Economic Club of New York Tuesday, Solomon said he wanted the firm’s $3.8T wealth and asset management business to continue growing in “high single digits” and that M&A could be one way to do this. “I think you’ll see us continue where we can do things to accelerate the strength of that position. Asset [and] wealth management are scale businesses, they benefit enormously from scale,” Solomon said.
$22.1bn Summit Trail Advisors pursuing sale: Sources | Ian Wenik | Citywire | Summit Trail Advisors, the $22.1B NYC-based wealth manager, is exploring a sale. The firm’s focus is on the UHNW segment, with average client size close to $45M.
BNY CEO Vince shares vision of bank as one-stop shop for wealth firms | Faye Kilburn | Citywire | BNY Chairman and CEO Robin Vince said the bank is investing $4B per year in technology as he looks to realize the vision of being an all-inclusive service provider.
PGA of America and LPL Financial Announce Multi-Year Partnership | LPL | LPL has become a new partner of the PGA of America. This partnership marks LPL’s first official sports partnership. The collaboration will debut in 2027.
EQT becomes the Official Private Markets Partner of the ATP Tour | EQT | EQT announced its partnership with the ATP Tour while also rolling out its new brand campaign, “Better Never Ends.”
Altruist rolls out alts marketplace for advisors | Sam Bojarski | Citywire | RIA custodian Altruist has rolled out an alternatives marketplace for advisors. The marketplace will be available to the company’s 6,200 advisor clients.
🌲 Evergreen Funds
Despite Concerns, Evergreen Funds Continue to Gain Traction | Javiera Donso | Funds Society | Net flows into US evergreen strategies have remained healthy, according to a recent report from Neuberger Berman.
Partners Group’s Gates Are Features, Not Bugs | Paul J. Davies | Bloomberg Opinion | Are there times when gates in evergreen funds are a feature rather than a bug? Paul Davies unpacks the recent news of Partners Group capping withdrawals from its $8.6B private equity evergreen vehicle.
Semi-liquid private credit funds’ losses deepen but stress is being deferred | Selin Bucak | Citywire | Citywire analysis shows stress building up as unrealized losses increase, PIK interest rises and more loans are marked as non-performing. But overall, non-traded BDCs are looking better than their listed peers.
🛠️ Private Markets Infrastructure
Kirkland & Ellis and Palantir to build AI tool to assist private equity firms | Kaye Wiggins and Suzi Ring | Financial Times | K&E has agreed to a multiyear deal with Palantir to develop AI technology to help advise private equity firms on raising money from investors. The Palantir tool would be used for fund documentation, to help draft side letters, and to keep track of PE firms’ agreements with their investors and monitor compliance with them.
Juniper Square Goes Headless, Opening the Fund Operating System to Any AI | Juniper Square | Juniper Square introduced Headless GPX, making every capability in GPX, its fund operating system for the private markets, accessible to Claude, Microsoft Copilot, ChatGPT, and any MCP-compatible client. Coverage spans the full fund stack: fundraising, investor relations, fund accounting, general ledgers, payments, compliance, and more.
💸 Private Equity
Blackstone Raises $13 Billion for Asia, Double Its Previous Fund | Cathy Chan | Bloomberg | Blackstone raised $13.1B for its newest Asia private equity fund, surpassing its $10B target. The firm added 173 new investors, bringing the number of LPs in the fund to 260.
Ardian one-third of way to target for buyout flagship following team restructure | Carmela Mendoza | PEI | Ardian has raised €1.5B of its €5B target for Buyout VIII.
PE Firm Hg to Boost Stake in London Fund After Software Selloff | Leonard Kehnscherper | Bloomberg | Private equity firm Hg plans to increase its stake in a London-listed fund, HgCapital Trust Plc, it manages, following a selloff in the vehicle’s shares. Hg said in a statement that HgCapital Trust’s current share price “materially undervalues” the fund’s portfolio and “its future prospects.” Hg looks to increase the ownership of the firm’s partners and employees, as well as the firm’s balance sheet to more than 15% from about 6% through on-market purchases. HgCapital has a market value of £1.8B ($2.4B).
Not all co-investors want to die on the fee-free hill | Jessica Hamlin | PitchBook | LPs have been comfortable with investing in co-investment funds, with PitchBook data showing that LPs allocated $47.3B to co-investment funds that charge fees in 2025.
💳 Private Credit
Blackstone caps withdrawals from flagship private credit fund | Eric Platt | Financial Times | Blackstone has restricted withdrawals from its flagship private credit fund for the first time after redemption requests surged to $4.5B in the second quarter. Investors attempted to withdraw 10% of the fund’s net assets out of BCRED. The fund granted redemption requests amounting to 5% of its value.
Cliffwater’s flagship private credit fund redemption requests hit 17% | Eric Platt | Financial Times | Cliffwater’s flagship private credit fund was hit with redemption requests of 17% in the second quarter. Cliffwater restricted withdrawals to 5% of its outstanding shares.
Blackstone Ties Up With Nippon Life on Private Credit Investment | Lisa Du and Takako Taniguchi | Bloomberg | Blackstone has entered into an agreement to provide Nippon Life Insurance Co. with investment services, adding to an increasing number of tie-ups between private investment firms and Japanese insurers.
Eurazeo Raises €3.9 Billion for Flagship Direct Lending Fund | Silas Brown | Bloomberg | Eurazeo has raised €3.9B for its latest flagship direct lending fund, which will focus on lower middle market companies in Europe.
Pricing details emerge on $36B private credit deal for Anthropic | Sami Vukelj | PitchBook | Pricing details have emerged on the $36B of investment-grade structured notes being shopped by Apollo and Blackstone to private credit investors as part of a deal to purchase and lease chips to Anthropic. The financing will include roughly $6 billion in ‘super-senior’ A1 notes, $25 billion in first-lien senior A2 notes, and $4.5 billion in second-lien B notes. Price talk on the A1 notes is T+100, sources said. Price talk on the A2 notes is an all-in yield of 5.50-5.75%, and price talk on the second-lien B notes is a fixed-rate coupon of 8.5%.
Credit Titans Warn of Shakeout on Deals That ‘Don’t Make Sense’ | Brian Chappatta | Bloomberg | Industry leaders told the audience at Bloomberg’s Global Credit Forum that a shakeout could come in leveraged deals. Some of the capital structures formed during the 2020-2021 period “don’t make sense today,” said Davidson Kempner Partner and Head of Research Suzanne Gibbons.
Higher Losses Are Coming to Credit, Pimco’s Ivascyn Warns | Neil Callanan | Bloomberg | PIMCO’s CIO Daniel Ivascyn believes that the first sustained default cycle in credit has started and the market will see higher losses than it’s grown accustomed to. Ivascyn joins Davidson Kempner Partner Suzanne Gibbons and Barclays’ Na Wei in cautioning about the risk of a rise in delinquencies.
Ares’ Jacobson Slams ‘Disconnect’ Over Private Credit Headlines | Bruce Douglas and Francine Lacqua | Bloomberg | Ares Co-President Blair Jacobson said there’s a “real disconnect” between negative headlines about private credit and what the firm is seeing across its portfolio companies. Jacobson said Ares’ companies are growing at between 8% to 12% a year and that rates of non-accrual are lower than the company has seen historically.
🏠 Real Estate
EQT Real Estate sets target fund size for EQT Exeter Industrial Value Fund VII at USD 6 billion | EQT | EQT Real Estate has set the target size for Exeter Industrial Value Fund VII at $6B.
EQT Real Estate expands its growing UK logistics footprint with acquisition of six assets across key distribution hubs | EQT | EQT Real Estate expands its logistics footprint in the UK, acquiring a portfolio of six logistics assets totaling approximately 1.6M square feet across Leamington Spa, Didcot, Peterborough, and Kettering from Tritax Big Box REIT plc.
Brookfield forms C$1bn industrial JV with pension-owned developer | McKenna Leavens | PERE | Brookfield Asset Management formed a 50:50 joint venture with Vancouver-based Concert Properties to purchase eight large industrial assets across Canada for approximately C$1B.
🥈 Secondaries
UK's Railpen seeks syndicate CV positions to complement primary programme | Madeleine Farman | Secondaries Investor | £34B UK public pension fund, Railways Pension Trustee Company, sees single-asset continuation vehicles as a way of strengthening relationships with new and existing managers, according to investment manager Pravi Prakash.
Secondaries volume to reach $1trn in the next decade - Seine Capital | Hannah Zhang | Secondaries Investor | A study from Seine Capital finds that secondaries volume could reach $1T in the next decade due to both higher interest rates and a better exit environment.
Accel-KKR leads Maxburg’s first CV | Jasmine Wang | SecondaryLink | Accel-KKR is leading Maxburg's first continuation vehicle, extending the firm's hold on a cybersecurity solutions provider initially backed in 2018.
Northleaf Capital Partners on assessing mid-market secondaries | Shane Feeney | Northleaf Capital Partners for Buyouts | Secondaries sellers are prioritizing price optimization over volume optimization, says Northleaf’s Shane Feeney.
🛠️ Infrastructure
Alphabet to Raise $80 Billion in Equity for AI Spending | Julia Love, Anthony Hughes and Alexandre Rajbhandari | Bloomberg | Alphabet is raising $80B through a package of equity offerings, including an investment deal with Berkshire Hathaway. The company will use the funds to support its ambitious artificial intelligence spending plans, including building infrastructure to develop cutting-edge artificial intelligence models.
Brookfield Bets on AI at Scale Never Tested Before in $50 Billion Push | Dawn Lim and Layan Odeh | Bloomberg | Brookfield Asset Management pledged up to $5B to deploy Bloom Energy Corp’s fuel cells at data centers that need energy to run AI models. The investment is part of Brookfield’s campaign to amass $50B to finance grids, transportation networks, and physical structures driving the economy.
Goldman Sachs’ fifth infra fund reaches $3bn first close – exclusive | Kalliope Gourntis | Infrastructure Investor | Increased LP appetite for the mid-market, as well as Goldman Sachs’ roughly 20-year track record in infrastructure investing contributed to a first close that’s 75% of the final target.
Vista Equity Partners and Cambium Launch Vector Core Compute — the World's First Inference Cloud Powered by CPUs, GPUs and RDUs | Business Wire | Vista Equity Partners and Cambium Capital have partnered to launch Vector Core Compute (VC2), the world’s commercially-available enterprise inference cloud for disaggregated inference leveraging technologies across SambaNova, Intel, and NVIDIA. Backed by a $3.5 billion compute commitment to SambaNova and support from Intel, VC2 launched live from the Los Angeles facility.
How the world’s largest SWF is building its infra strategy | Kalliope Gourntis | Infrastructure Investor | Norges Bank Investment Management has been carefully constructing the infrastructure portfolio of Norway’s sovereign wealth fund over the past five years.
Sheinbaum Leans on Private Investors to Fix Beleaguered Grid | Scott Squires | Bloomberg | European, US, and domestic developers have signed deals totaling about $4 billion in recent weeks to expand the nation’s power output and fortify the grid, with Mexican infrastructure investment manager MIP Real Assets seeking to invest more than $12 billion.
🥩 GP Stakes
Petershill at Goldman Sachs Alternatives Announces the Sale of its Non-Control Ownership Stake in ArcLight Capital Partners | Goldman Sachs | Petershill at Goldman Sachs Alternatives announced the sale of its stake in ArcLight Capital Partners. The ArcLight realization was sold at a premium to Petershill’s net asset value and builds on recent exit activity across the platform, with approximately $3.6B of aggregate realized proceeds generated across financing activity and nine realizations since the beginning of 2024.
Hunter Point Capital eyes China's billion-dollar GPs as Asia push gathers pace | Joymitra Rai | Dealstreet Asia | Hunter Point Capital is continuing to pursue billion-dollar GPs in China as they continue a push into Asia.
🔬 Private Markets Research
Beneath the headlines: German private equity | StepStone Group | Germany is Europe’s largest economy, but its private equity market has long underperformed its potential. StepStone says now is the time to revisit the German private equity market. Germany’s new coalition has committed €500B to infrastructure, defense, and industrial modernization. European NATO members have pledged to raise defense spending toward 5% of GDP by 2035. And, LPs are increasingly looking to rebalance their portfolios and grow their European exposure.
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