AGM Alts & Wealth Weekly News Roundup | 3.27.26

The news of the week in private markets and wealth management

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AGM News Roundup

🏦 Wealth Management

BlackRock’s Aladdin partners with iCapital alts platform | Tania Mitra | Citywire | BlackRock’s Aladdin Wealth will be integrating iCapital’s tech platform and data capabilities, providing its nearly 100,000 users with access to iCapital’s marketplace and toolkit that will enable advisors to create a unified experience that integrates public and private markets investments, portfolio analysis, risk assessments, and proposal generation seamlessly into a single workflow.

Cetera CEO urges advisors to lean into AI | Tania Mitra | Citywire | At iCapital Connect conference in Phoenix this week, Cetera CEO Michael Durbin discussed how AI will shape the future of advice.

Merrill rolls out AI app for advisors | Caroline McCarthy | Citywire | Merrill rolls out a new AI app for advisors to help them prep, summarize, and follow up on client meetings.

Sources: $37B Allworth Exploring Majority Stake Sale | Alex Ortolani | Wealth Management | Allworth and its owners, Lightyear Capital and Ontario Teachers, are working with William Blair to explore a sale.

Private Markets Enter New Era of Wealth, Retirement | Todd Cassler, Wilshire | Wealth Management | Wilshire’s Chief Revenue Officer Todd Cassler discusses why private markets is entering a new phase.

🌲 Evergreen Funds

Hamilton Lane to launch first interval fund | William Johnson | Citywire | Hamilton Lane is planning to launch the Hamilton Lane Credit Income Fund in April following recent SEC approval

The Evergreen Transformation: Private Credit Growth & Operational Requirements | 73 Strings | Evergreen funds are re-architecting private credit operations and portfolio monitoring. 73 Strings discusses the infrastructure that needs to be built in order for fund managers to be able to handle what’s required to manage evergreen funds.

🛠️ Private Markets Infrastructure

Theia Insights grabs $8M to map the global economy with AI | Tamara Djurickovic | Tech.eu | Cambridge, UK-based deeptech company Theia Insights has raised $8M in Series A funding led by MiddleGame Ventures to deliver a real-time, accurate representation of the global economy. The funding will enable the company to better map private markets.

💸 Private Equity

KKR and Mubadala hail a cool 15x exit | Toby Mitchenall | New Private Markets | KKR and Mubadala confirmed its exit of data center cooling company CoolIT, returning 15x its invested capital

AllianceBernstein owner Equitable to merge with Corebridge | William Johnson | Citywire | Insurance giants Equitable and Corebridge have entered into an agreement to merge. The all-stock deal values the combined firm, which will continue under the Equitable name, at $22B. Equitable shareholders will own 49% of the new firm and Corebridge owners will hold 51%.

Kushner’s Thrive Holdings in Talks to Raise at Least $2 Billion | Rebecca Torrence and Natasha Mascarenhas | Bloomberg | Thrive Holdings, a holding company connected to Thrive Capital, is in discussions to raise an additional $1B in capital. The holding company, which aims to bring AI to traditional services industries, already has $1B in capital commitments.

Victory withdraws bid to acquire Janus Henderson | William Johnson | Citywire | Victory Capital withdrew its bid to acquire Janus Henderson hours after Trian Capital upped its offer to buy the asset manager. Trian increased its price to $52 per share, up from its initial offer of $49 per share.

Bain Sees Optimism for Asian Private Equity Though Threat Looms | Lisa Du and Manuel Baigorri | Bloomberg | Confidence around Asia-Pacific’s private equity market is growing as exit values increase and investors’ net cash flow turns positive. What could threaten Asia’s dealmaking landscape, according to the Co-Head of the Asia Pacific Private Equity Practice at Bain, Sebastien Lamy, is a prolonged conflict in the Middle East.

Private Capital Turns to Old Economy as Software Trade Dims | Swetha Gopinath and Claire Ruckin | Bloomberg | Alternative asset managers are intensifying their focus on the “HALO” (heavy assets with low obsolescence) trade. “People are looking for terra firma,” said Blackstone President and COO Jon Gray. “There is a lot of interest across public and private markets in real, tangible assets – medical supplies, energy, real estate, industrials.”

Brookfield, Caisse to Acquire Boralex in $6.5 Billion Deal | Mathieu Dion, Dinesh Nair, Paula Sambo | Bloomberg | Brookfield Asset Management and Caisse de Depot et Placement du Quebec agreed to acquire Boralex, the Montreal-based company that builds and operates over 3,800 megawatts of renewable energy production sites in Canada, the US, France, and Italy, for $6.5B including debt.

KKR to acquire Nothing Bundt Cakes for over $2 billion, source says | Reuters | KKR has acquired bakery chain Nothing Bundt Cakes from Roark Capital for over $2B, including debt.

💳 Private Credit

The Outlook for Private Credit amid Rising Market Stress | Goldman Sachs | While some investors may be concerned about private credit, the fundamentals still appear strong, says Vivek Bantwal, Global Co-Head of Private Credit in Goldman Sachs Asset Management.

European PE Giant Permira Looks to Buy Beaten Up Software Loans | James Crombie | Bloomberg | Permira, the €85B ($98B) global alternative asset manager, believes private credit is “still very attractive in parts.” On the latest Bloomberg Intelligence Credit Edge podcast, Permira Credit’s Head of Strategic Opportunities Ian Jackson said, “The market has overreacted. A lot of these names, we just don’t believe will go through restructuring.”

Apollo caps investor withdrawals from flagship private credit fund | Eric Platt | Financial Times | Apollo limited redemptions on one of its flagship private credit vehicles, Apollo Debt Solutions BDC. Total withdrawal requests were equal to 11.2% of the net assets. Apollo honored just under half of those requests.

Ares limits withdrawals from $10.7bn private credit fund | Eric Platt | Financial Times | Ares Management limited withdrawals from one of its private credit funds, the Ares Strategic Income Fund. Ares said it received $1.2B of redemption requests at the $10.7B fund in the first quarter. It fulfilled $524M of those requests.

Apollo, Blue Owl Lament Private Credit’s Liquidity Confusion | Richard Henderson | Bloomberg | Apollo’s Jim Zelter and Blue Owl’s Doug Ostrover shared perspectives about private credit and evergreen funds at the Asia Pacific Financial and Innovation Symposium.

JPMorgan Plans Private Credit Fund That Allows 7.5% Redemptions | Olivia Fishlow and Ellen DiMauro | Bloomberg | JPMorgan is planning to launch a new private credit interval fund, JPMorgan Public and Private Credit Fund, that will allow investors to redeem 7.5% per quarter.

🏠 Real Estate

UBS gates €400mn property fund for up to 3 years | Simon Foy and Mercedes Ruehl | Financial Times | UBS has gated a €400M European real estate fund for up to three years following a rise in redemption requests.

Beverly Hills Resort Raises $4.3 Billion From JPMorgan, Vici | John Gittelsohn | Bloomberg | One Beverly Hills, an ultra-luxury property that will combine a new Aman resort and the Beverly Hilton, secured $4.3B of construction financing in one of the biggest deals of its kind in the past decade. JPMorgan is leading a $2.8B senior loan for the package, while Vici Properties, a real estate investment trust, is providing a $1.5B mezzanine loan.

🥈 Secondaries

University of California shops $3bn LP portfolio in major sale | Chris Witkowsky | Secondaries Investor | The University of California investments office, UC Investments, is shopping a large portfolio of its private equity fund stakes as part of the system’s programmatic portfolio management.

TowerBrook Announces Continuation Vehicle Transaction for EisnerAmper | Carlyle | TowerBrook Capital Partners announced the completion of a continuation vehicle in connection with its investment in EisnerAmper Advisory Group, a leading accounting, tax, outsourcing, and business advisory firm serving middle-market clients and HNWIs across the US. Carlyle AlpInvest led the transaction, with funds managed by Hamilton Lane serving as co-lead.

🛠️ Infrastructure

Blackstone close to acquiring data center firm Rowan – report | Anissa Gardizy, Valida Pau, Miles Kruppa | The Information | Blackstone is close to closing a deal to buy Rowan Digital Infrastructure, a major US data center developer that builds campuses for large cloud providers. The company is likely to be valued at more than $10B, including debt.

Carlyle and KKR to build $2bn data centres for US Army | Steff Chavez | Financial Times | The US Army has selected Carlyle and KKR to build two data centers on military bases that are estimated to cost $2B each as the service’s use of AI has increased during the war in Iran. “The amount of tokens the United States Army is using right now on AI platforms has gone up by 8x in the last couple of weeks,” said US Army Secretary Dan Driscoll, referring to the units of data processed by AI models. It takes about 1,300 tokens to generate 1,000 words of text.

KKR approaches first close of around $5bn for third APAC infra fund - exclusive | Daniel Kemp | Infrastructure Investor | KKR is closing in on a first close of around $5B for its third APAC infrastructure fund, which puts them on track to surpass the $6.4B it raised for its second APAC infrastructure fund.

Aligned Data Centers Closes on $2.58 Billion Credit Facility | Paula Seligson and Michelle Cheng | Bloomberg | Aligned Data Centers has raised $2.58B through a revolving credit facility to help the company finance its data center expansion in the US.

🥩 GP Stakes

Bonaccord Capital Partners Announces Minority Investment in Prime Finance | Bonaccord Capital Partners | Bonaccord has acquired a minority interest in Prime Finance, a leading commercial real estate credit platform.

🔬 Private Markets Research

US Evergreen Fund Landscape | Juan Mier, Hilary Wiek, Anikka Villegas, Jason Kephart, Bryan Armour, Jack Shannon and Steven Buibish | PitchBook | Evergreen funds have grown to over $520B of AUM as private markets continues to push into the wealth channel. PitchBook’s latest report examines interval fund mechanics, investor risks, and the growing convergence of public and private markets shaping 2026.

William Blair Private Capital Advisory: 2026 Secondary Market Report | William Blair | The secondary market has continued a record-breaking streak in 2025. 2026 projects to reach new heights, with over $250B in total volume expected to be transacted.

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