AGM Alts & Wealth Weekly News Roundup | 10.31.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Envestnet taps BlackRock, Franklin for public-private model portfolios | William Johnson | Citywire | Envestnet is adding model portfolios from BlackRock and Franklin Templeton, which will be featured on the firm’s Strategist UMA and Fund Strategist programs.
Blackstone and Apollo Court Small-Time Investors They Used to Snub | Loukia Gyftopoulou and Preeti Singh | Bloomberg | Bloomberg reports that asset managers are ramping up their marketing to the wealth channel, with the article including perspectives from a few wealth managers.
iCapital Makes Strategic Investment in LYNK Markets, Partners to Scale Adoption of Alternatives Globally Through Private Alternative Investment Fund Notes | iCapital | iCapital announced a strategic investment in and partnership with LYNK Markets, a fintech platform empowering private markets distribution in Latin America via Private ETNs, registered securities that expand access to alternative investments across the LatAm wealth channel.
🌲 Evergreen Funds
JPMorgan Tokenizes Private-Equity Fund on Its Own Blockchain | Vicky Ge Huang | Wall Street Journal | JPMorgan tokenized a private equity fund on its blockchain platform that is available to its private wealth clients.
BlackRock-linked tokenization firm Securitize to go public via SPAC deal | Liz Napolitano | CNBC | Securitize, the “real world assets” platform that powers BlackRock’s tokenized money market fund, will go public through a merger with a SPAC sponsored by an affiliate of Cantor Fitzgerald, CEO Carlos Domingo told CNBC in an exclusive interview, which will value the business at $1.25B in pre-money equity.
Millennium Raising $5 Billion to Target Private-Markets Bets | Nishant Kumar | Bloomberg | Millennium is raising $5B in a new evergreen fund, Millennium Opportunities Fund, to invest into private markets opportunities across less liquid corporate and asset-backed debt, real estate, and low-correlation strategies.
Investors First: Benchmarking the Modern Market | Kunal Kapoor, Sandy Beharry, Eric Compton, Paul Condra | Morningstar | Morningstar CEO Kunal Kapoor, Associate Director of Private Market Indexes Sandy Beharry, Equity Research Lead Eric Compton, and Global Head of Private Markets Research at PitchBook Paul Condra discuss the Morningstar PitchBook US Modern Market Index.
Is the Growth of Evergreen Funds Good or Bad for Private Markets? | Sloan Smith, VP of Innovest | VettaFi | In a guest post on VettaFi, wealth management firm Innovest VP Sloan Smith shares perspectives on evergreen funds.
💸 Private Equity
LSEG expands partnership with BlackRock, strengthening private markets data offering with new Preqin data feeds | LSEG | LSEG today announced an expanded partnership with BlackRock, strengthening LSEG’s private markets intelligence offering.
Hamilton Lane Launches Private Markets Indices on Bloomberg Terminal | Hamilton Lane | Bloomberg announced the addition of Hamilton Lane’s suite of 20 private market closed-end fund performance indices to the Bloomberg Terminal and Data License.
Apollo and KKR inject $7bn into Keurig Dr Pepper | Antoine Gara, Amelia Pollard and Oliver Barnes | Financial Times | Apollo and KKR plan to invest $7B into Keurig Dr Pepper as the beverage group turns to private equity to help it fend off an activist investor challenge.
Buyout Giant Vista Buys Nexthink Stake From Permira in Bet on AI | Paula Doenecke | Bloomberg | Vista Equity Partners bought a majority stake in Nexthink SA, valuing the Swiss-American software company at $3B, up from prior valuation of $1.1B in 2021. Vista bought the stake from Permira and Index Ventures, amongst others.
Apollo’s Kleinman Expects PE Deals to Persist at Slower Pace | Laura Benitez | Bloomberg | Apollo’s Co-President Scott Kleinman anticipates that private equity firms will keep selling their assets at a slower pace for the next few years.
CVC sells stake in sports betting company Tipico at $5.4B valuation | Andrea Gaini | PitchBook | CVC is selling a majority stake in German sports betting operator Tipico to French media and entertainment group Banijay, marking one of Europe’s largest PE exits this year.
💳 Private Credit
HSBC warns on wider risks from private credit blow-ups | Arjun Neil Alim and Ortenca Aliaj | Financial Times | HSBC has said it is watching for fallout from turbulence in private credit markets, highlighting that even financial institutions with limited debt exposure to recent blow-ups are on the alert. “What is very important in these situations is to consider the second- and third-order risks,” said HSBC Group Chief Financial Officer Pam Kour.
Private Lenders Aren’t Out of the Doghouse Yet | Telios Demos | Wall Street Journal | Some recent high-profile bankruptcies have triggered a round of finger-pointing on Wall Street. Private credit giants aren’t wrong at the moment to be pointing elsewhere. But investors don’t seem to care. And they aren’t necessarily wrong, either.
Private loan credit ratings may be ‘systematically’ inflated, warns BIS | Lee Haris and Euan Healy | Financial Times | Credit ratings on private loans held by US insurers may have been systematically inflated, the Bank for International Settlements has warned in a new paper on the growing risk of “fire sales” during periods of financial turmoil.
Brookfield Says Private Credit Not Crowding Out Private Equity | Omar El Chmouri and Joumanna Bercetche | Bloomberg | Brookfield Asset Management’s Head of Private Equity Anuj Ranjan sees the sector growing side by side with private equity.
Liquid Credit’s Woes Are Good for Private Lenders, Ares Says | Olivia Fishlow | Bloomberg | Ares Capital Corp. CEO Kort Schnabel said that the recent failures in credit markets of First Brands Group and Tricolor Holdings are not “really impacting our market that much so far.”
APAC Private Credit to Reach $92 Billion in 2027 on Wealth Boom | Megawati Wijaya | Bloomberg | The Asia Pacific private credit market is projected to grow to $92B in 2027 from $59B in 2024, representing a 16% CAGR, according to an industry report released this week.
🏠 Real Estate
Warburg Pincus and Madison Team Up to Buy Property Secondaries | Natasha Voase | Bloomberg | Warburg Pincus and Madison International Realty are partnering to invest at least $300M on real estate secondaries transactions out of Warburg’s $4B Capital Solutions Founders Fund into sectors such as data centers, industrial, and residential.
Blackstone Earnings Rise 48% in Q3, Driven by CRE Sales | CRE Daily | Blackstone says CRE is rebounding, with BREIT posting three straight quarters of gains. BREIT redemptions are also at a 3.5 year low.
🥈 Secondaries
Evercore’s Rainmaker Is Driving PE’s $200 Billion Bright Spot | Preeti Singh and Allison McNeely | Bloomberg | Led by Private Capital Global Head Nigel Dawn, Evercore’s secondaries business is going from strength to strength in a growing secondaries market that has seen transaction volume double since 2019 and is on pace to surpass $200B in volume this year for the first time.
Singapore’s GIC Seeks to Sell $1 Billion of Stakes in PE Funds | Echo Wong and Preeti Singh | Bloomberg | Singapore’s sovereign wealth fund GIC is looking to divest from as many as 30 funds from global private equity managers, with an average vintage of around 2016 and $100M of assets, if the price is right.
Hollyport raises $4.5B for latest secondaries fund, beating target by 40% | Emily Lai | PitchBook | London-based secondaries investor Hollyport Capital closed its ninth flagship fund at $4.5B, making it one of Europe’s largest secondaries fundraises this year.
Morgan Stanley Buys EquityZen in First Deal for CEO Ted Pick | Hannah Levitt | Bloomberg | Morgan Stanley has bought EquityZen, a trading platform for shares in private companies, making it easier for clients of Morgan Stanley’s private wealth management business to invest in private companies or, with the company’s approval, offload shares they’re awarded as part of their equity compensation. Their acquisition of EquityZen follows a partnership that Morgan Stanley has with Carta and its acquisition of stock-plan administrator Solium Capital.
🛠️ Infrastructure
Blackstone, Riyadh’s Humain Ink $3 Billion Data Center Deal | Mark Bergen, Dinesh Nair and Omar El Chmouri | Bloomberg | Blackstone is partnering with Saudi Arabia’s new AI company, Humain, to build data centers in the kingdom with an initial investment of about $3B. AirTrunk, owned by Blackstone and Canada Pension Plan Investment Board, will work alongside Humain to develop a long-term partnership focused on financing, developing, and operating data centers and AI infrastructure throughout Saudi Arabia.
Private markets investors favour infrastructure strategies: GSAM survey | Abraham Darwyne | Fund Selector Asia | A Goldman Sachs Asset Management survey of over 250 GPs and LPs found that investors are growing more optimistic towards infrastructure strategies.
🥩 GP Stakes
Ares Management to Acquire BlueCove | Ares | Ares has acquired the outstanding share capital of BlueCove Limited, a London-based systematic fixed income manager with over $5.5B in AUM.
AIG to Buy Stakes in Convex, Onex for More Than $2.7 Billion | Layan Odeh and Alexandre Rajbhandari | Bloomberg | American International Group (AIG) has agreed to buy stakes in specialty insurer Convex Group and alternative asset manager Onex Corp in transactions that total more than $2.7B.
🔬 Private Markets Research
Goldman Sachs Asset Management Releases 2025 Private Markets Diagnostic Survey | Goldman Sachs | Goldman Sachs’ new survey of 250 GPs and LPs, “Turning the Corner?” finds that private markets are generally optimistic about the investment environment and have greater expectations for generating liquidity across a number of exit routes.
Q3’25 Pulse of Private Equity - Global insights | Gavin Geminder, Donald Zambarano, Tilman Ost, and Andrew Thompson | KPMG | KPMG’s Q3 2025 Private Equity pulse finds that PE deal volume has risen from 3,769 deals globally in Q2 2025 to 4,062 deals in Q3 2025.
