AGM Alts & Wealth Weekly News Roundup | 6.19.26
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
$11bn Parallel Advisors pursuing sale of controlling stake: Sources | Ian Wenik | Citywire | Parallel Advisors, the San Francisco RIA with $11B AUM, is pursuing a sale of a controlling stake. The company is currently controlled by Golden Gate Capital.
BlackRock establishes UHNW consulting team | Tania Mitra | Citywire | BlackRock has established a UHNW consulting team to expand its coverage of the segment. The group will offer advisors holistic services across investment management, portfolio construction, after-tax planning, estate planning, and private markets access. This move is emblematic of an increased focus on the UHNW segment of the wealth channel and the increasing institutionalization of that segment.
š² Evergreen Funds
Morningstar partners with Apollo, JP Morgan, Franklin on public/private model portfolios | Tania Mitra | Citywire | Morningstarās wealth business has partnered with Apollo, Franklin Templeton, and JP Morgan Asset Management to launch a suite of public-private model portfolios later this year. Called the Morningstar Public / Private Select Series, the ratings firm will drive the modelsā asset allocation, manager research, and due diligence. JPMAM and Franklin will deliver the public strategies and Apollo and Franklin will offer the private strategies. The initial models will provide private markets exposure across private credit and real estate, ranging from 12-20% allocation.
The problem with semi-liquid fund fees | Tania Mitra | Citywire | Inconsistent disclosures and complicated fee structures have a greater impact on return than apparent in semi-liquid funds.
Oaktree bucks trend of redemption limits | Selin Bucak | Citywire | Redemption requests from an evergreen Oaktree credit fund fell below the quarterly limit, at a time when many peers have been limiting withdrawals.
Semiliquid Funds: The Redemptions Made Headlines. These Are the Numbers That Matter Now | Jason Kephart, Brian Moriarty, Jack Shannon | Morningstar | The semiliquid (evergreen) fund market is nearing $600B in assets, up 41% since the end of 2024. The past year has seen investors throttling exposure to private credit. BDCs are also starting to retain more cash.
š ļø Private Markets Infrastructure
StepStone & PitchBook Launch Deal-Level Benchmarking Solution for Private Markets | StepStone Group | StepStone and PitchBook announced the general availability of SPI Deal Benchmarking, the deal-level benchmarking solution unveiled in the firmsā May 2026 partnership. The solution brings institutional-grade, deal-level benchmarking into PitchBook usersā existing workflows for the first time, pairing SPI by StepStoneās performance and operating metrics with PitchBookās private capital data, research, and AI-powered tools.
šø Private Equity
Natixis CIB strengthens its global M&A advisory offering through Fenchurchās strategic combination with Broadhaven Capital Partners | Groupe BPCE | Natixis Corporate & Investment Banking (Natixis CIB) announced that its affiliate Fenchurch Advisory Partners has entered into a definitive agreement to combine with Broadhaven Capital Partners, a leading U.S.-based advisory firm to the financial services and financial technology sectors. The combined business will have more than 110 investment bankers dedicated to the financial services sector, including 30 Senior Managing Directors and Managing Directors, across offices in London, New York, Chicago, and Paris.
Trian's takeover of Janus Henderson gets the green light | Olivia Bybel | Citywire | Trian Fund Management and General Catalyst are set to take Janus Henderson private this month, following regulatory approval of the deal.
EQT Buys UKās Intertek for Ā£9.3 Billion in Latest LSE Exit | Jamie Nimmo | Bloomberg | Intertek Group Plc agreed to a Ā£9.3B ($12.3B) takeover bid from EQT, in a deal that sees another British company leave the London stock market. EQT is leading a bid that is being backed by Abu Dhabi sovereign wealth funds ADIA and Mubadala. This deal follows a string of takeovers of UK companies, including Schroders and Tate & Lyle.
How the AI boom turned a buyout deal into one of historyās most lucrative | David Keohane, Harry Dempsey, Antoine Gara | Financial Times | Bain Capital stands to generate $15B in profits on its 2018 buyout of Kioxia. The deal will return 20x Bainās investment, as Kioxiaās value has soared since being listed in 2024. The deal will return more than $8B for the firmās 12th flagship PE fund.
Carlyle seeks a PE comeback | Alex Lynn | PEI | āItās actually remarkable how much better that business is,ā Global PE Head John Redett says of the firmās US overhaul.
š³ Private Credit
Blackstone-Led Creditors Take Over Ailing Software Firm Medallia | Preeti Singh | Bloomberg | Medallia is being taken over by a group of creditors led by Blackstone, Apollo, and FS KKR Capital Corp, after Thoma Bravo said it wasnāt going to inject fresh cash into the company.
Blackstone Grows Asset-Based Lending With New Unit, Taps Garlick | Rene Ismail and Scott Carpenter | Bloomberg | Blackstone has rolled out a platform to lend against physical assets such as inventory and equipment. The new SablePointe Credit Strategies platform will support Blackstone Credit & Insurance as it sources, structures, and manages senior secured asset-based and first-out credit facilities for corporate borrowers.
Largest Credit Manager in Brazil Buys Into Debt Selloff | Vanessa Dezem and Giovanna Bellotti Azevedo | Bloomberg | Itau Asset Management is increasing holdings of corporate debt across sectors including utilities, fitness chains, and car rental companies.
š Real Estate
Core real estate stands to benefit from rising infrastructure risk | Josh Pristaw, Clarion Partners, real estate investment manager of Franklin Templeton for PERE | An op-ed by Clarion Partnersā President Josh Pristaw shares why core real estate could regain appeal as other real assets become more vulnerable amid heightened geopolitical tensions.
Affinius nears $1bn raise for first data center fund | Greg Dool | PERE | San Antonio-based real estate firm Affinius Capital held an interim close on $905M for its first co-mingled fund focused on data centers. The firm appears to be within reach of its $1B target.
š„ Secondaries
Natixis subsidiary buys $3.4bn secondaries manager | John Schaffer | Citywire | Flexstone Partners is adding middle market secondaries capabilities through its acquisition of $3.4B secondaries firm Glouston Capital.
Blue Owl leads Veld Capital's ā¬355m credit CV | Hannah Zhang | Secondaries Investor | Blue Owl has emerged as lead investor in a European credit continuation vehicle run by credit specialist Veld Capital. The ā¬355M CV will acquire a diversified portfolio of asset-backed finance assets in Europe.
Japan Science and Technology Agency begins to invest in infra secondaries | Tom Taylor | Infrastructure Investor | JST senior manager Keigo Yumino says the universityās endowment infrastructure portfolio is āfully diversifiedā but personnel shortages remain a challenge in building its direct investing capabilities.
Carlyle Global Credit and Content Partners Announce Single-Asset Continuation Vehicle Providing New Capital for Film and TV Growth | Carlyle | Carlyleās Global Credit Platform and Content Partners announced the successful closing of a single-asset continuation vehicle for Content Partners LLC, the leading independent owner of major studio-distributed films, television programming, and related participations.
š ļø Infrastructure
Blackstone's Jon Gray: The AI boom is making investing harder | Tania Mitra | Citywire | Blackstone's Jon Gray highlights how AI is changing investing and how software needs to evolve to keep up.
Brookfield-Backed Data Center Firm Csquare Files for US IPO | Anthony Hughes | Bloomberg | Csquare, a data center company, filed publicly for a US IPO.
Nvidia Joins AI Borrowing Frenzy With $25 Billion Bond Sale | Brian Smith and Gerson Freitas | Bloomberg | Nvidia sold $25B of high-grade bonds, joining a wave of large debt offerings from tech heavyweights.
Tallvine nears $1.5bn target for debut mid-market fund - exclusive | Siqualane Taho | Infrastructure Investor | The first-time manager launched the fund in 2024 following a spin-out by four colleagues from I Squared Capital.
š„© GP Stakes
GP Stakes: From a Niche to Mainstream | Dakota Marketplace | GP stakes is becoming a more mainstream investment strategy. According to McKinsey's LP survey, 43% of LPs currently invest in GP Stakes funds. [Read AGMās post from May 2024 about the evolution of the GP stakes space and why we are helping to build Cantilever as a minority owner in the business and as an LP].
Ownership Transition at the ManCo Level: What PE Fund Managers Need to Know | Murray Alter and Kayla Konovitch | EisnerAmper | EisnerAmper discusses transition planning and ownership transition at the ManCo of a GP.
Not just flagships': What AllianzGI wants from infra GPs | Joe Marsh | Infrastructure Investor | The co-heads of infrastructure funds at Allianz Global Investors touch on GP consolidation and how they analyze GPs.
Channel Buys Fidante to Grow Australia Fund Manager Services | Richard Henderson | Bloomberg | Channel Capital will merge with Challengerās Fidante unit to create an Australian fund manager spanning a range of investment strategies with around A$150B ($105B) AUM. Fidante has around A$86B in AUM across equities, fixed income, and alternative assets.
š¬ Private Markets Research
Forecasting Europeās Private Capital AUM | Nalin Patel and Jacobie Fullerton | PitchBook | Growth for PE, pain for VC through 2030.
Retail Access to Private Markets Divides Alternative Fund Managers | Gen II Fund Services | Retail access to private markets is entering a more mature phase, with operational readiness emerging as the defining factor separating managers who are scaling in the segment from those stepping back, according to Gen II Fund Services, in its latest Core Alternative Managersā Mood Index (CAMMI). The findings show that 40% of managers are continuing to invest in retail strategies, while 32% of those currently active in the segment intend to step back
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