AGM Alts & Wealth Weekly News Roundup | 11.21.25

The news of the week in private markets and wealth management

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AGM News Roundup

🏦 Wealth Management

Private Assets in 401(k)s a Modest Help for Investors, Study Finds | Suzanne Woolley | Bloomberg | A recent study by Morningstar Investment Management finds that adding private equity or private credit to retirement portfolios could result in more annual income for retirees.

Private markets firms gather $740bn from wealth market | Selin Bucak | Citywire | Citywire found that 12 listed private equity managers have raised over $740.7B in assets over the past year and have built large teams, totaling 1,101 individuals.

OpenAI Era Pushes Old-School Stock Analysts Into Private Markets | Henry Ren and Todd Gillespie | Bloomberg | As private companies stay private longer and hit high valuations, equity research analysts are rethinking the boundaries of the equity research business. Evercore’s Mr. Schorr might have something to say about this …

AssetMark Launches Private Market Access with Strategies from Apollo, Carlyle, KKR, and Stepstone Group | AssetMark | AssetMark has partnered with Apollo, Carlyle, KKR, and StepStone Group to provide access to some of their evergreen funds — Apollo Diversified Credit, Carlyle Tactical Private Credit, KKR Real Estate Select Trust, and StepStone Private Infrastructure Fund — which are integrated into AssetMark’s UMA technology.

$2bn Advyzon Tamp to roll out alts marketplace in 2026 | Sam Bojarski | Citywire | Advyzon’s OCIO division is building out its alternative investment capabilities, with its TAMP program, Advyzon Investment Management, planning to add an alts marketplace in Q2 2026.

iCapital Deploys Distributed Ledger Technology to Streamline Alternative Investment Onboarding and Pre-Trade Processing | iCapital | Morgan Stanley Wealth Management will leverage iCapital’s blockchain-powered technology to standardize trade workflows and enhance data transparency for subscription onboarding of private markets funds.

S&P Global Accelerates Private Markets Data Access with No-Code iLEVEL Snowflake Integration | S&P Global | S&P Global has launched its iLEVEL Snowflake integration, a no-code solution that is designed to enable private markets investors to seamlessly extract core raw datasets from S&P Global’s iLEVEL portfolio monitoring platform directly to their Snowflake environment.

🌲 Evergreen Funds

Morgan Stanley joins ELTIF 2.0 rush with semi-liquid private markets fund | Andrea Gaini | PitchBook | Morgan Stanley Investment Management has launched a new evergreen fund, the Morgan Stanley Private Markets ELTIF, that will invest across PE, private credit, and real assets in an ELTIF 2.0 framework.

PE for the people! Allocators want more evergreen private equity funds | William Johnson | Citywire | Results from a poll of attendees at Citywire’s Private Assets Retreat in Florida last week found that CIOs favor interval fund structures over other evergreen vehicle structures and would like to see private equity in evergreen fund formats.

💸 Private Equity

Warburg Raises $12 Billion in Initial Round for Global PE Fund | Preeti Singh | Bloomberg | Warburg Pincus has raised around 70% of its $17B target for its latest flagship private equity fund, putting it on pace to beat its fundraising goal.

Leonard Green hits Topgolf from the rough in 60% stake buy | Madeline Shi | PitchBook | Leonard Green has bought a 60% stake in the Topgolf and Toptracer units from Topgolf Callaway Brands, valuing the business unit at $1.1B, which falls short of the $2B implied equity value that Callaway paid when it merged with Topgolf Entertainment Group.

Allianz Global, a major PE backer, cools on private equity in slow exit market | Chris Witkowsky | Private Equity International | Allianz Global Investors, the asset management arm of the German insurance giant Allianz, has slowed its investment pace to €500M this year from around €3B.

💳 Private Credit

Blue Owl Money Machine Sputters in Face of Private Credit Cracks | Olivia Fishlow, Davide Scigliuzzo, Ellen DiMauro | Bloomberg | Blue Owl scuppered plans of a merger between two of its private credit BDCs and will work with the fund’s board to find a liquidity solution for investors.

Apollo CEO Is Unfazed by ‘Cockroaches’ Worries in Credit Market | Sheryl Tian Tong Lee | Bloomberg | Apollo CEO Marc Rowan said “there’s nothing I see that is systemic” when asked about recent high-profile bankruptcies in the US.

Jeffrey Gundlach Warns of ‘Garbage Lending’ as Private Credit Booms | Denitsa Tsekova, Tracy Alloway and Joe Weisenthal | Bloomberg | DoubleLine Founder Jeffrey Gundlach is staying away from private credit due to, in his view, “garbage lending” and unhealthy valuations.

🏠 Real Estate

Artisan acquires $940m real estate PE shop | Tania Mitra | Citywire | A long awaited alternatives transaction came to fruition for Artisan Partners, with the firm acquiring $940M real estate private equity firm Grandview Property Partners, which specializes in originating, developing, acquiring, and managing middle market properties in the US.

CRE Recovery Boosts Q3 Multifamily Office Sales | Valerija I. | CRE Daily | CRE recovery accelerated in Q3 2025 as multifamily and office sectors drove US real estate investment growth.

🥈 Secondaries

East Rock seeds small-cap secondaries shop Mirror | Rod James | PitchBook | $4B AUM New York-based multi-family office East Rock Capital has seeded Mirror Partners, a secondaries firm that will focus on the “structural inefficiency” in the “small secondary market.” Mirror was founded by former Kline Hill Partners investor Tom Melly.

CapVest Tops PE Titans With $3.8 Billion Continuation Fund | Dinesh Nair and Preeti Singh | Bloomberg | London-based CapVest Partners is raising $3.8B for a continuation vehicle into Curium, its nuclear medicine business that is valued at around $7B. The CV has secured investments from firms including TPG, ICG, CVC Secondary Partners, Goldman Sachs Asset Management, Ardian, and Lunate.

🛠️ Infrastructure

Infrastructure is selectors’ hot ticket in private markets | Citywire | Citywire polled over 100 investors at its Berlin conference and found that infrastructure is in favor.

Brookfield Launches $10B Fund With Nvidia To Invest In AI Infrastructure | Nancy Sheppard | Bisnow | Brookfield is teaming up with Nvidia and the Kuwait Investment Authority to raise $10B in equity commitments for the Brookfield AI Infrastructure Fund that aims to acquire as much as $100B in AI-related assets.

🥩 GP Stakes

Kuwait’s Wafra Takes Stake in European Asset Manager Ardian | Preeti Singh | Bloomberg | $28B AUM Wafra, which is owned by the state pension agency of Kuwait, may have found an answer in its search to expand its private markets exposure in secondaries and real assets: purchasing a minority stake in $192B alternative asset manager Ardian.

Amundi to take 10% stake in ICG as it pushes into private credit | Sarah White | Financial Times | Europe’s largest asset manager, Amundi, is taking a 9.9% stake in ICG that would be worth £500M as Amundi looks to grow its private credit footprint.

MassMutual and Barings Announce Investment by MS&AD Insurance Group Holdings for 18% Stake in Barings | Business Wire | MassMutual and its global asset management subsidiary Barings announced today that MassMutual has entered into an agreement in which MS&AD Insurance Group Holdings will acquire an 18% equity stake in Barings through its subsidiary, Mitsui Sumitomo Insurance, a leading Japanese insurance company.

🔬 Private Markets Research

Capital Solutions: Flexibility that Powers Private Markets | CVC | CVC wrote a white paper about capital solutions and why this strategy of flexible forms of junior and hybrid capital represent a growing and increasingly important asset class within private credit.

European VC Valuations Report | Nizar Tarhuni, Paul Condra, Nalin Patel, Navina Rajan, Charlie Farber, Oscar Allaway, Adriana Hansen and Chloe Ladwig | PitchBook | European venture valuations remained elevated in Q3 2025, but signs of moderation are emerging.

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