AGM Alts & Wealth Weekly News Roundup | 10.24.25
The news of the week in private markets and wealth management
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AGM News Roundup
đŠ Wealth Management
German banks push private equity funds to retail investors | Florian MĂŒller | Financial Times | German retail banks are pitching private equity funds to the countryâs individual investors, with Claudio de Sanctis, Head of Retail Banking at Deutsche Bank, remarking that âGerman retail investors represent one of the worldâs largest untapped pools of wealth and private equity firms are eager to gain access.â
Private Capital Chases Deals in the Booming Wealth Management Sector | Alexander Davis | Morningstar | 2025 will be a record year of deal activity in volume and value for wealth management M&A, says Barnaby Audsley, Senior VP at Echelon Partners. Echelon forecasts that deal volume will be up 31% from 2024, with 440 deals to be completed this year by North American-based investors.
Goldman Sachs launches onshore private wealth management in Riyadh | Paromita Dey | Citywire | Goldman Sachs is expanding its Middle East footprint with the launch of an onshore private wealth management presence in Riyadh.
Rise Growth Partners reveals minority stake in Krilogy, marking third RIA partnership | Leo Almazora | InvestmentNews | Rise Growth Partners, backed by Charlesbank Capital Partners, has acquired a minority interest in Krilogy, a St. Louis-based RIA with over $4B in client assets [you can watch Krilogy CIO John McArthur on Alt Goes Mainstream discuss how they approach private markets].
Churchill CEO plots firmâs first retail private equity strategy | Eva Thomas | Citywire | Churchill Asset Management CEO Ken Kencel said last week at the CAIS Live conference that a private equity strategy specifically designed for retail clients is âon the drawing board.â
AlphaCore acquires $1.5bn tax-focused DC-area RIA | Andrew Foerch | Citywire | AlphaCore Wealth Advisory will bring tax planning in-house with its acquisition of $1.5B tax-focused RIA SPC Financial, based in Rockville, MD. [you can watch AlphaCore CEO Dick Pfister discuss how they approach private markets and leverage iCapitalâs technology in a live conversation at iCapital Connect].
đČ Evergreen Funds
ING enters private markets deal with Macquarie | John Schaffer | Citywire | ING has expanded its private markets offering to wealth clients by partnering with Macquarie Asset Management on an infrastructure evergreen fund.
Brookfield Launches New Private Equity Evergreen Fund Structure in Canada | Brookfield | Brookfield announced the launch of Brookfield Private Equity Fund (Canada), an evergreen strategy that provides investors with access to Brookfieldâs private equity platform.
Evergreen funds rake in performance fees without exits | Selin Bucak | Citywire | A new study by Edhec Infrastructure & Private Assets has warned that incentive fees can be crystallized on unrealized gains in evergreen funds, and can reach up to 600 basis points per year.
Nuveen launches real estate and private credit evergreen funds | John Schaffer | Citywire | Nuveen has launched a set of evergreen funds across real estate and credit for individual investors in Europe and Asia.
đž Private Equity
Is Japan private equityâs next frontier? | David Keohane and Leo Lewis | Financial Times | Japanâs private equity market, now comprising 150 to 200 firms, has grown significantly, with private equity owning stakes in 10-15% of large Japanese companies and aiming to expand further.
KKR heads worker ownership push in Japan | David Keohane | Financial Times | Japan will be the first international outpost of Ownership Works, a private equity backed initiative founded in the US in 2022 to give blue-collar employees equity in the companies where they work. Ownership Works, which has more than 100 partner PE firms, including KKR, which founded Ownership Works, and Apollo, TPG, and Silver Lake, has created $1B in payouts and aims to deliver $20B of equity to workers globally by 2030.
Goldman Launches ETF Designed to Mimic Private Equity Returns | Katie Greifeld | Bloomberg | Goldman Sachs Asset Management is launching an ETF, the Goldman Sachs MSCI World Private Equity Return Tracker ETF, that aims to deliver returns similar to those of a private equity portfolio.
Blackstone and TPG Agree to $18 Billion Deal to Buy Hologic | Ryan Gould, Michelle F Davis, and David Carnevali | Bloomberg | Blackstone and TPG have agreed to acquire Hologic for as much as $18.3B, with ADIA and GIC also taking minority stakes in the company.
đł Private Credit
A canary, not a cockroach: Carlyle CEO reframes Dimonâs private credit warning | Eva Thomas | Citywire | Carlyle CEO Harvey Schwartz said that the risks in private credit should be taken as a warning, but not necessarily an infestation.
BlackRock Says Insurers Expect to Keep Ramping Up Private Bets | Silla Brush | Bloomberg | A BlackRock survey of 463 senior insurance executives found that 93% said they expect to increase their exposure to private markets over the next 12 months.
BOEâs Bailey Warns âAlarm Bellsâ Ringing in Private Credit | Tom Rees and Laura Noonan | Bloomberg | The Bank of England warned of parallels between the $1.7T private credit boom and the subprime debt crisis.
Blackstoneâs Credit Assets Reach $500 Billion After 18% Surge | Silas Brown | Bloomberg | Blackstone has grown its credit AUM by 18% YoY, growing to $508B of assets in credit, as the firm targets more private investment grade investments.
đ Real Estate
Cautious Banks Cede CRE Lending Ground To Private Capital | Matt Wasielewski | Bisnow | Banks are shrinking their commercial real estate loan portfolios as sponsors move debt off of balance sheets.
CRE Secondaries Market Gains Ground Amid Liquidity Crunch | Valerija I. | CRE Daily | A CBRE report finds that the global CRE secondaries market reached $24.3B in 2024, with GP-led transactions making up 65% of the deal volume.
đ„ Secondaries
EQT Circles Coller Capital, HarbourVest in Secondaries Push | Swetha Gopinath and Silas Brown | Bloomberg | EQT has reportedly been holding talks with potential acquisition targets, including Coller Capital, HarbourVest, and Pantheon, as the firm seeks to expand into secondaries.
Liquidity demand fuels new generation of secondaries managers | Jessica Hamlin | PitchBook | Emerging secondaries managers have raised a cumulative $3.8B in 2025, the greatest amount raised by the cohort in over 15 years.
đ ïž Infrastructure
Meta, Blue Owl Seal $30 Billion Private Capital Deal for AI | Carmen Arroyo and Laura Benitez | Bloomberg | Meta is finalizing a $30B financing package for its data center site in rural Louisiana, where Blue Owl and Meta will split ownership of the Hyperion data center site. Morgan Stanley has arranged over $27B of debt and $2.5B of equity for the transaction.
Global PE infrastructure deal value rebounds amid wave of large-cap deals | Emily Lai | PitchBook | PE investment in infrastructure has grown 44% this year, with more capital flowing into cleantech assets.
US army taps private equity groups to help fund $150bn revamp | Steff Chavez and Antoine Gara | Financial Times | The US army has asked private equity groups, including Apollo, Carlyle, and Cerberus, to pitch strategic projects to help the service fund a $150B infrastructure overhaul.
đ„© GP Stakes
Capital Group takes stake in Qualitas | Karren Vergara | Financial Standard (Australia) | Capital Group has acquired a substantial stake in Qualitas, taking a 5.03% interest in the ASX-listed firm, which it bought for $52.9M.
Pinnacle Investment Management Groupâs acquisition of interest in Advantage Partners | Pinnacle Investment Management | ASX-listed Pinnacle Investment Management Group has acquired a strategic interest in Advantage Partners, the largest independent, diversified private markets platform in Japan.
đŹ Private Markets Research
Trends In Private Credit Fund Structuring 2025 | Nicholas Smith, Guillermo PĂ©rez Molina and Samuel Koslover | Mondaq | The Alternative Credit Council and Dechert LLP share research on fund structuring and trends in private credit.
Preserving the Past: The Case for Frozen Indexes in Private Assets | Rachit Motwani, Grish Walvekar and Keith Crouch | MSCI | What frequency should private capital indexes be updated? MSCI dives into the nuances of frozen versus unfrozen indexes.
It's interesting how you've clearly established yourself as a primary resource for insights in private markets, wich is no small feat given the complexity of the domain. I'm curious about the specific mechanisms driving this innovation, particularly regarding how data science or advanced algorythmic approaches might be reshaping decision-making or portofolio optimization in these alternative asset strategies.
Great roundup Michael! The private credit section really caught my eye, especially Blackstone hitting $508B in credit AUM. What I find intresting is how this growth puts even more pressure on firms like Ares Management and Apollo to scale up and compete. The BOE warning about alarm bells ringing reminds me that we're probabaly in the late innings of this credit cycle. I think the most fascinatin dynamic is how these mega managers are shifting from high yield to investment grade private credit to keep the growth engine going. That move alone shows they're worried about playing in shrinking risk pools.