AGM Alts & Wealth Weekly News Roundup | 7.25.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Goldman launches private credit CIT for retirement plans | William Johnson | Citywire | Goldman's asset management arm is launching a private credit collective investment trust (CIT) to provide private credit exposure to defined contribution plans.
SEC chair supports creating guardrails for private markets in retirement plans | Madeline Shi | PitchBook | As private assets are introduced to defined contribution plans, SEC Chair Paul Atkins voices his support in establishing guardrails to ensure individual investors are protected.
$25bn Homrich Berg rolls out employee ownership program | Ian Wenik | Citywire | The Atlanta-based TPG-backed RIA announced that 311 employees now have equity stakes in the business.
AssetMark to Add Private Markets Capabilities | David Bodamer | Wealth Management | The California-based TAMP provider will launch product enhancements in the fourth quarter to support the inclusion of private funds in discretionary accounts and UMAs.
HarbourVest Hires BlackRock Executive to Lead Wealth Business | Greg Ryan | Bloomberg | $147B AUM HarbourVest has hired former BlackRock Aladdin executive Venu Krishnamurthy as its head of global private wealth.
🌲 Evergreen Funds
Blackstone gets mega revenue bump on evergreen gains | John Schaffer | Citywire | Growth in Blackstone's eight evergreen funds drove an increase in fee-related performance revenues by 167% to $472M.
'Retailisation' of evergreen funds raises concerns | Laura Purkess | Alternative Credit Investor | As evergreen funds continue to gain popularity among retail investors, experts are growing concerned about risk.
These 10 Firms Are Making Semiliquid Funds a Big Deal | Jason Kephart | Morningstar | Morningstar assesses the current semi-liquid fund landscape and its biggest players.
💸 Private Equity
Private Equity Cuts Leveraged Loan Banks Out of M&A — and Fees | Claire Ruckin and Reshmi Basu | Bloomberg | Private equity firms are introducing portability clauses, allowing them to purchase and sell companies without arranging new financing.
Private Equity’s Middle Tier is Struggling as Capital Tightens and Exit Options Dry Up | Laura Benitez | Bloomberg | Midsize PE managers are getting hit especially hard by the difficult exit environment.
New Analysis Suggests PE Funds Are More Volatile Than We Think | Michelle Celarier | Institutional Investor | Dan Rasmussen, founder of Verdad Advisors, is a longtime private equity critic whose latest analysis finds that the volatility of PE funds is higher than what is commonly claimed.
💳 Private Credit
Private credit giants turn to Asia as funding gap widens in region | Lee Ying Shan | CNBC | Asia is becoming a hotspot for private credit due to expanding funding gaps and an evolving regulatory landscape.
Third Point Launches Insurance Solutions Fund to Provide Private Credit Opportunities for Insurance Companies | Business Wire | The $21B alternative asset manager has secured $400M of investible capital for the first close of Third Point Insurance Solutions Fund I, the firm's first dedicated and rated structured private credit fund for insurance companies.
🏠 Real Estate
BlackRock Raises £1B For Fund Targeting Living, Logistics And Data Centres | Mike Phillips | Bisnow | The asset management giant has raised £1B for its sixth European value-add real estate fund, a slightly lower total compared to its predecessor.
🥈 Secondaries
First-time sellers flock to the secondary market | Jessica Hamlin | PitchBook | A growing number of LPs are expected to enter the secondary market for the first time this year.
Private equity firms flip assets to themselves in record numbers | Antoine Gara and Ivan Levingston | Financial Times | Continuation funds were used for $41B of investments in the first half of 2025, marking a record 19% of all sales in the industry, and 60% higher than a year ago.
Blackstone Gathers $5 Billion for Secondhand Infrastructure Bets | Preeti Singh | Bloomberg | Blackstone has hauled in around $5B for its latest fund, Strategic Partners Infrastructure IV LP, capitalizing on the explosive growth in infrastructure secondaries.
🛠️ Infrastructure
Private Equity Gets Bullish on Natural Gas-Fired Power Plants | Luis Garcia | WSJ | Deals involving natural gas-fired power plants have totaled $49B over the first half of the year, driven by factors such as the surge in demand for electricity and US policy support.
I Squared powers through target with $1.7bn credit fund first close - exclusive | Zak Bentley | Infrastructure Investor | I Squared Capital has gathered $1.7B in its first close on its second credit fund, ISQ Global Infrastructure Credit Fund II. The fund is targeting a mix of senior secured and subordinated debt, primarily in brownfield assets.
🥩 GP Stakes
Petershill Partners sells Harvest Partners stake for $561m | Sophie Rose | PE Hub | Petershill has completed the sale of its stake in Harvest Partners, a New York City-based middle-market private equity firm, at a 22% premium to its $459M carrying value.
Mubadala, AXA IM Prime Take Stakes in Private Lender Hayfin | Silas Brown | Bloomberg | The two investors are each taking minority stakes in London-based Hayfin, following a recent management buyout financed by Arctos Keystone.
🔬 Private Markets Research
PitchBook Analyst Note: Sizing the Institutional VC Direct Secondaries Market | Nizar Tarhuni, Paul Condra, Nalin Patel, Navina Rajan, Charlie Farber and Oscar Allaway | PitchBook | PitchBook's latest analyst note highlights the increasingly important role of direct secondaries in the venture capital industry. VC direct secondaries amassed $14.7B in 2024, marking the highest total since 2021.
