AGM Alts & Wealth Weekly News Roundup | 4.3.26
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
Private Credit, Buyout Shops Face Uphill Fight for 401(k) Cash | Allison McNeely, Silla Brush and Loukia Gyftopoulou | Bloomberg | Alternative asset managers are inching closer to being able to offer private markets investments in retirement plans, with the US Department of Labor proposing rules on how retirement plan administrators should evaluate alternative assets.
Carlyle Ups Stake in MAI Capital with Majority Acquisition | Alex Ortolani | Wealth Management | Carlyle has taken a majority stake in $72.6B RIA MAI Capital Management, which values the firm at over $2.8B.
Exclusive: $6bn Exencial agrees to sell to Savant | Sam Bojarski | Citywire | RIA platform Savant Wealth Management has bought one of Oklahomaās fastest-growing RIAs, $6B Exencial Wealth Advisors.
Modern Wealth Expands in Florida, Adding $1.2B In AUM With Legacy Wealth | Financial Advisor Magazine | Modern Wealth Management, a Monterey, CA-based RIA co-founded by former United Capital Financial Advisors Co-Founder Mike Capelle that has over $12B AUM, has established its first Florida office with this weekās acquisition of Legacy Wealth Management, a South Florida-based RIA managing $1.2B AUM.
RIA Sellers Seek to Mitigate Market Impact on Payout Potential | Alex Ortolani | Wealth Management | A more turbulent financial market is impacting how RIA business owners prefer to structure their transactions when selling. Until recently, many advisors have been open to including anticipated future market returns when modeling revenue-based earnouts. In some recent deals, buyers have agreed to exclude market performance from growth models.
Vanguard will let self-directed robo clients change their asset allocation | Alec Rich | Citywire | Vanguard has introduced a new feature for its robo-advisor, Vanguard Digital Advisor, which allows clients to adjust certain target asset allocations in self-managed accounts. Adjustments can only be made around clientās retirement goal plans.
š² Evergreen Funds
'Boring is brilliant' on evergreen liquidity buffers | John Schaffer | Citywire | Private markets fund buyers at wealth firms prefer there to be cash or equivalent products in the liquidity buffers of evergreen products, even if it creates a drag on performance.
Private Equity Funds Step Into the Spotlight | | Jason Kephart | Morningstar | Morningstar PitchBook fund research finds that private equity and venture capital evergreen funds have seen an increase in net flows over the past year.
š ļø Private Markets Infrastructure
Bloomberg Expands MAC3 Risk Models for Enhanced Portfolio and Risk Forecasting Across Public and Private Investments | PRNewswire | Bloomberg announced a significant update to the asset class coverage provided within its suite of advanced Multi-Asset Risk Models (MAC3), supporting global asset owners, asset managers, and hedge funds with comprehensive, advanced modeling tools for accurate risk forecasting.
šø Private Equity
KKR Secures $23 Billion for Americas PE in Its Largest-Ever Haul | Allison McNeely | Bloomberg | KKR raised its largest every private equity fund, closing on $23B for its latest buyout fund and topping its $20B target.
OneStream goes private again in $6.4bn sale to Hg | Sergio Barreto | Alternatives Watch | OneStream, the finance software maker that went public less than two years ago, has gone private again. The business has been acquired by Hg in an all-cash deal valued at approximately $6.4B.
Blackstone Raises $6.3 Billion for Latest Life-Sciences Fund | Preeti Singh | Bloomberg | Blackstone closed its latest life sciences fund with $6.3B in commitments, the firmās largest fund focused on the space, topping the 2020 predecessor fund which raised $4.6B.
Inflexion Raises ā¬4.5 Billion for Buyout Fund in Just Six Months | Swetha Gopinath | Bloomberg | European private equity firm Inflexion has raised ā¬4.5B ($4.7B) for its latest buyout fund. The fund closed in six months, surpassing its initial target of ā¬3.75B and topping the size of its 2022 predecessor fund of ā¬2.5B, demonstrating the depth of demand for mid-market funds that focus on Europe.
Apollo Said to Near $10 Billion Deal for KKRās Atlantic Aviation | David Carnevali and Ryan Gould | Bloomberg | Apollo is reportedly nearing a deal to acquire Atlantic Aviation from KKR in a deal that would value the private jet fixed-base operator at almost $10B. Apollo is teaming up with Singaporean sovereign wealth fund GIC to buy a majority stake in the company, while KKR will also invest fresh capital to retain a large interest in the business.
OpenAI Valued at $852 Billion After Completing $122 Billion Round | Shirin Ghaffary | Bloomberg | OpenAI has raised one of the largest funding rounds in history, closing on $122B from investors including Amazon, who invested $50B, and Nvidia and Softbank, each of whom invested $30B (reportedly, $35B of Amazonās investment is contingent on OpenAI going public or reaching the technological milestone of artificial general intelligence).
Intel to Pay $14 Billion to Buy Back Apollo Stake in Ireland Plant | Ian King | Bloomberg | Intel agreed to pay $14.2B to buy back half of a manufacturing plant, Fab 34, in Ireland that it had previously sold to Apollo in 2024.
AI and War Spook Buyers for Private-Equity Firms Itching to Sell | Claire Ruckin, Swetha Gopinath and Pablo Mayo Cerqueiro | Bloomberg | Private equity sales have fallen by more than a third this year, with buyout firms selling deals valued at around $103B in the first quarter, which is roughly 36% lower than the same period a year ago.
š³ Private Credit
Ares Raises Over $9.8 Billion for Leading Opportunistic Credit Strategy | Ares | Ares announced that it has closed on over $9.8B in capital for its Opportunistic Credit strategy.
Oaktree BDC Chief Sees āExcessive Risk-Takingā in Private Credit | Rene Ismail, Dani Burger and Matthew Miller | Bloomberg | Oaktree Co-CEO Armen Panossian discussed different credit vintages and the importance of underwriting discipline and manager selection as markets shift from rate-driven to credit-driven.
Blue Owl struck by $5.4bn of redemption requests | Eric Platt | Financial Times | Blue Owl received an increase in redemption requests in the first quarter, with investors seeking to withdraw $5.4B from two of its flagship funds in private credit. Withdrawals from Blue Owl Technology Income Corp were 40.7% of the fundās $3B value. Redemption requests for Blue Owl Credit Income Corp were 21.9%.
Santander Plans SRTs on UK, US Loans Amid Acquisition Spree | Esteban Duarte | Bloomberg | Banco Santander is planning two significant risk transfer (SRT) trades on American and British loan portfolios, including Ā£1B of commercial real estate loans in the UK and $2B of US corporate loans to free up capital for acquisitions in the US and UK. The bank plans to offload ā¬30-35B in risk weighted assets annually from 2026 through 2028, with one third coming from SRTs.
š Real Estate
Brookfield Buys ā¬1 Billion of Spanish Housing from Blackstone | Natasha Voase | Bloomberg | Brookfield Asset Management has finalized a deal to buy a portfolio of 5,000 apartments across 47 buildings in Madrid from Blackstone for ā¬1.05B.
Ares Raises Combined $5.4 Billion for U.S. and Europe Value-Add Real Estate Strategies | Ares | Ares announced it raised $5.4B across two funds to invest in value-add real estate opportunities across high-conviction markets in the US and Europe.
Blackstone Acquires Napa Valley Resort in a Foreclosure Sale | Patrick Clark | Bloomberg | Blackstone bought Napa Valley luxury resort Stanly Ranch (part of the Auberge Collection) at an auction after previous owners defaulted on a $220M loan. Blackstoneās latest Bay Area purchase is part of a broader commercial property bet on a San Francisco and Bay Area comeback from the rapid growth of AI companies and wealth created from the AI boom.
š„ Secondaries
Antares Closes $1.7 Billion Private Credit Continuation Vehicle Led by Ares | Ares | Antares Capital and Ares announced the closing of Antaresā second continuation vehicle with over $1.7B in commitments. The transaction, which was established to purchase assets from a closed-end private credit fund comprising over 300 underlying first lien, floating rate loans originated and managed by Antares, was led by Ares Credit Secondaries funds, along with a commitment from Antares.
StepStone Group Closes Structured Solutions Vehicle for Private Market Secondaries | StepStone | StepStone closed a structured solutions vehicle, resulting in $3.1B in commitments to invest predominantly in private market secondaries. The transaction, the largest of its kind in the market to date, allows institutional investors to access the firmās secondaries platform through a flexible and capital-efficient solution.
Sector-focused multi-asset CVs are on the rise - Elm Capital | Hannah Zhang | Secondaries Investor | According to Elm Capitalās 2025 Private Markets Review, mid-market managers are looking to the multi-asset CV structure to āachieve critical mass.ā
More private credit loans for sale than ever, but secondary demand appears tepid | Sami Vukelj | PitchBook | More private credit loans are up for sale in the credit secondaries market, but secondary trading has not appeared to see a significant uptick in activity.
š ļø Infrastructure
Nvidia-Tied Debt Deal Turbocharges a 30,000-Acre Data Center Bet | Aaron Weinman, Dawn Lim and Natalie Wong | Bloomberg | Land development, access to power, and water rights are all part of the data center story. Amongst the firms that are helping to secure land with energy connections are Hines Real Estate Holdings, which estimates that 40,000 acres of powered land will be needed to meet data center demand through 2030.
Energy Shock Clouds $800 Billion of Asian Data Center Financing | Kari Soo Lindberg and Sharon Klyne | Bloomberg | The energy shock sparked by the Iran war is becoming a looming consideration in financing decisions for data center deals. Executive Director of the Energy Studies Institute at the National University of Singapore Poh Seng Lee noted that the bankability question is shifting from ācan this asset be built and leasedā to ācan this asset secure and manage energy credibly over time.ā
š„© GP Stakes
Accelerating Liquidity in GP Stakes | Bonaccord Capital Partners | Bonaccord Capital Partners, a GP stakes firm, posits that perception may differ from reality when it comes to liquidity in the GP stakes asset class. In a white paper, Bonaccord finds that GP stakes is a āfar more liquid asset class than is often perceived,ā with 65% of all single-investment liquidity events occurring since 2024 and 44% of all portfolio liquidity events taking place since 2024.
2026 Perspectives in Private Equity: GP Stakes Investing in a Maturing Market | Elina Alperovich, Timothy Jonas Clark, Ira Phillip Kustin and Fadi G. Samman | Akin Gump | GP stakes and GP M&A transactions hit record levels in 2025, with deal volume increasing 40% year-on-year.
š¬ Private Markets Research
PitchBook Analyst Note: Crude Awakening: How High Oil Prices Impact Private Markets | Paul Condra, Steven Buibish, Kyle Stanford and Kenny Tang | PitchBook | Oil has re-emerged as a first-order risk for private markets. PitchBook finds the effects to be asymmetric: Energy and infrastructure assets stand to benefit, while leveraged non-energy businesses face compounding margin pressure, tighter financing conditions, and a more difficult exit environment.
US Credit Markets Quarterly Wrap | Marina Lukatsky, Abby Latour, John Atkins, Jonathan Hemingway, Glen Fest, Rachelle Kakouris and Taron Wade | PitchBook | The US Credit Markets Quarterly Wrap provides a comprehensive look at the dynamics of the primary and secondary US leveraged finance markets.
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