AGM Alts & Wealth Weekly News Roundup | 9.5.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
How RIAs are shaping PE allocations | Jon Yarker | Buyouts | How are RIAs approaching portfolio construction and private markets — and what does it mean for GPs?
Mubadala-Backed Corient Buys UK Wealth Firms Stonehage, Stanhope | Leonard Kehnscherper | Bloomberg | US wealth manager Corient has agreed to acquire UK wealth management firms Stonehage Fleming and Stanhope Capital, creating a $430B AUM independent wealth manager with the addition of $214B of assets across Stonehage and Stanhope.
Blackstone ad campaign to target advisors in private markets push | Selin Bucak | Citywire | Blackstone is launching a new advertising campaign to increase brand awareness among financial advisors. The firm will be rolling out TV ads on CNBC TV and DirectTV, illustrating the evolution of marketing strategies that asset managers need to employ to build brand with the wealth channel.
PE firm pays $2.7bn to reacquire $31bn Wealthspire, $345bn Fiducient from Aon | Ian Wenik | Citywire | Madison Dearborn Partners is bringing Wealthspire Advisors and Fiducient Advisors back into the fold, agreeing to acquire a consortium of wealth management assets — including Wealthspire, Fiducient, and Canadian wealth manager Newport Private Wealth — from insurance and professional services firm Aon for $2.7B in cash.
Allocate Raises $30.5M in Series B funding | FinSMEs | Allocate, which has built an operating system for private market investing, raised $30.5M in Series B funding led by Portage Ventures with participation from Andreessen Horowitz, M13, and Fika Ventures.
🌲 Evergreen Funds
Goldman to Buy $1 Billion of T. Rowe Stock as Firms Team Up | Silla Brush, Todd Gillespie, Loukia Gyftopoulou | Bloomberg | Another major partnership in the asset management world was struck with Goldman making a “series of open-market purchases” of up to $1B to amass up to 3.5% of T. Rowe’s stock as the firms plan to offer co-branded retirement funds that have investments from Oak Hill and private markets strategies from Goldman and they will also have joint portfolios for HNW individuals.
HSBC launches evergreen private equity fund | John Schaffer | Citywire | HSBC Asset Management has launched an open-ended private equity strategy that will focus primarily on secondaries and co-investments to wealth and institutional investors across the UK, Europe, Asia, and the Middle East.
💸 Private Equity
Partners Group expects performance fees growth amid strong exits | Emily Lai | PitchBook | Partners Group nearly doubled its performance fee revenue for 2025, reporting a 94% increase in performance fees to 314M Swiss francs ($390M) as of June 30, accounting for 27% of its revenue during the first half of the year.
Goldman Sees Lucrative Lifelines in Easing Private Equity Logjam | Todd Gillespie, Preeti Singh, and Sridhar Natarajan | Bloomberg | Goldman is raising a $10B hybrid capital fund to extend financing to companies owned by private equity firms to enable portfolio companies to have dividends upstream. The firm is also in market raising $15B for its latest flagship secondaries fund.
💳 Private Credit
Blackstone Private Credit Fund Sells $500 Million of Bonds | Ethan Steinberg | Bloomberg | Blackstone’s private credit fund, BCRED, sold $500M of five year, investment-grade debt, with the notes from BCRED yielding 1.6% above Treasuries.
🏠 Real Estate
Real Estate Giants Apollo and BlackRock Expand | Nina Dale | CRE Daily | Major acquisitions of real estate managers officially closed this week, with Apollo finalizing its $1.5B purchase of Bridge Investment Group and BlackRock completing its deal for ElmTree Funds.
Exclusive: MUFG to launch $680 million Japan real estate fund | Miho Uranaka | Reuters | Mitsubishi UFJ Financial Group plans to launch a 100B yen ($680M) fund to invest in Japanese real estate.
🥈 Secondaries
Blackstone Strategic Partners Closes Largest Infrastructure Secondaries Fund Ever Raised at $5.5 Billion | Paula Chirhart | Blackstone | Blackstone raised the world’s largest dedicated infrastructure secondaries fund to date, announcing the final close on its $5.5B fund Strategic Partners Infrastructure IV L.P.
Benefit Street Collects $2.3 billion for Credit Secondary Fund | Preeti Singh | Bloomberg | Benefit Street Partners, a $78B AUM alternative credit manager that is part of Franklin Templeton’s Alternatives platform, raised $2.3B for a credit secondaries fund with Coller Capital as the lead investor in its continuation fund.
Private Credit Leans on Secondaries as Investor Payouts Dwindle | Preeti Singh | Bloomberg | Private credit firms are turning to secondaries as a way to generate DPI, with funds from 2020 vintages or later showing median DPI of less than 0.6x. Credit secondary volume is set to exceed $18B this year, up from $11B last year and around $6B in 2023, according to data from Evercore.
🛠️ Infrastructure
AustralianSuper CEO Pledges $26 Billion for Local Investments | Richard Henderson | Bloomberg | AustralianSuper, the country’s top pension fund, has earmarked A$40B ($26B) for local investment, including infrastructure across housing, health, energy transition, and artificial intelligence, over the next five years, according to CEO Paul Schroder.
Merit's top gatekeeper sees dollar signs in aging infrastructure | Eva Thomas | Citywire | As interest in private infrastructure continues to grow, Merit Financial Advisors’ CIO Brian Andrew, is hoping to build out the RIA’s infrastructure offerings.
🥩 GP Stakes
Nuveen Private Capital, Hunter Point Capital and Temasek Announce Strategic Partnership | PR Newswire | Nuveen Private Capital, an $87B AUM investment platform comprising of US and European asset managers Churchill Asset Management and Arcmont Asset Management, has taken in a minority investment from Hunter Point Capital and Temasek, with Temasek also providing long-term capital commitments to the NPC platform’s new and existing strategies.
Cantilever Group Announces Strategic Minority Investment in Tecum Capital | PR Newswire | Cantilever Group, an independent investment firm specializing in middle-market GP stakes, announced today that they have made a minority equity investment in Tecum Capital, a private investment firm providing capital solutions to growth-oriented middle-market companies.
🔬 Private Markets Research
UK Private Capital Breakdown | Nizar Tarhuni, Paul Condra, Nalin Patel, Navina Rajan, Nicolas Moura, Charlie Farber, Oscar Allaway, Josie Doan | PitchBook | UK private markets faced a mixed first half of 2025, with venture capital activity easing under macroeconomic pressure, while private equity found renewed strength through foreign capital and strategic dealmaking.
The Secondaries Investor 50: 2025 | Silas Sloan | Institutional Investor | The top 50 secondaries firms raised $522.5B in total between 2020 and 2024, a 10.3% increase from the previous year, as the secondaries market continues to grow.
