AGM Alts & Wealth Weekly News Roundup | 7.11.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
iCapital Completes Over $820 Million Capital Raise, Valuation Surpasses $7.5 Billion | iCapital | iCapital's latest investment round was led by new investors T. Rowe Price and SurgoCap Partners with additional participation from State Street and existing investors.
KKR Strikes Asset-Management Partnership with Brazil’s Itau | Allison McNeely | Bloomberg | KKR and Itau Asset Management have partnered to develop alternative investments and co-branded investment solutions for wealth and institutional clients in Brazil.
Stonepeak Strengthens Wealth Capabilities with Appointment of Cindy Marrs as Senior Advisor | Kate Beers and Maya Brounstein | Stonepeak | $73B AUM Stonepeak appointed Cindy Marrs, who brings over 30 years of wealth management expertise from her previous role as Partner, Global Head of Wealth Management at Wellington Management, as a Senior Advisor and to support Stonepeak+.
🌲 Evergreen Funds
Secondaries and evergreen funds: PE's new power couple? | Blazej Kupec | Moonfare | Private equity secondaries prove to be a good fit for open-ended fund structures given their potential liquidity and cash flow advantages. As such, evergreen secondaries funds are expected to grow rapidly over the next decade.
Evergreen funds — unlocking access and liquidity in Asia Pacific investing | Jeffrey Chew | PwC | PwC’s Jeffrey Chew discusses why evergreen funds are emerging as a key solution for Asia Pacific investors seeking greater access and liquidity.
💸 Private Equity
$1B-plus PE deals are ticking up | Janelle Bradley | PitchBook | Despite the overall slowdown in private equity deal activity in Q2 2025, the full year is expected to see a near 30% increase in $1B+ deals compared to 2024.
Private Equity-Backed US IPOs Return With Plenty of Leverage | Anthony Hughes | Bloomberg | Private equity firms are testing the IPO market with portfolio companies that are more highly leveraged than other recent listings. NIQ Global Intelligence and McGraw Hill are two recent examples, carrying significant amounts of debt relative to their profitability.
US public colleges expand PE investments despite downturn | Sun Yu | Financial Times | As private equity has become a drag on the portfolios of US private university endowments, their public counterparts see the falling valuations as a prime opportunity to allocate more capital to the asset class.
💳 Private Credit
BlackRock tried private credit once before. Will this time be better? | Eric Platt | Financial Times | With the completion of its $12B purchase of HPS Investment Partners, BlackRock is aiming for an outcome better than that of its previous private credit acquisition of Tennenbaum Capital Partners in 2018.
Blackstone Strikes $20 Billion Private Credit Deal With L&G | Leonard Kehnscherper and Silas Brown | Bloomberg | Blackstone and Legal & General have formed a private credit partnership in an effort to grow up to $20B over the next five years. Alternative asset managers are increasingly forging closer ties with the insurance industry, which is seen as a key source of growth for the emerging private investment-grade market.
🏠 Real Estate
BlackRock to Buy Real Estate Firm With $7.3 Billion in Assets | Daniel Taub | Bloomberg | BlackRock has agreed to acquire ElmTree Funds, a $7.3B real estate investment firm which leases built-to-suit commercial properties to single-tenant renters, further bolstering the firm’s private markets capabilities.
Ex-Goldman partner's investment firm issues $1 billion in homebuilder loans | Saeed Azhar and Niket Nishant | Reuters | Real estate alternative investments firm Pretium announced that it has originated over $1B in loans to homebuilders in the past six months, highlighting the opportunity for private capital firms to step in as banks retrench.
🥈 Secondaries
Blackstone Explores Private Credit Secondaries Strategy | Silas Brown | Bloomberg | The alternative asset management giant is considering forming a standalone pool of capital intended exclusively to purchase second-hand private credit funds. The new strategy would fall within the firm's Strategic Partners secondaries unit.
Coller Raises $6.8 Billion for Credit Secondary Deals | Rod James | WSJ | Coller Capital has successfully closed fundraising for one of the largest funds dedicated to purchasing second-hand private credit assets. The firm hauled in $6.8B, taking advantage of the explosive growth in the private credit secondaries market.
Why Buyout Giants Are Investing in Each Other’s Deals | Preeti Singh | Bloomberg | Large buyout firms such as Warburg Pincus, Golub Capital and New Mountain Capital are speaking with investors about raising capital to acquire second-hand stakes in companies currently held by other buyout firms. These latest conversations are in response to the industry trend of holding assets for longer, as traditional exits have dried up.
🛠️ Infrastructure
GIP closes Fund V on $25.2bn - exclusive | Zak Bentley | Infrastructure Investor | The $25.2B final close for Global Infrastructure Partners V surpassed the $25B target set in mid-2022.
Stonepeak Is Said in Talks to Invest in Warburg-Backed Princeton | Manuel Baigorri, Vinicy Chan and Pei Li | Bloomberg | Stonepeak is in talks to potentially invest over $1B in Singapore-based data center operator Princeton Digital Group in a structured equity deal.
🥩 GP Stakes
Seeding the future: why GP seeding is gaining ground in private capital | Danielle Kline, Batya Nadler, Grace Mangusso | Torys | Investors are considering GP seeding strategies in addition to GP staking as the private funds landscape continues to evolve.
🔬 Private Markets Research
iCapital Market Pulse: Mid-Year Outlook: Top of mind questions for investors in 2H ’25 | Peter Repetto, Nicholas Weaver, and iCapital Investment Strategy Group | iCapital | Despite the difficult market environment, resilient economic growth and easing policy uncertainty are improving the near-term outlook for private markets. Opportunities in middle market private equity, infrastructure and asset-based lending are all areas of focus.
MSCI Private Capital Benchmarks Summary Q1 2025 | Greg Kohles, Keith Crouch and Uday Karri | MSCI | MSCI’s report details asset-class returns and provide insights on performance, cash flows, valuations, industry composition and dry powder.
