AGM Alts & Wealth Weekly News Roundup | 7.10.26
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
Goldmanās RIA Custody Making Gains on Name Recognition, UHNW Focus | Alex Ortolani | Wealth Management | Goldman is making inroads in the RIA custody business, in part due to its brand.
Hightower Signature Adds Trio of Practices with $5B | Diana Britton | Wealth Management | Hightowerās branded W-2 channel business, Signature Wealth, has added three RIAs, Private Vista, Hightower Great Lakes, and The McGuirk & De Nevi Group, which will bring around $5B in AUM to the firm.
Wealth Enhancement buys $1.3bn RIA WealthShield Partners | Faye Kilburn | Citywire | Wealth Enhancement has acquired WealthShield Partners, an RIA based in Cary, NC, with $1.3B in AUM.
Wells Fargo Adds $1.7B Connecticut Team From RBC | Patrick Donachie | Wealth Management | A Greenwich, CT-based team with $1.7B AUM, The Sheresky Samsen Group, is joining Wells Fargo from RBC Capital Markets.
AI use cases for RIAs remain limited despite early enthusiasm: Survey | Alec Rich | Citywire | More than half of the advisors who responded to Capital Groupās survey said their āpersonal comfort using AIā is among their primary challenges with the technology.
š² Evergreen Funds
CVC adds to wealth line-up with infrastructure Eltif | Selin Bucak | Citywire | CVC has launched an infrastructure-focused European long-term investment fund, which will be the fourth fund in the firmās evergreen lineup, now totaling over ā¬5.2B.
Investors Rotate From Private Credit to Equity Funds, Morningstar Reports | Mari Nicholson | AltsWire | Evergreen fund assets approached $600B at the end of March, according to Morningstarās State of Semiliquid Funds 2026 report. That figure is double the amount that evergreen funds had in 2022. Private equity and venture capital funds saw increased flows, while private credit flows declined in Q1 2026.
Nontraded BDCs Return Nearly $5.9B to Investors in Q2, More Than $12.7B Year to Date | Mari Nicholson | AltsWire | Non-traded BDCs delivered $5.9B of liquidity to investors in Q2 2026, according to a report by Stanger & Co. Year-to-date redemptions met by NAV BDCs have exceeded $12.7B.
š ļø Private Markets Infrastructure
CAIS, BetaNXT Partner to Streamline Alts Access for Broker-Dealer Networks | Mari Nicholson | AltsWire | BetaNXT and CAIS have entered into a partnership connecting CAISās marketplace to BetaNXTās broker-dealer network.
BlackRock expands Aladdin's private markets benchmarking tools | Leo Almazora | InvestmentNews | BlackRock is widening access to private markets benchmarks across its Aladdin technology ecosystem, expanding its Preqin Benchmarks and Indices offering to make reporting-grade indices and customizable peer benchmarks available in a single solution, rather than through separate tools.
šø Private Equity
Private-Equity Firms Are Sitting on a Nine-Year Backlog | Mark Maurer | Wall Street Journal | Private equity firms are sitting on a growing backlog of aging, hard-to-sell portfolio companies, especially overvalued software firms hit by AI concerns, with a slowly recovering IPO market offering the main hope for relief.
CVC Capital Partners Raises ā¬3 billion for Mid-Market Fund | Swetha Gopinath | Bloomberg | CVC has raised ā¬3B for a new mid-market buyout fund.
Cobham Ultra, an Advent portfolio company, agrees to sell Ultra Maritime, a technology-led undersea warfare solutions provider, to Lockheed Martin | Advent International | Cobham Ultra, a portfolio company of Advent, agreed to sell Ultra Maritime, a worldwide leader in next-generation undersea warfare solutions, to Lockheed Martin for $3.45B.
EQT Agrees to Acquire Australian Smart Parking Tech Firm Orikan | Will Davies | Bloomberg | EQT agreed to acquire Australiaās Orikan, helping the smart parking technology company invest in innovation and expand into adjacent markets.
AI chip maker SambaNova raises $1B at $11B valuation, 5 months after last mega round | Kate Park | TechCrunch | AI chip company SambaNova Systems has raised $1B at an $11B valuation, led by General Atlantic, 5 months after its last round led by Vista Equity Partners. Other investors participating in this round include Seligman Ventures, T. Rowe Price Associates, Capital Group, BlackRock, and Qatar Investment Authority.
š³ Private Credit
The Newtonās Cradle of credit today | Robin Wigglesworth | Financial Times | Where is credit risk most prevalent?
HSBC pulls back from riskier private credit lending | Laith Al-Khalaf, Julie Steinberg and Ortenca Aliaj | Financial Times | HSBC is cutting back on lending to riskier private credit clients.
Singaporeās Temasek doubles down on AI and private credit | Owen Walker | Financial Times | $401B AUM Singapore sovereign wealth fund Temasek has set out plans to triple its exposure to AI companies and double its private credit holdings over the next five years. Temasekās biggest holdings include Nvidia, Amazon, Tencent, and Alibaba. They also participated in OpenAI and Anthropicās recent funding rounds.
Big investors commit billions to private credit despite turmoil | Alexandra Heal and Eric Platt | Financial Times | Large institutional allocators are committing to private credit funds as the wealth channel pulls back from credit allocations.
BlackRock Sees Private Credit Taking Bigger Role in AI Buildout | Dani Burger and Vonnie Quinn | Bloomberg | BlackRockās Jean Bolvin, Global Head of BlackRock Investment Institute, said private credit is poised to play a larger role in financing infrastructure investments for artificial intelligence.
KKRās Private Credit Clients Slow Down Their Redemption Requests | Olivia Fishlow | Bloomberg | Investors in KKR FS Income Trust received all of their requested cash in the second quarter. KKR joins peers, including Goldman and Oaktree, that have seen lower redemptions in the latest quarter.
Mubadala Opens $25 Billion Credit Business to Outside Investors | Dinesh Nair | Bloomberg | Abu Dhabi's Mubadala is transferring its $25B credit portfolio to Mubadala Capital and opening it to third-party institutional investors for the first time, committing an additional $4.65B to support expansion as the sovereign wealth fund bets that banks' continued retreat from direct lending will create opportunities across Europe and Asia.
š Real Estate
Blue Owl Buys Ā£1.3 Billion UK Private Hospital Portfolio | Natasha Voase | Bloomberg | Blue Owl has completed a deal to buy a portfolio of UK private hospitals from Malaysiaās Employees Provident Fund, paying $1.7B for the 12 Spire hospitals. The investment has been made through Blue Owlās European Net Lease Fund.
Australia's Rest eyes US property in private markets ramp-up | Daniel Kemp | PERE | Australian superannuation fund Rest eyes the US property market as it ramps up its private markets exposure.
š„ Secondaries
Eurazeo Closes Fifth-Generation Secondaries Program At ā¬2.3 Billion | Amit Chowdhry | Pulse 2.0 | Eurazeo announced the final close of the fifth vintage of its private equity secondaries fund at ā¬2.3B, exceeding the initial target of ā¬2B and increasing 2.3x in size from its last vintage.
Patria Investments Raises Over $670 Million For Secondary Opportunities Fund V | Amit Chowdhry | Pulse 2.0 | Patria Investments closed on the fifth vintage of its secondaries fund with over $670M, exceeding its initial $500M target.
Market for private credit secondaries grows in Europe, stoked by liquidity pressure | Francesca Ficai | PitchBook | Private credit secondaries have entered the spotlight as investors seek liquidity and increasingly adopt more active management in their private markets portfolios.
š ļø Infrastructure
BlackRock's GIP, Stonepeak Mull Bids for $5 Billion Brazil Port | Cristiane Lucchesi, Rachel Gamarski and Mariana Durao | Bloomberg | BlackRockās GIP, Stonepeak, and I Squared are among the firms evaluating bids for a $5B port in Brazil owned by Trafigura Group and Mubadala.
Funds Managed by Blue Owl Digital Infrastructure Strategy Launch Kirkwood Infrastructure Group | PR Newswire | Funds managed by Blue Owl announced the launch of Kirkwood Infrastructure Group, a wholly owned developer and operator of next-generation communications infrastructure. Kirkwood serves hyperscale customers, data center operators, communications carriers, and local communities by developing, owning, and operating advanced conduit, high-count fiber optic cable, and related communications infrastructure assets.
CVC sells marina business for more than ā¬1bn as yacht market booms | Ivan Levingston | Financial Times | CVC has agreed to sell high-end yacht marina group D-Marin for more than ā¬1B to French private equity firm InfraVia. McKinsey estimates that the $15B marinas market will grow by 8% annually through the end of the decade.
Brookfieldās Data Center Firm Csquare Seeks $1.35 Billion in IPO | Ryan Vlastelica | Bloomberg | Csquare is seeking to raise as much as $1.35B in a US IPO.
TeraWulf Signs $19 Billion Lease With Anthropic for AI-Infrastructure Campus | Connor Hart | Wall Street Journal | TeraWulf will partner with Anthropic to build an AI infrastructure campus in Kentucky that could generate $19B in revenue and bring 400 megawatts of computing power online by 2028.
š„© GP Stakes
Facebook co-founder's venture firm and CalPERS agree to buy Russell Investments | Ian Wenik | Citywire | An investor consortium led by venture capital firm B Capital and CalPERS has agreed to buy asset manager and OCIO Russell Investments for a reported $2.8B from TA and Reverence. It appears the acquirers will look to infuse AI into Russell: āAs global investors in transformative technologies, we firmly believe the future of asset management lies at the intersection of investment expertise, personalized client service, and innovation,ā B Capital Co-CEOs Eduardo Saverin and Raj Ganguly jointly stated.
Sumitomo Mitsui Trust Bank to buy 15% stake in infrastructure investor Morrison | Anton Bridge and Miho Uranaka | Reuters | The trust bank unit of Sumitomo Mitsui Trust Group will acquire a 15% stake in infrastructure investment manager Morrison and make an initial $500M commitment to Morrisonās strategies. The 15% stake is expected to be in the tens of billions of yen, according to Sumitomo Mitsui.
Arctos Announces Final Close of Arctos Keystone Partners Fund I at $6.2 Billion | Business Wire | Arctos, a business of KKR, announced the final close of $6.2B Arctos Keystone Partners Fund I, its inaugural fund dedicated to providing bespoke growth capital and financing to leading alternative asset managers. Ian Charles, Managing Partner and CEO of Arctos, Partner and Head of KKR Solutions at KKR, said, āWe built Keystone to serve these leaders and their firms, not simply as a capital provider, but as a creative, flexible thought partner willing to embrace complexity and help solve hard problems.ā More than 30% of the fundās capital has already been deployed across 11 sponsors, including Keystoneās backing of Hayfinās management buyout from British Columbia Investment Management Corporation.
Blue Owl's HomeCourt Partners' Fund Announces Minority Equity Investment in Cleveland Cavaliers | PR Newswire | Blue Owl HomeCourt Partners, a division of Blue Owlās GP Strategic Capital platform, announced it acquired a minority equity stake in the Cleveland Cavaliers.
š¬ Private Markets Research
US Evergreen Fund Landscape | Juan Mier, Hilary Wiek, Nick Rescigno, Jason Kephart, Jack Shannon, Steven Buibish | PitchBook | US evergreen fund AUM hit $607.2B across 567 funds, with private debt leading at nearly $300B, while PE evergreens approached $100B on the addition of non-40-Act vehicles like Blackstone's BXPE and KKR's K-PEC.
Fund Finance Trends: Unlocking Liquidity With GP Financing | Leo Epstein, Deborah Newman, James Manzi | S&P Global | GP financing is expanding as private markets face fewer exits and slower distributions, with GPs borrowing against management fees, carried interest, or fund stakes to fund commitments and platform liquidity, while access remains limited to larger and established managers with predictable fee income.
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