AGM Alts & Wealth Weekly News Roundup | 5.1.26
The news of the week in private markets and wealth management
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AGM News Roundup
đŚ Wealth Management
$475bn Corient charts Canadian expansion | Alec Rich | Citywire | Corient, the wealth management arm of Canadian asset manager CI Financial, said it will expand its Canadian business. The Canadian business will formally launch in June under the Corient brand, starting with $7.3B in client assets. ââWe see a clear gap in the Canadian market for a global independent wealth manager capable of delivering the comprehensive advice required by wealthy individuals and families â including investment management, wealth strategy and family office solutions,â Corient chief executive Kurt MacAlpine stated. âCorient was purposely built to meet that need and close that gap.â
Merchant pursuing new capital raise with Sixth Street Partners as lead investor: Sources | Sam Bojarski, Ian Wenik | Citywire | RIA minority investing business Merchant Investment Management is pursuing a capital raise. Merchantâs existing private equity sponsor, Sixth Street Partners, is expected to be the lead investor in the round. Sixth Street first invested in Merchant in late 2024, when it invested $500M as part of a $750M round.
Osaicâs Jamie Price says advisors who adopt AI will displace those who don't | Faye Kilburn | Citywire | Osaic CEO Jamie Price said âAI is not going to replace the advisor. The advisor that is using AI will, over time, replace those that donât, because they will be providing very different experiences with more rapid turnaround times than other advisors, more capabilities and more opportunities for the client holistically.â
Traditional fund groups race to sell private markets to wealth managers | Selin Bucak | Citywire | Evergreen funds and partnerships are how asset managers are distributing private markets to the majority of wealth management clients.
SEI and Carlyle partner on private assets for wealth and retirement | Tania Mitra | Citywire | SEI and Carlyle have partnered to co-develop products that combine Carlyleâs private markets expertise with SEIâs distribution network, technology, and client delivery.
Hightower strikes sponsorship deal with US Squash | Peter Saalfield | Citywire | Hightower Advisors became an official sponsor of the US national squash team ahead of the indoor racket sportâs Olympic debut in 2028. This move is particularly notable now that Hightower has launched its consumer-facing advisory business, Hightower Signature Wealth, after bringing on new CEO Larry Restieri from Goldman Sachsâ Ayco business. The partnership is Hightowerâs first in the professional sports world.
$17bn Mather Group to join nascent Robinhood referral program | Sam Bojarski | Citywire | The Mather Group, a $17B Chicago-based wealth manager, plans to join online brokerage firm Robinhoodâs RIA referral program.
UBS' US wealth business shows signs of resilience | Peter Saalfield | Citywire | UBSâ US wealth business is showing green shoots. After three consecutive quarters of outflows UBSâ Americas wealth unit had net asset inflows of $5.3B during Q1 2026.
đ˛ Evergreen Funds
EQT makes infrastructure more accessible to individual investors across Europe â introduces new ELTIF evergreen fund | EQT Group | In an effort to further broaden access to private markets for eligible individuals and institutions across the EU and EEA, EQT has launched a European Long-Term Fund (ELTIF) structure for the Nexus Infrastructure evergreen strategy.
Semiliquid Private Equity Funds Have a Math Problem | Jack Shannon | Morningstar | Morningstarâs Jack Shannon analyzes cash management and portfolio management strategies of private asset evergreen funds. Shannon also discusses evergreen fundsâ use of leverage.
đ ď¸ Private Markets Infrastructure
iCapitalÂŽ, With Anthropic, to Power AIâDriven Client Experience for Alternatives, Structured Investments, and Annuities | iCapital | iCapital announced that it is working with Anthropic to advance the next phase of its AI strategy, integrating Claude models into its workflows to support advisors and product providers.
Allocate Surpasses $4 Billion in Assets as Platform Infrastructure Scales to Match Growing Advisor Demand | Allocate | Allocate announced that it has surpassed $4B in assets on the platform, adding over $700M in the first three months of 2026, which represented 300% YoY growth. The firm has added three senior leaders to the business, Tracy Gallagher as Head of Investment Strategy from Arta, Arthur Diochon as Head of Investment Research from BMO Private Wealth, and Charlotte Malloch as Head of Feeder Operations from Point Olema.
đ¸ Private Equity
Private equity backers raise new conflict concerns over sweetheart deals | Alexandra Heal | Financial Times | Some institutional LPs have told the FT that they are concerned with continuation vehicles. Some institutional investors are pushing for a wider group of LPs to be required to approve a private equity firm selling assets to continuation vehicles.
CVC weighs âŹ9bn bid for Italian payments group Nexi | Silvia Sciorilli Borrelli and Alexandra Heal | Financial Times | CVC is mulling a âŹ9B deal to take Nexi private after a share price collapse at the Milan-listed payments group. Nexiâs largest shareholder is buyout group Hellman & Friedman.
Kone Is Said to Near âŹ29B Deal for Rival TK Elevator | Swetha Gopinath, Dinesh Nair, and Ruth David | Bloomberg | The stairway to private equity deal heaven could be in Europe, with one of the largest sales of a private equity-owned asset in Europe, which could come from an elevator business, with Kone Oyj nearing a cash-and-stock deal to acquire TK Elevator. The deal could value TK Elevator at âŹ29B ($34B USD), including debt. TK Elevatorâs owners include Advent and Cinven.
Investindustrial Raises âŹ1.5 Billion for Lower Mid-Market Fund | Swetha Gopinath | Bloomberg | Another European mid-market private equity fund has surpassed its initial fundraising target in a quick, four-month fundraise. Investindustrial raised âŹ1.5B ($1.75B USD) for its latest lower mid-market private equity fund to focus on Southern European businesses. Investindustrial, which is known for deals with Aston Martin, Ducati, and Ermenegildo Zegna, is run by Founder and Chairman of the Industrial Advisory Board Andrea Bonomi, who said, âLPs gravitate towards the deal doers. Especially those with sector specialism and market dominance, as we have in Southern Europe, rather than going with the large distribution platforms.â
đł Private Credit
Aresâ $30bn credit fund records major spike in unrealized losses | John Schaffer | Citywire | Ares Capital Corporation, the largest publicly traded BDC in the US, recorded net unrealized losses of $412M in the first quarter of 2026. The firm said that âcore earningsâ had offset paper losses in the $30.7B portfolio, with net investment income from Q1 hitting $398M. CEO of ARCC Kort Schnabel noted that the fund had âlow levels of non-accruing investments.â
Software-focused credit fund grants only half of redemption requests | John Schaffer | Citywire | Vista Credit Strategic Lending Corp fund received redemption requests amounting to around 10% of the fundâs NAV over a quarter. The firm said the portfolio âremains fundamentally strong,â with 100% of investments performing at or above underwriting expectations and zero non-accruals.
Blue Owl investors shun cut-price exit offer from Boaz Weinstein | Eric Platt and Amelia Pollard | Financial Times | Fewer than 1% of investors in a Blue Owl fund that halted redemptions agreed to sell their shares at a deep discount to hedge fund Saba Capital, Boaz Weinsteinâs firm.
Blue Owl draws in $9bn as private credit market cools | Eric Platt and Antoine Gara | Financial Times | Blue Owl Capital said investors committed $9B to its funds in the first quarter. The firm said its AUM rose to $315B at the end of March.
Private Credit Boom Pushes Fund Finance Market Past $1 Trillion | Rene Ismail and Scott Carpenter | Bloomberg | The fund finance market has grown past $1T, with fund managers borrowing more to manage liquidity and bridge delayed exits. The majority of fund finance activity is in subscription lines, which fund managers use to borrow against capital pledged by LPs but not yet deployed.
Milken family office alumni raise $4bn to target private capital upheaval | Amelia Pollard and Eric Platt | Financial Times | Silver Rock Capital Partners, an investment firm born out of Michael Milkenâs family office, has raised its largest-ever credit fund. The firm, which began taking in outside capital in 2016, raised over $4B. Silver Rock is run by Vinay Kumar, who previously worked at Goldman Sachs, and has grown the firm to $7B AUM. Milken is reportedly no longer invested in Silver Rock or the firmâs investment strategies.
đ Real Estate
EQT Raises âŹ3.1 Billion for New European Real Estate Fund | Natasha Voase | Bloomberg | EQT has raised âŹ3.1B for its latest European real estate fund, exceeding its âŹ2.5B target. EQTâs successful fundraise comes at a time when the fundraising environment for real estate has been a challenge due to a collapse in transaction volumes and valuations.
Starwood real estate fund halts redemptions as bet on lower interest rates bites | Zehra Munir and Antoine Gara | Financial Times | Starwoodâs property fund, Starwood Real Estate Income Trust, has halted redemptions as it seeks to prevent a flight of assets from the vehicle. The fund owns 598 properties across the US.
TPG Buys Majority Stake in Japanese Logistics Assets From ESR | Manuel Baigorri | Bloomberg | TPG Asia Real Estate has acquired a majority stake in some logistics assets in Japan from ESR Group.
Data Center Venture Bankrolled by Carlyle Co-Founder Looks to Norwayâs Fjords | Dawn Lim | Bloomberg | Carlyle Co-Founder Bill Conway is backing a new venture called Kitebrook Infra to procure land and power in Norway and sell assets to data center developers and technology companies. The venture, launched by Conway and real estate developer Byrne Murphy, is focused on hydropower in Norwayâs fjords and aims to provide âshovel-readyâ land for data centers with access to clean electricity.
đĽ Secondaries
Ardian Helps Canadaâs Largest Pensions Exit Buyout Funds | Mathieu Dion and Layan Odeh | Bloomberg | Ardian is ramping up its activity of buying private equity assets from Canadian pension plans as institutional investors turn to the secondary market to actively manage their private markets portfolios and unlock liquidity. The firm is now preparing to raise its next secondaries fund after amassing $30B in its recent secondaries fund last year.
Manulife buying infra CVs, secondaries to address low DPI | Joe Marsh | Secondaries Investor | Manulifeâs Senior Managing Director, Infrastructure Investments Kate Roscoe said the firm is buying infrastructure CVs and secondaries to address low DPI.
CV performance to diverge as asset quality widens - StepStone | Hannah Zhang | Secondaries Investor | Continuation vehiclesâ ability to outperform over the long term remains uncertain despite delivering stronger return profiles than their buyout peers in recent years, according to research from StepStone. Over 60% of assets transferred into CVs between 2020 and 2024 generated gross returns exceeding 3.0x, compared with just 28% of assets in the broader buyout universe achieving similar returns.
Investor concerns grow around conflicts, particularly in CVs: ILPA | Chris Witkowsky | Private Equity International | A new study from ILPA finds that institutional LPs have questions around governance, valuations, and conflicts of interest between GPs and LPs.
đ ď¸ Infrastructure
Blackstone Plans Overhaul With Focus on New AI Unit | Preeti Singh | Bloomberg | Blackstone is creating a new West Coast-based division, Blackstone N1, to focus on its AI portfolio, including Anthropic and OpenAI. The group will be led by Jas Khaira. Blackstone N1 will oversee the firmâs AI and technology investments, including those for its private equity fund and growth and Tactical Opportunities businesses, as part of the firmâs efforts to bolster its presence in the AI sector.
KKR Preparing New $10 Billion AI Firm Led by Ex-Amazon Web Chief | Allison McNeely and Manuel Baigorri | Bloomberg | KKR has secured more than $10B to launch a company that will develop and operate AI infrastructure. The company, Helix Digital Infrastructure, will design, build, own and run infrastructure for artificial intelligence, including data centers and connectivity.
Blackstoneâs QTS Asks Banks for $2 Billion to Guarantee AI Power | Michelle Cheng and Dawn Lim | Bloomberg | Blackstone-backed data center operator QTS is in talks with banks for $2B to procure electricity.
I Squared holds $10bn first close for Fund IV | Zak Bentley and Siqalane Taho | Infrastructure Investor | A first close of $2B has been achieved for I Squaredâs Growth Markets Infrastructure Fund II.
𼊠GP Stakes
Sumitomo Mitsui Trust Bank and Hunter Point Capital Form Long-Term Strategic Partnership | Business Wire | Sumitomo Mitsui Trust Bank, Japanâs largest trust bank, and Hunter Point Capital, announced the formation of a long-term strategic partnership. Japanese investors will be provided the opportunity to gain exposure to owning stakes in a portfolio of high-quality, category-leading alternative asset managers. SMTB will strengthen its engagement with HPCâs global network of general partners and institutional investors, enhancing the firmâs ability to deliver differentiated investment solutions to clients in Japan and beyond. With HPCâs support, SMTB also intends to explore the development of a Japan-focused GP stakes strategy.
Philippines SWF eyes more GP partnerships | Katrina Lau | Private Equity International | Maharlika Investment Corporation, the $2.1B Philippinesâ sovereign wealth fund, is on the lookout for partnering with private markets firms that understand how the Philippines operates and can promote local investment opportunities.
đŹ Private Markets Research
Private Market Curiosity is Rising: Turning Insights into Advisor Action | KKR | KKRâs inaugural end-investor survey finds that advisors remain the most trusted source of guidance. Investors turn to financial advisors, especially in person, when learning about private markets. The survey also finds that around 20% of non-investors say they are likely to invest in private markets in the next two years.
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