AGM Alts & Wealth Weekly News Roundup | 7.3.26
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
Clearstead acquires $5.3bn team from Philly RIA | Andrew Foerch | Citywire | Clearstead has brought on a $5.3B team of five advisors from myCIO Wealth Partners.
Fidelity evaluated making RIA investments in 2025: Sources | Ian Wenik | Citywire | Fidelity evaluated the idea of making minority investments into wealth managers in 2025, but ultimately opted not to pursue the idea.
Advisors pivot from private credit to private equity: iCapital | Faye Kilburn | Citywire | Research from iCapital found that advisors allocated away from private credit and into private equity, infrastructure, and hedge funds in late 2025 and into early 2026. iCapital stated that private wealth flows into private credit, when compared to other asset classes, fell from 33% of assets on iCapitalās platform in the third quarter of 2025 to 18% by the first quarter of 2026, based on an analysis of quarterly and annual flows.
Morningstar CEO: Advisors face AI squeeze, PE funds must clean up feesĀ | Alex Steger, Ian Wenik | Citywire |Ā Morningstar CEO Kunal Kapoor joined Citywireās This Week in Wealth podcast, recorded live at the Morningstar Investment Conference, to discuss what AI could mean for advisors and wealth management fees.
Goldman Sachs rolling out long-short SMAs for RIAs: Sources | Ian Wenik and Sam Bojarski | Citywire | Goldman Sachsā asset management division is developing its own long-short equity strategy that will be rolled out to financial advisors via SMAs.
The Ā£15m cost (so far) of Raymond James UK wealth integration | Dylan Lobo | Citywire | Raymond James has spent over Ā£15M to integrate Charles Stanley, which the firm acquired for Ā£278.9M in 2022.
š² Evergreen Funds
Semi-liquid withdrawal requests top $17bn in Q2 | Tania Mitra and Selin Bucak | Citywire | Investors have requested to redeem more than $17.3B in capital from evergreen funds in Q2, according to data from Citywire.
How Semiliquid Private Equity Funds Will Handle Redemptions | Elaine Misonzhnik | Wealth Management | Will private equity evergreen funds be next to experience a redemption wave?
Private credit's 'math problem' points to yearslong liquidity backlog | Alexander Davis | PitchBook | A research paper published by former Griffin Capital CEO and independent researcher Mark Goldberg argues that the headlines might get worse for non-traded BDC managers.
š ļø Private Markets Infrastructure
Euroclear and Franklin Templeton extend collaboration to private markets | Euroclear | Euroclear and Franklin Templeton have expanded their partnership to private markets, adding Franklin Templetonās alternatives strategies across private equity, private credit, and real estate to the FundsPlace platform.
šø Private Equity
Private equity fund investors turn to debt-like deals in downturn | Alexandra Heal | Financial Times | Investors in private equity funds are increasingly turning to debt-like deals to generate cash amid a dearth of liquidity. Backers of buyout funds agreed to $9B worth of āalternative,ā structured transactions.
KKR to Acquire EDF Power Solutionsā North American Operations for $4.2 Billion | Anvee Bhutani | Wall Street Journal | KKR said it agreed to acquire the US and Canadian operations of EDF Power Solutions from EDF Group for around $4.2B, with potential additional payments of up to $390M.
LY Corp., Bain Capital Raise Offer for Kakaku.com in $4.1 Billion Take-Private Bid | Kimberley Kao | Morningstar | LY Corp and Bain Capital have raised their takeover bid for Kakaku.com in an offer valuing the Japanese internet company at over $4B, widening the gap with a rival offer from EQT.
Hamilton Lane Raises $3.8 Billion to Co-Invest With PE in Deals | Swetha Gopinath | Bloomberg | Hamilton Lane has raised $3.8B for its latest fund dedicated to co-investments. Around 70-75% of the fund will be deployed into North American investments, with the balance of the fundās capital being allocated to Western Europe deals.
German Drone Maker Quantum Systems Raises Funding at $8 Billion Valuation | Mauro Orru | Wall Street Journal | German drone maker Quantum Systems has raised $1.2B at a valuation of roughly $8B in a financing round co-led by Airbus, Blackstone, Advent, and Noteus Partners, with other investors including BOND, Fidelity, Wellington Management, A.P. Moller Holding, and Balderton investing in the round.
Neocloud Together AI raises $800M, leaps to $8.3B valuation | Julie Bort | TechCrunch | Together AI, an AI neocloud that rents out Nvidia GPU clusters and other AI-specific infrastructure, has raised an $800M Series C at an $8.3B valuation. The round was led by Aramco Ventures, with participation from Vista Equity Partners, General Catalyst, Emergence Capital, Nvidia, March Capital, and others.
š³ Private Credit
Pimco Warns Private Credit 'Confidence Gap' to Reveal Weak Funds | Hannah Webster | Bloomberg | Private credit investors have become increasingly discerning about dispersion in investment marks, creating a āconfidence gapā between asset managers.
Private Credit Is Powering a 'Buy Now, Pay Later' Boom in the US | Sinead Cruise | Bloomberg | Private credit firms are purchasing loans from origination platforms that are offering BNPL loans.
What Medallia's Faceplant Tells Us About Private Credit | Toby Nangle | Financial Times | The FT dove into the Medallia equity wipeout in an effort to unpack the private credit industry.
Hayfin Defies Private Credit Angst with ā¬15 Billion Fund | Silas Brown and Lizzy Burden | Bloomberg | Hayfin Capital Management has raised over ā¬15B for its latest flagship direct lending fund, surpassing its reported target of more than ā¬8B.
Ares Launches New Asia Private Credit Fund Targeting Buyouts | Sharon Klyne, Kari Soo Lindberg, and Megawati Wijaya | Bloomberg | Ares is launching a new Asia-focused private credit fund. Itās likely the fund will be greater than the $1.7B raised for its first vintage of the strategy.
Blue Owl Hit By $4.7bn of Redemption Requests as Investor Exodus Persists | Eric Platt | Financial Times | Investors had redemption requests of $4.7B from two of Blue Owlās flagship private credit funds in the second quarter.
š Real Estate
Greystar closes Europeās largest residential fund with over ā¬2.7 billion in total commitments | Greystar | Greystar closed on Greystar Equity Partners Europe II at over ā¬2.7B in commitments, making it 76% larger than its predecessor fund. This establishes GEPE II as the largest pan-European value-add residential fund raised to date.
Starwood eyes 'attractive entry point' after $10.2bn close for Fund XIII | Theresa Agovino | PERE | Starwood Capital Group has closed its latest flagship opportunity fund on $10.2B in commitments, beating its $10B target size and making it by far the largest property fund to reach a final close this year.
š„ Secondaries
Partners Group invests GBP 260 million in next-generation UK rolling stock leasing platform | Partners Group | Partners Group has invested in a UK passenger rolling stock leasing platform. Partners Group invested Ā£260M through its infrastructure secondaries strategy into a platform that has a fleet of over 1,500 vehicles providing a mix of essential commuter, regional, and intercity services.
From 'status quo' to 'remain in place': ILPA updates CV guidance for an evolving market | Madeleine Farman | Secondaries Investor | Institutional Limited Partners Association provided updated proposed guidance on continuation vehicles and best practices for how GPs should run these processes.
Ardian Packages Secondaries Stakes Into $1 Billion Debt Vehicle | Preeti Singh | Bloomberg | Ardian is bundling some of its secondary fund stakes into $1B of debt through a collateralized fund obligation. This activity is part of a broader industry trend, with the market for CFOs possibly topping $30B of new volume this year, up 50% from 2025, according to Evercore.
š ļø Infrastructure
Martin Marietta to Buy Lhoist Unit in $13.5 Billion Deal | Eric Pfanner | Bloomberg | Martina Marietta Materials has agreed to combine with building materials supplier Lhoist North America in a transaction valued at $13.5B, including debt.
Bloom Energy, Brookfield expand AI infrastructure power partnership to $25 billion | Dharna Bafna | Reuters | Bloom Energy and Brookfield have expanded their partnership to finance power projects for AI infrastructure, boosting their funding framework by five times to $25B to accelerate the global deployment of Bloomās fuel cells.
KKR Invests in SK Renewable Assets to Form $1.3 Billion Platform | Bloomberg News | South Korean conglomerate SK and KKR are launching a Korea-focused renewable energy joint venture valued at $1.3B.
Brookfield Sees Energy Deals Targeting Batteries Displacing Standalone Solar, Wind | Alastair Marsh | Bloomberg | Brookfield said contracts that pair clean energy generation with battery storage options are starting to replace pure renewables deals.
š„© GP Stakes
UKās Bridgepoint buys real estate unit in $1.4bn bet on US property | Oliver Barnes, Antoine Gara, Arash Massoudi | Financial Times | Bridgepoint has agreed to buy the real estate arm of US investment firm Kayne Anderson for $1.4B. Kayne Andersonās real estate arm has about $22B AUM, including medical offices, senior housing, and student accommodation. The acquisition will increase Bridgepointās AUM to $98B.
Funds Managed by Blue Owl Capital Complete Acquisition of Sila Realty Trust | Blue Owl Capital | Blue Owl has completed the previously announced acquisition of Sila Realty Trust, a net lease real estate investment trust with a strategic focus on investing in the healthcare sector.
Firebird Launches $750M Catalog Buying Fund Backed by Ares and Raine Group | Murray Stassen | Music Business Worldwide | Firebird Music has launched a $750M catalog acquisition fund, backed with funds from Ares and The Raine Group. As part of the launch, Ares has also invested directly into Firebird, with Jeevan Sagoo, MD at Ares, joining the companyās Board of Directors.
š¬ Private Markets Research
June 2026 Sports Investing Report | Dakota | Sports dealflow this month included Arctos closing a 10% stake in the NFLās Cleveland Browns at a $9B valuation, Michele Kang added Olympique Lyonnais to her multi-club soccer ownership model, and the NHL granted the Friedkin family exclusive right to pursue a Texas expansion franchise.
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