AGM Alts & Wealth Weekly News Roundup | 8.15.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Private Equity Funds Traded in London Hint at Hidden 401(k) Risk | Denitsa Tsekova | Bloomberg | A study of London-listed private equity funds reveal steep discounts to net asset value, elevated volatility and underperformance relative to the market, raising concerns about how similar strategies in the US will perform if introduced into 401(k) accounts.
Trump administration takes next step to open US retirement pots to investing in private equity | Eric Platt and Jamie John | Financial Times | The US labor department rescinded a 2021 guidance issued under the Biden administration that had dampened would-be investing by 401(k) plan sponsors into private equity funds.
New York has most $1bn-plus RIAs nationally: Study | Alec Rich | Citywire | New research by SmartAsset looks into the highest rates of $1B-plus AUM firms broken down by state, with just under 3% of RIAs nationally (412 firms out of 13,700) managing over $1B or more in assets.
Joe Duran: Mediocre management is quietly killing great RIAs | Joe Duran | Citywire | Rise Growth Partners Managing Partner and former United Capital Founder & CEO Joe Duran writes an opinion piece in Citywire about managing and scaling an RIA.
🌲 Evergreen Funds
KKR gets the green light for infrastructure ELTIF | Selin Bucak | Citywire | KKR received approval from regulators to launch a European long-term investment fund (ELTIF) focused on infrastructure.
Partners Group teams up with Brazilian firms for landmark launch | David Gutierrez | Citywire | Partners Group, in collaboration with Gama Investimentos and Bradesco Asset Management, has launched Partners Group Global Value SICAV, the first global evergreen private equity fund with currency hedging in the Brazilian market.
PE firms must launch overhaul ops before launching an evergreen | Jennifer Banzaca | Private Funds CFO | Launching an evergreen fund structure is different from running a closed-end fund, with major differences in how funds operate pre- and post-investment and how they communicate with investors.
💸 Private Equity
Traders Embrace Risk, Leaving Private Equity’s IPOs in the Dust | Bailey Lipschultz | Bloomberg | The share of private equity backed companies that have done recent IPOs has been muted as investors look to riskier parts of the market, such as crypto and AI.
How GTCR got a 2x return in 2 years with Worldpay | Jessica Hamlin | PitchBook | Private equity firm GTCR sold its portfolio company, payments provider Worldpay, for $24.25B after holding the company for slightly over two years, generating nearly a 2x return for investors, bucking the recent trend of a muted exit environment in private equity.
💳 Private Credit
Private Credit’s PIK Usage Nears Four-Year High, Lincoln Says | Rene Ismail | Bloomberg | The share of private credit borrowers that deferred at least some of their cash payments grew to the highest figure in almost four years according to Lincoln International, with the firm’s with the firm's official default rate rising to 3.4% in the second quarter and its “shadow default rate” standing at 6%.
Four reasons why private credit isn’t actually a systemic risk | Robin Wigglesworth | Financial Times | FT’s Robin Wigglesworth unpacks a report by Goldman Sachs discussing why private credit might not pose systemic risk.
🏠 Real Estate
Mubadala Capital, Cain Venture Aims to Spend Billions on Luxury Property | Dinesh Nair | Bloomberg | Mubadala’s asset management unit is teaming up with $13B AUM Cain International (a partnership between Cain CEO Jonathan Goldstein and Eldridge Industries) to deploy billions of dollars into global luxury real estate.
🥈 Secondaries
Coller, TPG Ink $3 Billion Private-Credit Secondaries Deal | Francesca Veronesi and Silas Brown | Bloomberg | Secondaries firm Coller Capital closed a deal with middle-market direct lender TPG TwinBrook Capital Partners to create the largest private credit secondaries continuation vehicle to date, a $3B CV.
Private Equity’s Latest Financial Alchemy Worries Investors | Preeti Singh and Allison McNeely | Bloomberg | Continuation vehicles have become an increasingly popular mechanism to facilitate exits for private equity firms, with Bloomberg reporting on Jefferies data that finds almost 20% of current private equity exits come in the form of CVs.
🛠️ Infrastructure
KKR to launch £7bn Viridor sale next month | Ivan Levingston and Gill Plimmer | Financial Times | KKR is set to launch a sale process for UK recycling group Viridor, a business they bought five years ago for £4.2B, which could value the business at over £7B (including debt).
BlackRock’s GIP Leads $11 Billion Deal for Saudi Gas Assets | Anthony Di Paola | Bloomberg | An investor group led by BlackRock’s Global Infrastructure Partners unit will lease infrastructure that serves the Jafurah gas project and lease them back to Aramco for 20 years in an $11B lease deal.
Nuveen Raises $1.3 Billion From Global Institutional Investors For Energy & Power Infrastructure Credit Strategy | Andrew Chironna | Nuveen | Nuveen has completed a first close of $1.3B for its Energy & Power Infrastructure Credit strategy, targeting a $2.5B fund to provide private infrastructure credit solutions across digitalizaiton, electrification, and reindustrialization of North America, Europe, and other OCED countries.
🥩 GP Stakes
Goldman Offers Investors Stakes in Millennium for Just $1 Million | Sridhar Natarajan, Katherine Burton, Hema Parmar, Nishant Kumar | Bloomberg | Goldman Sachs is reportedly offering private wealth clients the ability to invest into Millennium’s GP stake, in which Goldman’s Petershill unit will be leading an investment.
🔬 Private Markets Research
Private Markets Chartbook – Q3 2025 | Anastasia Amoroso and Fiona Gillespie | Partners Group | Partners Group shares key macro views and private markets implications, expecting a further rebound in activity in private markets and outlining the opportunity in Europe.
Is private equity still outperforming public markets? | Blazej Kupec | Moonfare | A recent post by Moonfare highlights that the industry’s most respected data providers reaffirm private equity’s long-term outperformance, with notable points including: manager selection matters and that European PE has outperformed public markets.
Surge in positive sentiment for private equity's Big Four in Q2 2025 | Dylan Thomas and Annie Sabater | S&P Global | Sentiment turned more positive for private equity's Big Four firms as executives touted steady fundraising, an improving M&A outlook and the seemingly imminent opening of 401(k) retirement savings accounts to private equity fund investments during second-quarter earnings calls.
