AGM Alts & Wealth Weekly News Roundup | 7.24.26
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
Goldman Sachs creates private markets platform as rich investors seek the next SpaceX and Stripe | Hugh Son | CNBC | Goldman Sachs has created a new platform, the Alternative Investments Platform, to expand its offerings for wealthy clients and family offices who want direct stakes in private companies. The new group will combine Goldmanās existing alternatives business with two newly established teams.
Welcome to the era of financial candyfloss | Gillian Tett | Financial Times | The value of real assets in the US is shrinking as financialization soars. What are productive assets and what are the consequences of financialization?
Fidelity unveils new SMA models for UHNW clients | Caroline McCarthy | Citywire | Fidelity Investments will expand its institutional SMA lineup for RIAs and broker-dealer clients through six new custom strategies within two new model offerings. āDemand for a personalized investing experience continues to grow, particularly among ultra-high-net-worth investors, a population that has grown by more than 40% in the past decade,ā said Amanda Robinson, Head of Wealth Advisory Managed Solutions Distribution.
$50bn Moneta partners with British wealth firm for international biz | Andrew Foerch | Citywire | Moneta Group Investment Advisors has struck a partnership with British wealth manager Thompson Tyndall, where they will provide advice to American expatriates living or working abroad. Moneta has branded the offering as Moneta Global Wealth.
Netwealth targets doubling FUA, launches Private offering | Laura Dew | Money Management | Netwealth, the Australian wealth management platform, has launched a wholesale-only offering to help advisors work with high and ultra-high-net-worth clients as it targets doubling FUA within four years.
Liquid alts ETFs are gaining steam. Gatekeepers are intrigued | William Johnson | Citywire | Exotic liquid alternatives strategies are starting to make their way into the ETF market. State Street's Bridgewater All Weather ETF drew just under $900M in H1 on a 0.85% fee, while BlackRock's $5B systematic alternatives ETF scaled via its own model portfolios.
With Good Life Deal, LPL Again Takes Advantage of 'Sticky' Business | Alex Ortolani | Wealth Management | LPLās acquisition of Good Life, a $15B firm, appears to be part of LPLās long game.
š² Evergreen Funds
Blackstone's AI bets boost evergreen funds as credit redemptions slow | Selin Bucak | Citywire | Blackstoneās wealth products attracted $8.6B in the second quarter, boosting total assets to $324B.
Partners Group feels the pain of being an evergreen pioneer | Selin Bucak | Citywire | While some of Partners Groupās older evergreen funds are going through some challenging times, newer strategies and bespoke partnerships are driving investors to the evergreen pioneer.
Anticipated Wellington, Vanguard and Blackstone Interval Funds Go Live | Elaine Misonzhnik | Wealth Management | Wellington Management, Vanguard, and Blackstone are launching the first two funds as part of their collaboration to provide individual investors with access to managed portfolios that combine public and private markets. The funds are the WVB All Markets Fund and the WVB Blackstone All Privates Fund.
Non-Listed Closed-End Funds Top $261B as Interval Credit Liquidity Cycle Deepens | Joe Palmisano | Connect Money | The non-listed closed-end fund marketplace hit $261B in aggregate NAV in Q2, marking a 4.0% QoQ increase.
š ļø Private Markets Infrastructure
NPM Announces Acquisition of Nasdaq Fund Secondaries | Yahoo Finance | Nasdaq Private Market acquired NFS, Nasdaqās fund secondaries business.
šø Private Equity
Buyout groups hunt for software bargains after āSaaS-pocalypseā | Antoine Gara | Financial Times | Francisco Partners Co-Founder Dipanjan āDJā Deb says AI will not kill the software sector. Fresh off of the firmās $21B fundraise, which exceeded the $18B target, Deb said āAI will not kill the software industry, but it will create a dispersion of winners and losers. For some companies, their [long-term valuations] are permanently impacted, but for others people will realise that not only do they have strong moats, but they will be able to have a greater market to sell to.ā
NestlĆ© nears deal to sell stake in ā¬5bn Perrier unit | Madeleine Speed and Ivan Levingston | Financial Times | That Perrier you drink might soon have a different owner. Private equity firm Platinum Equity is nearing a deal to acquire a stake in NestlĆ©ās European water business. The deal would be structured as a joint venture that values the maker of San Pellegrino and Perrier at almost ā¬5B.
Bain Capital Acquires SupplyOn, a Leading European Supply Chain Network for Complex Manufacturing | Bain Capital | Bain Capital has acquired SupplyOn, a leading European supply chain collaboration platform serving the automotive, aerospace and defense, and other advanced manufacturing, from its shareholders AUMOVIO, Bosch, Schaeffler, and ZF.
Private-Equity Assets Stuck in āZombie Fundsā Are at a Record High | Mark Maurer | Wall Street Journal | A record level of private equity investments are stuck in funds that are over a decade old. The NAV of US private equity assets still held in funds at least a decade old reached an all-time high of $348.5B at the end of 2025, according to PitchBook data.
Sandwich chain Jersey Mikeās targets $7.94 billion valuation in U.S. IPO | Reuters | Sandwich chain Jersey Mikeās Subs is targeting a valuation of up to $7.94B in its IPO in the US, as it sets to test out investor appetite for restaurant listings.
Permira-backed womenswear retailer Reformation targets $1 billion valuation in US IPO | Pragyan Kalita | Reuters | Permira-backed womenswear retailer Reformation is targeting a valuation of up to $1B in an IPO.
EQT enters global partnership with the Emirates Great Britain SailGP team | SailGP | EQT and the Emirates GBR SailGP Team have formed a multi-year partnership spanning the global SailGP championship calendar through 2030, featuring prominent branding on the teamās F50 race boat and premium hospitality engagement.
š³ Private Credit
Shapoorji Closes One of India's Biggest Private Credit Deals | Saikat Das and Dipika Lalwani | Bloomberg | Indiaās Shapoorji Pallonji Group completed one of the countryās largest private credit transactions, raising around 151B rupees.
Private credit lenders finding opportunities in lower middle market | Janelle Bradley | PitchBook | As M&A and buyout activity for larger borrowers slows and direct lenders seek out AI-proof investments, the lower middle market has maintained its momentum for private credit. Market participants say that activity in the smaller end of the market has been more resilient than the āupper middle market.ā
Aston Martin Raises Ā£550 Million Debt From HPS to Boost Cash | Giulia Morpurgo | Bloomberg | Aston Martin is driving into a debt deal, partnering with HPS on Ā£550M of fresh funds from HPS to boost its liquidity profile. The financing is secured against assets sitting in a newly incorporated entity, as well as other assets of the group, and includes a Ā£450M senior secured term loan and a Ā£100M delayed drawn term loan.
UK pension insurers raise exposure to opaque private credit | Lee Harris | Financial Times | S&P warns British insurers that private credit holdings pose a growing risk to insurance companies due to their lack of liquidity. Insurers specializing in pension risk transfer deals, which plan to take over up to Ā£500B in British pension liabilities over the next decade, have increased their allocations to private credit.
GoldenTree Closes Oversubscribed Private Credit Fund II | Brianna Wilson | ABF Journal | GoldenTree Asset Management, which has $70B AUM, closed its second private credit fund at a hard cap of $2.75B.
Private Credit Ditches āSemi-Liquidā Term After Redemption Wave | Preeti Singh, Olivia Fishlow, Laura Benitez | Bloomberg | Wealth managers are changing their wording to describe funds investing in private credit and private equity, abandoning the term āsemi-liquidā for more formal definitions such as āconditionalā or āperiodicā liquidity. Glad to see this continue to make its way into the discourse. This is something that AGM has covered for a few years now (earlier in 2026 here and here), noting that āsemi-liquidā should be characterized as āevergreen.ā A number of industry leaders, including iCapital CEO Lawrence Calcano, have long called for the term āsemi-liquidā to be discarded in favor of the term āevergreen,ā as he noted in this 2023 Monthly Alts Pulse.
Banks Start Trading Part of $35 Billion Chip Funding Package | Caleb Mutua, Davide Barbuscia, Laura Benitez | Bloomberg | Wall Street banks have started buying and selling an initial piece of a $35B financing package for Broadcom and Anthropic PBCās AI infrastructure expansion.
š Real Estate
Brookfield, CPP Investments buy industrial REIT LXP for $5.2B | Jessica Hamlin | PitchBook | Brookfield and CPP Investments buy industrial logistics-focused REIT LXP for $5.2B.
Prologis Wins Segro Backing for Ā£14 Billion Takeover | Natasha Voase and Crystal Tse | Bloomberg | Prologis is set to acquire Segro after securing the recommendation of its board for an improved Ā£14B cash and share offer.
Townsend raises $2bn for real estate secondaries | Theresa Agovino | PERE | Townsend Group raised $2B at a second close for its real estate secondaries strategy, including flagship fund TRECS IV and parallel vehicles, toward a $3B target, having already deployed over $1B across 11 investments.
Healthpeak Properties and Brookfield Form a $2.1 Billion Strategic Joint Venture | Business Wire | Healthpeak Properties and Brookfield Asset Management announced the formation of a long-term strategic capital partnership through a joint venture involving a portfolio of 86 outpatient medical buildings across the United States.
š„ Secondaries
āTrophyā Assets Drive Secondary Deals to Record $121B | Preeti Singh | Bloomberg | Secondaries deals for private assets swelled to a record $121B in the first half of 2026, driven by fund managers executing on single-asset continuation funds.
Clipway soars past target to reach $6.4B for debut fund | Madeleine Farman | Secondaries Investor | AI-driven secondaries firm Clipway blew past its $4B target from its first fund that was launched in 2023, closing on $6.4B.
Partners Group closes infrastructure secondaries program at over USD 5.5 billion | Financial Times | Partners Group held a final close on its infrastructure secondaries program at over $5.5B, representing one of the largest dedicated infrastructure secondaries fundraises to date.
Continuation funds drive record H1 for secondary market | Jessica Hamlin | PitchBook | Single-asset continuation funds drove a surge in secondary deal volume to a first-half record in 2026. The sector surpassed $120B in the first six months of the year, a 20% increase over H1 2025.
GCM Grosvenor Raises $1.2 Billion for Credit Secondaries Push | Silas Brown | Bloomberg | GCM Grosvenor has raised $1.2B for its first dedicated fund strategy targeting credit secondaries.
š ļø Infrastructure
BlackRock Leads $12 Billion Financing for New Meta Data Centers in Texas | Jack Pitcher, Justin Baer, Peter Rudegeair | WSJ | BlackRock is leading a debt sale targeting at least $12B for its new El Paso data center project backed by Meta.
Partners Group Raises $15 Billion for New Infrastructure Vehicle | Levin Stamm and Jan-Henrik Foerster | Bloomberg | Partners Group raised over $15B of new commitments for its direct infrastructure strategy, with this fund being 50% larger than its predecessor.
BlackRock-MGX Consortium Eyes $5 Billion Aligned Data Centers Expansion | Dinesh Nair | Bloomberg | A consortium including BlackRockās GIP and Abu Dhabiās MGX plans to invest $5B to boost growth at Aligned Data Centers.
OpenAI Plans to Spend Over $30 Billion on Georgia Data Center | Dina Bass | Bloomberg | OpenAI plans to spend tens of billions of dollars on a data center near Savannah, Georgia, as part of its push to keep up with surging demand for AI software.
Gas-Rich Australian Region Backs $28 Billion Data Center Project | Paul-Alain Hunt | Bloomberg | Australiaās Northern Territory has granted land to Beetaloo Digital to develop two āhyper-scaleā AI data center campuses. The project could attract A$40B in private investment.
š„© GP Stakes
Proskauer Advises Elaia Partners and Its Shareholders in Connection with Lazard's Acquisition of a Majority GP Stake in Elaia Partners | Proskauer | Proskauer advised Elaia Partners and its shareholders in connection with Lazardās acquisition of a majority GP stake in Elaia Partners. Two years after initially acquiring a minority stake in Elaia, Lazard has increased its ownership interest to 51%.
š¬ Private Markets Research
Multiples in US buyout deals matched 2021 highs last year | Rod James | PitchBook | The median US buyout deal was done at EV/EBITDA multiples of 12.5x in 2025, matching the record level seen in 2021.
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