AGM Alts & Wealth Weekly News Roundup | 8.8.25
The news of the week in private markets and wealth management
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AGM News Roundup
š¦ Wealth Management
Trump to supercharge private equity with 401(k) order | Dan Primack | Axios | President Trump signed an executive order on Thursday to allow private equity and other alternative assets into 401(k) retirement accounts.
$76bn AlTi Global pursuing take-private sale: Source | Ian Wenik | Citywire | AlTi Global, a multi-family office and alternative asset manager with $76B in AUM and advisement, is pursuing a transaction which would take the company out of the public markets.
GeoWealth Secures $38 Million in Series C Funding Led by Apollo | Business Wire | GeoWealth, a technology and turnkey asset management platform (TAMP) raised a $38M Series C led by Apollo and GeoWealth and Apollo have formed a strategic partnership to expand access to customizable public-private model portfolios for RIAs. [You can read further thoughts here and here on LinkedIn]
Apollo CEO touts greater private market access in retirement plans | William Johnson | Citywire | Apollo CEO Marc Rowan discussed the possibility of private assets being included in retirement plans ahead of an anticipated executive order that could pave the way for private assets in defined contribution plans.
Carlyle CEO: Wealth is āin our power zoneā | Selin Bucak | Citywire | Carlyle CEO Harvey Schwartz said on the firmās most recent earnings call that heās been spending a lot of time with advisors as the wealth market is in the firmās āpower zone.ā
Exclusive: Former Rise Growth partner pursuing capital raise for RIA investments | Ian Wenik | Citywire | A former managing partner of Rise Growth Partners, Dan Newhall, is in the process of raising capital to take minority stakes in RIAs between $1-3B in assets.
š² Evergreen Funds
Evergreens push Hamilton Lane assets to $141bn, a 9% jump | John Schaffer | Citywire | Fundraising for evergreen funds contributed to Hamilton Laneās AUM growth, with the firmās Co-CEO Erik Hirsch noting that evergreen funds had grown by 65% over 12 months to $12.5B (of the firmās $141B total AUM).
HPS readies evergreen European credit fund after BlackRock buy | Selin Bucak | Citywire | HPS, which runs one of the largest evergreen credit funds in the US with $19.9B AUM as of May 31 2025, is preparing to launch an evergreen private credit fund in Europe.
šø Private Equity
Apollo assets hit record high as markets whipsaw on Donald Trumpās tariffs | Eric Platt | Financial Times | Apollo hit $840B of AUM, bringing in another $61B in capital in the second quarter with a large portion of the inflows coming from funding agreements via Athene.
TPG Amasses $4.8 Billion for Growth Fund, Topping Target | Allison McNeely | Bloomberg | TPG exceed its initial $4B target for TPG Growth IV, raising $4.8B for its latest growth fund by adding new investors from the Middle East, Asia, and Latin America.
š³ Private Credit
Manulife to Acquire Comvest Credit Partners, Creating a Leading Private Credit Platform | Comvest Credit Partners | Comvest Credit Partners, a $14.7B AUM middle market direct lending private credit manager, sold a 75% stake in its private credit business to Manulife.
Private credit faces āalarming surgeā in selective defaults - S&P | Zack Miller | PitchBook | S&P Global Market Intelligence noted an āalarming surgeā in selective defaults in the private credit markets, driven by a deterioration of maintenance covenants and an increasing prevalence of PIK interest.
Citi Widens Private Credit Net Beyond Apollo Deal With New Role | Todd Gillespie | Bloomberg | Citi hired Aashish Dhakad from Ares Management to be Head of Private Credit Origination for North America, a new role focused on sourcing deals from corporate and commercial banking clients for private credit investors.
š Real Estate
Carlyle raises $9 billion for real estate fund despite challenging market | Mark Heschmeyer | CoStar | Carlyle closed its 10th US real estate investment fund at $9B, $1B larger than its prior fund. The fund will focus on multifamily apartments, single-family rentals, self-storage facilities, and warehouses.
š„ Secondaries
H.I.G. Capital Launches GP Solutions Platform | H.I.G. | H.I.G., an alternative asset manager with $70B AUM launched a GP-led secondaries platform, recruiting a team from Morgan Stanley Private Equity that includes Dan Wieder, Yash Gupta, Austin Gerber, and Joe Holleran, to lead the firmās secondaries fund.
Carlyle chief: Secondaries is evolving into a corporate finance business | Carmen Mendoza | Private Equity International | As Carlyle reported in its Q2 earnings that AlpInvest accounted for 38% of the firmās inflows, Carlyleās CEO Harvey Schwartz said this week that secondaries is developing into a corporate finance solutions business where only firms that āhyperscaleā will be able to deliver returns for investors.
š ļø Infrastructure
Apollo Global to Buy Builder of Large-Scale US Data Centers | Laura Benitez | Bloomberg | Apollo agreed to acquire a majority stake in Stream Data Centers as the firm looks to finance AI infrastructure projects.
Brookfield Boosts Bet on AI Infrastructure With New Strategy | Layan Odeh | Bloomberg | Brookfield is launching a dedicated investment strategy focused on developing infrastructure for AI, with a particular focus on developing AI infrastructure in both Sweden (investing as much as $9.8B) and France (committing to invest $23B over the next five years).
š„© GP Stakes
Blue Owl reaches 60% of fundraising goal for sixth GP stakes fund | Aditi Yagnik | SecondaryLink | Blue Owl has raised $7.7B for Blue Owl GP Stakes VI, surpassing over half its $13B target. The firmās first investment out of the new fund was Veritas Capital.
š¬ Private Markets Research
PitchBook Private Capital Indexes | Nizar Tarhuni, Daniel Cook, Zane Carmean, Miles Ostroff | PitchBook | PitchBookās Q1 2025 Private Capital Indexes find that secondaries has been the best performing strategy through Q1 2025, with an 8.5% return, outpacing PE, which returned 8.4%.
