AGM Alts & Wealth Weekly News Roundup | 11.28.25
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Why UK wealth hasn’t rushed to private markets (and when that might change) | John Schaffer | Citywire | Uptake of private markets at many UK wealth management firms has been slow, but things could change in 2026.
RBC’s Storm: Alts sales teams expanding too quickly ‘makes me nervous’ | John Schaffer | Citywire | RBC Wealth Management CIO for the British Isles and Asia David Storm noted a concern about how alternative asset managers are managing their inflows and outflows in evergreen funds as firms increase their focus on working with the wealth channel.
Opinion: How private equity will achieve its endgame for RIA investments | Philip Bianchi | Citywire | nFleXion Capital Partners Founder Philip Bianchi addresses how private equity might achieve liquidity from its RIA investments.
On the agenda at a wealth gathering | Carmela Mendoza | PEI | PEI provides a recap of key themes and topics discussed at a wealth management conference in London this week.
🌲 Evergreen Funds
Private Assets to Be Half of Industry Revenues by 2030, PwC Says | Silla Brush | Bloomberg | Private markets will generate more than half of the asset management industry’s revenues by 2030, according to PwC. PwC is projecting that the asset and wealth management industry will generate $432B in revenue from private assets in 2030.
Exclusive: Eurazeo launches private credit and secondaries evergreen funds | John Schaffer | Citywire | Eurazeo is continuing its push into the wealth market with the launch of two new evergreen funds, Eurazeo’s first two ELTIF 2.0 funds in private credit and secondaries.
More work needed in transparency, standardisation of evergreens | Carmela Mendoza | PEI | Panelists at a wealth conference in London cited inadequecies around data sharing, particularly in the due diligence phase.
🛠️ Private Markets Infrastructure
Deutsche Borse launches €5.3bn bid for private equity-backed Allfunds | Nikou Asgari and Ivan Levingston | Financial Times | Deutsche Borse has launched a bid to buy Amsterdam-listed Allfunds, which Hellman & Friedman and GIC both still own minority stakes. Deutsche Borse said it has entered into exclusive discussions with Allfunds, saying the deal would “reduce fragmentation in the European investment fund industry and create a harmonized business with global reach.”
AI Startup Raises $75 Million to Take Junior Bankers’ Grunt Work | Aisha S Gani | Bloomberg | Model ML raised $75M to develop technology that is meant to replace work done by investment bankers and investors with AI workflows that aims to help private equity investors streamline DDQs, VDR Q&A, competitive analysis and investment memos.
Norm Ai Raises $50 Million from Blackstone, Launches AI-Native Law Firm | Bob Ambrogi | LawNext | Norm Ai, the NY-based legal and compliance AI company, raised $50M from Blackstone Innovations Investments and Blackstone Growth and is launching Norm Law LLP, an AI-native law firm initially focused on financial services clients.
💸 Private Equity
Apollo PE Co-Head Sees the End of ‘Low-Quality’ Returns | Laura Benitez | Bloomberg | Apollo’s David Sambur says private equity is no longer in a period where it’s “easy to put money to work” and that LPs will be less likely to back certain funds whose returns came from “low quality” drivers.
Germany plots second €1bn fund-of-funds to back European VCs | Miriam Partington | Sifted | Germany’s €1B fund-of-funds, “Growth Fund Germany,” has deployed more than 80% of its capital two years after its final close — and now the country is planning to raise a second fund of similar size.
💳 Private Credit
Private Credit Becomes Core as JPMorgan Rethinks 60/40 Model | Isabelle Lee | Bloomberg | JPMorgan Asset Management views private credit as a key building block in “60/40+” portfolios.
Private Credit’s Sketchy Marks Get Warning Shot From Wall Street’s Top Cop | Sridhar Natarajan | Bloomberg | Divergences in how private credit firms value and mark assets in their portfolios are drawing attention from the DOJ.
Rowan Says People ‘Lost Their Minds’ Over Private Credit Fears | Laura Benitez | Bloomberg | Apollo CEO Marc Rowan rejected the notion that adding private assets to retirement and insurance portfolios can pose a systemic risk.
🏠 Real Estate
Why private banks are buying real estate again | John Schaffer | Citywire | Investors in private banks in Europe appear to be looking to invest in the European real estate market again.
🥈 Secondaries
Wall Street banks snap up venture secondaries firms in liquidity push | Michael Bodley | PitchBook | A number of companies and funds in the venture secondary space have been bought in recent weeks, with Goldman acquiring venture secondaries firm Industry Ventures, Morgan Stanley buying secondaries marketplace EquityZen, and Schwab buying secondaries exchange Forge Global.
Abry targets $1B continuation fund for Centauri Health | Rod James | PitchBook | As the continuation fund market is on pace for a record year, Abry Partners is raising a continuation fund to extend its control over Centauri Health Solutions.
Creandum and Project A to offload Trade Republic shares in secondaries sale | Miriam Partington | Sifted | Early Trade Republic investors Creandum and Project A appear set to sell shares of the brokerage firm that was recently crowned Germany’s most valuable startup at €12.5B valuation in a recent secondary transaction.
🛠️ Infrastructure
Financial advisors assess risks, rewards of investing in infrastructure | Gregg Greenberg | InvestmentNews | A few financial advisors talk to InvestmentNews about why they plan to allocate more client capital to infrastructure, in part due to the growth in AI.
CVC DIF to divest 25% interest in Somerton Pipeline to Channel Infrastructure | CVC | CVC DIF is planning to divest 25% of its interest in Somerton Pipeline, an essential part of the sole pipeline system that delivers jet fuel to Australia’s second-busiest airport, Melbourne Airport, to Channel Infrastructure.
🥩 GP Stakes
Ares Teams Up With Mubadala, ADIC to Form GP Stakes Business | Preeti Singh | Bloomberg | Ares is partnering with ADIA and Mubadala’s special situations unit to build a GP Stakes fund that will look to take minority stakes in alternative asset managers with as much as $30B AUM. The GP Stakes fund will sit within Ares’ private equity secondaries unit.
🔬 Private Markets Research
US Public PE and GP Deal Roundup | Nizar Tarhuni, Marina Lukatsky, Jinny Choi, Kyle Walters, Charlie Farber and Adriana Hansen | PitchBook | In Q3 2025, private credit deployments surged due to increased deployment and high investor demand, and GP Stakes deal activity is on track for its second-best year ever.
AI VC Trends | Dimitri Zabelin, Oscar Allaway, Josie Doan and Drew Sanders | PitchBook | Mega-rounds and rising valuations show sustained investor appetite for AI infrastructure.
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