AGM Alts & Wealth Weekly News Roundup | 1.23.26
The news of the week in private markets and wealth management
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AGM News Roundup
🏦 Wealth Management
Exclusive: Cresset raises $300m at $3.3bn valuation from Constellation and Blue Owl | Ian Wenik | Citywire | Cresset, one of the industry’s fastest growing RIAs with ~$235B AUM, raised $300M in preferred equity capital from RIA minority stakes investor Constellation Wealth Capital and Blue Owl Capital.
DeVoe: RIA M&A hits record high in 2025, big brands dominate deals | Peter Saalfield | Citywire | RIA dealmaking hit a record high in 2025, according to a new report from M&A consultancy DeVoe & Company. A record 322 deals were announced over the full year, up 18% from 2024’s record of 272.
Blackstone, Apollo, Ares Team Up With OneDigital in 401(k) Push | Loukia Gyftopoulou | Bloomberg | OneDigital, which advises companies on their 401(k) plans, is partnering with Blackstone, Apollo, and Ares to incorporate private markets into some adviser-managed portfolios.
AssetMark gatekeeper: What to consider when adding private markets | Zoe Brunson, AssetMark Chief Investment Strategist for Citywire | AssetMark’s Cihef Investment Strategist Zoe Brunson weighs the pros and cons of the DIY approach to adding private markets funds to existing portfolios.
🌲 Evergreen Funds
Brookfield, Oaktree Launch ABF Interval Fund for U.S. Private Wealth Investors | Joe Palmisano | Connect Money | Brookfield has expanded its private wealth offering with the launch of a new evergreen asset-based finance fund. Oaktree Co-CEO and Head of Performing Credit Armen Panossian said that “with ongoing demand for capital and banks continuing to reduce lending, the asset-backed finance opportunity set continues to widen.”
Adams Street Launches ASPEN Lux, a Luxembourg-Domiciled Evergreen Private Equity Fund | Business Wire | Adams Street Partners launched a Luxembourg-domiciled, open-ended evergreen private equity vehicle to offer diversified global private equity exposure, with a primary focus on small- and mid-market buyouts.
🛠️ Private Markets Infrastructure
Cloover Raises More Than $1 Billion To Green Europe’s Homes | David Prosser | Forbes | Berlin-based startup Cloover announced a $22M Series A round led by MMC Ventures and QED, with participation from Lowercarbon and Bosch Ventures, and access to a new $1.2B debt facility to finance energy solutions for homeowners across Europe. [Congrats Peder, Jodok, Valentin, and the Cloover team on your continued progress and round, we’re excited to have been working with you at Broadhaven from the pre-seed].
Tokenisation is ‘perfect product’ for semi-liquids - Moonfare founder | Adam Le | PEI | Moonfare Founder Steffen Pauls told PEI that evergreen funds should employ blockchain technology and tokenization to make it easier for the wealth channel to invest in private markets.
💸 Private Equity
Goldman Sachs Collects $2.8 Billion for Private-Equity Co-Investing | Isaac Taylor | Wall Street Journal | Goldman Sachs has raised $2.8B for its fourth vehicle dedicated to co-investing alongside other private equity funds.
Is Germany’s private equity at a turning point? | Blazej Kupec and Harvey Dyer | Moonfare | Dealmaking in the German private equity market is tracking at record levels, with nearly €75B closed in the first three quarters of 2025.
KKR on Track to Beat $20 Billion Target for Americas Buyout Fund | Allison McNeely | Bloomberg | KKR will surpass its $20B target for the firm’s flagship Americas private equity vehicle.
Oakley hands €640M back to LPs in 2025, extends multi-year liquidity run | Carmela Mendoza | PEI | Oakley Capital distributed €640M back to LPs as it also held the final close on its sixth flagship fund for €4.5B last year, Partner Rebecca Gibson shared with PEI.
💳 Private Credit
Goldman Sachs, Blue Owl Eye $3 Billion Private Loan for OneStream Deal | Paula Seligson and Aaron Weinman | Bloomberg | Hg is in discussions with private credit firms, including Goldman Sachs Alternatives and Blue Owl Capital, for a $3B loan to help finance its acquisition of OneStream. Hg announced earlier in January that it was taking OneStream private for $6.4B along with minority investors General Atlantic and Tidemark.
Eldridge and Carlyle AlpInvest Partner to Launch the Eldridge Diversified Credit Platform and the Closing of its First Fund, EDCF I | Carlyle | Eldridge and Carlyle AlpInvest announced the closing of Eldridge Diversified Credit Fund I, the inaugural fund in Eldridge’s diversified credit platform. As part of the transaction, Carlyle AlpInvest and its co-investors made an equity commitment to Eldridge managed vehicles, which, when combined with debt financing from BNP Paribas, will amount to $1.5B in investable capital.
CVC Seeks to Raise €2.75 Billion Against Its GSG Sport Franchise | Claire Ruckin and Silas Brown | Bloomberg | CVC is looking to raise €2.75B of investment grade debt against its sports franchise, which includes investments in sports leagues, including in Spanish football’s top division, La Liga, English professional rugby, volleyball, and women’s tennis.
BlackRock’s HPS Makes Its First Asia Investment After Merger | Ram Anand and Megawati Wijaya | Bloomberg | HPS Investment Partners has invested $50M in Malaysian logistics firm Teleport, marking the private credit firm’s first deal in Asia after being acquired by BlackRock.
Carlyle leads financing for the acquisition of Comrod by Bridgepoint | Carlyle | Carlyle announced that its Global Credit platform has led a financing package to support the acquisition of Norway-headquartered Comrod, a leading European supplier of mission-critical defense communications and power systems, by Bridgepoint.
🏠 Real Estate
EQT CEO Targets Real Estate Expansion After Deal to Buy Coller | Swetha Gopinath and Meg Short | Bloomberg | EQT reportedly wants to expand its existing real estate franchise after its purchase of Coller Capital. EQT CEO Per Franzen said that in real estate, “we’re only top 10 globally, so we believe there is an opportunity to really grow and scale that part of our business.”
Heitman Gathers $2.6 Billion for Property Dislocation Bets | Natalie Wong | Bloomberg | Real estate investment firm Heitman raised $2.6B to take advantage of opportunities arising from dislocation in property markets, closing its biggest-ever closed-end fund.
🥈 Secondaries
EQT to buy UK’s Coller Capital for up to $3.7bn | Alexandra Heal and Arjun Neil Alim | Financial Times | EQT has acquired specialist secondaries firm Coller Capital for $3.2B up front and up to $3.7B. Coller, a pioneer in the secondaries market, enables EQT to expand into private equity secondaries, private credit secondaries, and real assets secondaries, complementing its existing platform. Read this post on LinkedIn yesterday for some of my thoughts on the acquisition.
Private equity group CVC strikes $3.5bn partnership with US insurer AIG | Alexandra Heal and Lee Harris | Financial Times | CVC has struck a partnership with insurer AIG where AIG will contribute $3.5B to funds, SMAs, and evergreen funds launched and managed by CVC. AIG will be the seed investor in an evergreen private equity secondaries fund.
State Street Eyes Further Expansion Into Secondaries, Hung Says | Meg Short and Lisa Abramowicz | Bloomberg | State Street’s asset management arm is looking into more opportunities to give individual investors access to secondaries and other private markets assets. State Street acquired a minority equity stake in Coller Capital in 2025.
PGIM announces strategic expansion into private credit secondaries | PGIM | PGIM announced an expansion into private credit secondaries, with plans to deploy up to $1B over the next two years into the emerging asset class.
🛠️ Infrastructure
UK Infrastructure Firms See Boost from Labour Spending Plans | Chloe Meley | Bloomberg | British infrastructure firms are providing upbeat outlooks as the Labour government’s infrastructure strategy fills up their order books.
🥩 GP Stakes
European GP stakes are ageing | Tanya Kaushal | The Drawdown | There’s increased activity in European GP stakes deals, with much of the deals focusing on the middle-market.
🔬 Private Markets Research
5 Questions to Ask Managers about Evergreen Private Equity | Alisa Amarosa Wood, Emily Pollock, Bradlee Few | KKR | KKR shared an instructive and insightful perspective on questions that LPs should ask managers about evergreen private equity vehicles.
Private credit meets semi-liquids: A portfolio must-have? | Blazej Kupec | Moonfare | Do private credit’s cashflow profile make the asset class compatible with evergreen funds?
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