AGM Alts & Wealth Weekly News Roundup | 8.14.26

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Nearly 9 in 10 advisors plan to maintain or increase alts exposure, iCapital finds | Citywire | Sam Bojarski | iCapital’s Global Advisor Survey found that 89% of advisors plan to maintain or increase allocations to private markets over the 12 months, with 39% expected to increase allocations. This figure is up 14% from last year.

What's next for $50bn Prime Capital after Carlyle's investment? | Alec Rich | Citywire | Prime Capital CEO Glenn Spencer “look[s] at [them] as the premier holistic wealth platform in America.” Spencer’s focus is to maintain double digit organic growth rate and M&A, which will target firms in the $300M to $5B range, which can add to the firm’s ancillary service areas like tax prep and trust and estate.

World Insurance Associates exploring sale of $73bn wealth and retirement biz: Sources | Sam Bojarski | Citywire | World Insurance Associates is evaluating a potential sale of its wealth and retirement business, World Investment Advisors (WIA). The WIA business had $73B in assets in 2025.

Vanguard launches custom models for the first time | Tania Mitra | Citywire | Advisors will be able to co-develop custom models with Vanguard.

PennantPark Joins with Ultimus to Launch Strategic New Interval Fund | Ultimus | Ultimus has been tapped by PennantPark to assist with the launch and ongoing operations of its new interval fund, PennantPark Enhanced Income Fund (PNTIX).

JPMorgan to Launch Infrastructure, Real Estate Interval Fund With GCM Grosvenor | Mari Nicholson | AltsWire | J.P. Morgan Investment Management filed a registration form (Form N-2) with the SEC for a new nontraded interval fund that will invest across infrastructure, real estate, and other resource-based assets, with GCM Grosvenor serving as sub-adviser.

Legal & General to launch semi-liquid private credit strategy | Selin Bucak | Citywire | Legal & General’s asset management arm is set to launch a European long-term investment fund (ELTIF) focused on private credit. L&G’s private credit team manages around £33.3B in assets across real estate, infrastructure, corporate and alternative debt.

Titanbay partners with Coller Capital to boost evergreen access | John Schaffer | Citywire | Titanbay has put Coller Capital on its platform.

Crowd Street adds Neuberger tender offer fund to platform | Tania Mitra | Citywire | Crowd Street has added a sixth product, the Neuberger Private Markets Access Fund, to its platform.

Tencent, EU Fund Invest in AI Coding Startup Lovable at $13 Billion Valuation | Mark Bergen and Tom Mackenzie | Bloomberg | Swedish coding startup Lovable has raised funding at a $13.3B valuation in a $400M Series C round led by Menlo Ventures and the Scaleup Europe Fund, a European Union investment vehicle run by EQT. Several venture capital firms also participated, with new investors from Latin America and Asia investing in the round, including Tencent and Kaszek Ventures.

Josh Kushner and Bob Iger buying the LA Lakers for $12.5 billion | Dan Primack | Axios | Venture capitalist Josh Kushner and former Disney CEO Bob Iger announced an agreement to buy the NBA’s LA Lakers at a $12.5B valuation. Kushner and Iger will each invest individually and Thrive Eternal will also invest.

Group including Jeff Bezos buys minority stake in Liverpool FC, with option to become controlling owner | Alex Sherman and Jessica Golden | CNBC | A consortium that includes Jeff Bezos has greed to buy a minority stake in Liverpool FC.

Francisco to Buy Payments Firm Moneris From RBC, BMO for $1.4 Billion | Derek Decloet and Christine Dobby | Bloomberg | Two of Canada’s largest banks, Royal Bank of Canada and Bank of Montreal, agreed to sell payments firm Moneris Solutions Corp. to Francisco Partners for $1.4B.

Blackstone Strikes $1.8 Billion Deal for Air Canada Division | Thomas Seal and Stephanie Hughes | Bloomberg | Blackstone and a group of Canadian pension funds are buying a 25% stake in Air Canada’s Aeroplan loyalty program for C$2.5B.

Philippines' First Gen eyes take-private deal from KKR at $2.7 billion valuation | Reuters | A mandatory offer from KKR to buy Philippines-based First Gen Corp would value it at around $2.7B, the power producer and its parent First Philippine Holdings said on Thursday.

Silver Lake in talks to buy Workday, sources say | Milana Vinn | Reuters | Silver Lake is in talks to acquire Workday, which has a market value of around $43B. A deal of this size would rank among the largest software buyouts in history.

TPG Agrees to Buy South Korea’s Lotte Rental for $925 Million | Myungshin Cho | Bloomberg | TPG has agreed to acquire a 61.2% stake in Lotte Rental Co. for $925M. Lotte put the car-rental operator up for sale as part of an effort to streamline its portfolio due to challenging conditions in its construction and petrochemicals business.

Dynatrace to Acquire AI Observability Leader Arize | Dynatrace | Dynatrace, the leading AI-powered observability platform, has signed a definitive agreement to acquire Arize in a cash and stock transaction valued at $915M. Together, Dynatrace and Arize will enable customers to evaluate, operate, and continuously improve AI applications from development through production at scale. [Congrats Brett Wilson and the Swift Ventures team and Arize on this incredible milestone].

Apollo Inks $2.6 Billion Financing Deal With NY Yankees | Silas Brown | Bloomberg | Apollo is providing $2.6B of financing to the owners of the New York Yankees, which marks the firm’s largest investment in US sports to date. Proceeds will be used to support the growth of the franchise and refinance existing debt. The Yankees are owned by Yankee Global Enterprises, a company controlled by Hal Steinbrenner and members of his family. The group has also invested in AC Milan and New York City FC. Apollo Sports Capital’s Al Tylis will join Yankee Global Enterprises’ board.

Churchill launches capital solutions strategy: Noah Charney to lead | Christopher Faille | PEI | Churchill has launched a capital solutions strategy to partner exclusively with PE-sponsored, mid-market companies.

Inside Ares’ $12.7bn Pathfinder III fund | Aysha Gilmore | Alternative Credit Investor | In June, Ares raised $8.5B for its Pathfinder III fund, which was the fastest fundraise in the history of its alternative credit business. Overall, Ares raised $12.7B of investor capital, making it the “largest global asset-backed finance (ABF) fund in the market today,” said Sonya Lee, Partner and Head of Product Management and Investor Relations, Alternative Credit at Ares.

Raith Capital closes largest-ever fund on back of strong DPI | Evelyn Lee | PEI | New York-based RE manager Raith Capital closed its largest-ever fund due to strong DPI numbers.

TPG Mortgage Investment Trust and Cherry Hill Mortgage Investment Corporation Announce Definitive Merger Agreement | Business Wire | TPG Mortgage Investment Trust, a publicly traded residential mortgage REIT managed by AG REIT Management, an affiliate of TPG, and Cherry Hill Mortgage Investment Corporation, a residential mortgage REIT, announced they have entered into a definitive merger agreement.

Blackstone, US REIT to Absorb H&R Assets as Firm Sells for C$3.4 Billion | Sam Nagarajan | Bloomberg | GO Residential Real Estate Investment Trust agreed to buy H&R REIT in a cash-and-units deal valuing the Canadian property owner at around C$3.4B.

Ares drops $84M on suburban Chicago industrial portfolio | Emma Whalen | The Real Deal | Ares Management is continuing to buy up prperties in Chicago’s suburban industrial market. Ares bought ten light industrial properties from High Street Logistics for $84M ($117 per square foot). The properties span Will, DuPage and Kane counties and benefit from access to I-80, I-55, I-88 and I-90.

Warburg Pincus and Kio Expand Partnership to Accelerate Investment in Australia’s Living Sector | Warburg Pincus | Warburg Pincus and Kio Investment Management, a leading Australian real assset investment manager founded by Sam Bisla, announced the expansion of their partnership through an additional capital commitment to further accelerate investment in build-to-rent (“BTR”) and expand into purpose-built student accommodation across Australia’s key gateway cities.

Private Capital Secondary Market on Track for $250 Billion Year | Tim Leemaster and Romaine Bostick | Bloomberg | The secondary market could reach $250B this year after hitting a record volume in H1 of $121B, according to Nigel Dawn, Global Head of the Private Capital Advisory Group at Evercore. “The secondary market is core market infrastructure right now,” Dawn said. Is there enough capital available to hit record levels of secondary volume? Dawn thinks so: “Our sense is there is enough capital available.”

Apollo, Pantheon and SQ Capital co-lead on Exponent's €750m CV | Hannah Zhang | Secondaries Investor | Apollo S3, Pantheon, and SQ Capital have co-led Exponent’s €750m single-asset CV into H&MV Engineering, an Ireland-based provider of specialist high-voltage electrical engineering services for data centers, battery energy storage systems, utilities, and renewables.

Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage | PRnewswire | Monogram Capital Partners closed an Apollo S3-led continutation vehicle for Mountaintop Beverage, which also included participation from Partners Capital, TIFF, and H7 Capital. The continuation vehicle provides committed capital for a 250,000-square-foot capacity addition that will bring Mountaintop Beverage's Morgantown, West Virginia manufacturing campus to nearly 600,000 square feet.

Korea’s NPS adds another $1bn of secondaries exposure | Katrina Lau | Secondaries Investor | National Pension Service of Korea, the world’s seventh-largest private equity investor, saw its secondaries exposure grow by over 1/3 last year to $3.7B across secondary funds and co-investments.

Nvidia Taps Wall Street for $500 Billion Funding Commitment | Silla Brush, Ian King, Todd Gillespie | Bloomberg | Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR are partnering with Nvidia to source $500B in debt financing for AI infrastructure. Executives indicated that it will focus on debt financing to provide access to compute for Nvidia’s largest customers and that there are already many deals in the works that would qualify toward this commitment.

EQT Offers $4.9 Billion to Buy Australia’s Cleanaway Waste | Adam Haigh | Bloomberg | EQT Infrastructure offered to buy Cleanway Waste Management Ltd. in a deal that values the Australian listed firm at about A$6.9B.

Liberty Mutual anchors GDEV's new renewable energy debt strategy | Zak Bentley | PEI | Liberty Mutual anchors GDEV’s new renewable energy debt strategy.

Hollyport maintains independence with stake sale to Blue Owl | Madeleine Farman | Secondaries Investor | Hollyport Capital, a tail-end secondaries specialist, sold a minority stake to Blue Owl Capital’s GP stakes businesss that will “ultimately represent” approximately 25% of the economic interests of the firm.

Hollyport’s Carter on why the firm chose Blue Owl | Madeleine Farman | Secondaries Investor | Hollyport Founding Partner and CEO John Carter discusses why they chose to work with Blue Owl.

You’ve bought an asset manager. How do you get their people to stick around? | Madeline Shi | PitchBook | Asset management M&A is not easy, particularly when it comes to integration.

Private markets hold their course | Nathan Schwartz, Taylor Criswell, Jacobie Fullerton and Miles Ostroff | PitchBook | PitchBook shares US market insights.

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