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AGM News Roundup

🏦 Wealth Management

Franklin Templeton in talks to buy $90bn AlTi Global: Sources | Ian Wenik | Citywire | Franklin Templeton is in talks to acquire AlTi Global, a publicly traded wealth manager with $90B in AUM.

$40bn Prime Capital sells minority stake to Carlyle | Alec Rich | Citywire | Prime Capital Financial, a $40B wealth manager, has sold a minority stake to Carlyle. Abry Partners, the firm’s existing minority backer, is expected to remain an investor.

Corient to buy $21bn Summit Trail Advisors | Ian Wenik | Citywire | Corient has agreed to acquire $21B RIA Summit Trail Advisors. Summit Trail launched in 2015 with assistance from Dynasty Financial Partners and is reportedly more than 90% employee-owned.

BlackRock Is Expanding Its Wealth Reach Beyond the United States | William Bales | The Wealth Advisor | BlackRock is partnering with Incadense to expand its presence across Latin America and offshore wealth management channels.

🌲 Evergreen Funds

Carlyle's evergreen range reaches $20bn, boosting performance revenue | Selin Bucak | Citywire | Carlyle has seen inflows into its evergreens increase 60% year-on-year to $7B, driving AUM in its evergreen strategies to $20B.

Apollo CEO admits 'not everyone loves the wrapper' as $3bn flows into wealth | Selin Bucak | Citywire | Apollo saw $3B of inflows into its private wealth business in Q2.

LPL launches single asset class model portfolio suite | Tania Mitra | Citywire | LPL has launched a new suite of 17 model portfolios focused on single asset classes in order to help advisors have greater customization in portfolio construction.

Hamilton Lane: 'Evergreen hesitancy only temporary' | Katrina Lau | PEI | Hamilton Lane co-chief said some investors have been “housing capital” in evergreens before redeeming to fund a Hamilton Lane SMA.

PE giant Warburg Pincus offers access to Australian advisers | Shy-Ann Arkinstall | Money Management Australia | Australian wholesale investors and advisers will be able to access the private wealth platform of $135B AUM Warburg Pincus with a new feeder fund through Channel Capital.

🛠️ Private Markets Infrastructure

Private market fund accounting platform LemonEdge raises $21 million | Finextra | LemonEdge, a fund accounting platform for private markets, has completed a $21M Series A round led by Blackstone Innovations Investments, and joined by BNY and Sidekick Partners [Congrats to LemonEdge on the continued progress].

Allocate Marks Five Years in Business, Surpasses $5 Billion in Platform Assets as Private Markets Wealth Channel Adoption Accelerates | Business Wire | Allocate marked five years in business with over $5B in AUM, more than tripling its growth over the past year. Over 375 wealth advisory firms and RIAs use Allocate’s platform to access private markets, and the firm has struck strategic partnerships with Dynasty Financial Partners and VanEck [Congrats to Allocate on the continued progress].

CAZ Investments Partners with SoFi to Democratize Access to Private Markets | PR Newswire | CAZ Investments announced that investors utilizing the SoFi Invest platform can now invest in two CAZ funds.

💸 Private Equity

The First Bet From Europe’s New €5 Billion Fund Is a Finnish Space Startup | Annabel Boyne and Paula Doenecke | Bloomberg | Europe’s new Scaleup Europe Fund, managed by EQT, co-led ICEYE’s June funding round alongside General Atlantic, said Victor Englesson, Partner at EQT and Scaleup Europe Fund Co-Head. ICEYE raised €1B from new investors as well as through a secondary placement in a round that valued the startup at more than €10B, with the Scaleup Europe Fund contributing €300M across primary and secondary.

Carlyle Says PE Exit Market Open for Sellers of ‘Good Companies’ | Dani Burger and Michael McKee | Bloomberg | Carlyle is seeing a thaw in capital markets that is quickening the tempo of exits from investments across multiple industries, said CFO Justin Plouffe.

Italy’s Nextalia Raises €1.1 Billion for New Private Equity Fund | Luca Casiraghi and Sonia Sirletti | Bloomberg | Italy’s Nextalia Investment Management raised over €1.1B for its second private equity strategy, targeting opportunities in its home market. Nextalia is aiming for a hard cap at the end of the year of €1.5B and was founded by former Head of Corporate Investment Banking at Mediobanca Francesco Canzonieri.

Apollo’s Deal Spree Drives Fee-Related Revenue to a Record | Laura Benitez | Bloomberg | Apollo reported record revenues from fees, with fee-related earnings growing to $785M in the second quarter, an increase of 25% from the second quarter of last year.

Cerberus Seeks $4 Billion for Second Supply Chain Fund | Preeti Singh and Caleb Melby | Bloomberg | Cerberus Capital Management is looking to raise at least $4B for its latest supply chain fund that backs investments critical to the US economy.

UK’s Bodycote Draws £1.6 Billion Bids From CVC and Veritas | Jamie Nimmo | Bloomberg | Bodycote Plc received takeover bids of around £1.6B each from CVC and Veritas. The British industrial heat treatment specialist said Wednesday that CVC was offering 915 pence per shares, one pence higher than Veritas’ proposal.

Apollo to Buy EasyJet for £5.7 Billion to End Bidding War | Kate Duffy and Leen Al-Rashdan | Bloomberg | Apollo agreed to buy easyJet for £5.7B. Apollo will be gaining control of an airline that helped pioneer ultra low-cost travel in Europe and owns many attractive assets, including a fleet of modern Airbus SE A320-type jets, landing slots at airports in London, Milan, and Geneva, and a thriving vacation packages business.

Moove Hits $2.1 Billion Valuation in Mubadala-Led Fundraising | Loni Prinsloo | Bloomberg | Moove closed a $250M investment round led by Mubadala to add services for self-driving cars and expand into new geographies. The round values Moove at $2.1B. The fundraising round was co-led by Toyota’s growth fund and Ion Pacific. BlueCrest Capital Management, Sona Asset Management, and the Raptor Group also participated [Congrats to team Moove on this milestone, keep Moove-ing!].

💳 Private Credit

TPG boasts low private credit redemptions as BDC hits $5.1bn | John Schaffer | Citywire | TPG had low private credit redemptions as its BDC has grown to $5.1B. The firm is also making a push to offer its evergreen funds on more international platforms and is turning a focus to building out a “SWAT team” for distribution in Asia.

Golub private credit redemptions come in below quarterly limit | John Schaffer | Citywire | Redemptions for Golub’s private credit BDC came in below the 5% quarterly limit.

Blackstone BDC Cuts Net Asset Value Most in 6 Years on Markdowns | Ellen DiMauro and Preeti Singh | Bloomberg | Blackstone’s publicly traded private credit fund reduced its net asset value by the most in six years during the second quarter, a move that it said was driven more by markdowns across its portfolio than a pickup in non-paying loans.

Blue Owl Private Credit Funds Rally as Tech Concerns Ease | Ellen DiMauro and Rene Ismail | Bloomberg | Blue Owl said borrower fundamentals remained strong as its publicly traded private credit vehicle, OBDC, posted quarter-over-quarter growth in net investment income-per-share.

Ares Eyes $2 Billion Loan Deal in Private Credit’s Slow Year | Ellen DiMauro and Paula Seligson | Bloomberg | Ares is leading a $2.2B direct loan to help finance a healthcare services acquisition. The loan will support MedImpact Holdings’ planned purchase of Medical Card System, a Puerto Rico-based healthcare services company.

Ares scales back blockbuster private credit vehicle after valuation pushback | Alexandra Heal and Michelle Chan | Financial Times | Ares was forced to scale back a blockbuster €1B private credit vehicle after investors balked at the valuation of loans being put into the continuation fund. Last year, Ares moved to shift loans remaining in a decade-old European direct lending fund into a new vehicle that it would manage.

🏠 Real Estate

Blue Owl Closes European Net Lease Fund with Over €1.6 Billion of Total Capital Commitments and Seeks to Provide Differentiated Capital Solutions to Investment Grade Corporate Real Estate Occupiers | Blue Owl | Blue Owl announced the final close of its inaugural European net lease fund with €1.6B in total capital commitments. OREF Europe exceeded the original target of €1B and its previous hard cap of €1.5B. Marc Zahr, Co-President and Global Head of Real Assets at Blue Owl said, “We believe Europe represents the next frontier for institutional sale-leasebacks.”

Brookfield Accelerates Launch Of Giant Real Estate Fund As Market Improves | Mike Phillips | Bisnow | Brookfield is preparing to launch its next large real estate opportunity fund on an accelerated timeline, targeting next year.

Apollo Invests $1 Billion in Joint Venture With Starwood REIT | Patrick Clark | Bloomberg | Apollo is investing $1.02B in a joint venture with Starwood Real Estate Income Trust, a commercial property vehicle known as SREIT that has struggled to provide liquidity to investors. Apollo is acquiring a 41.5% stake in a JV that will own roughly 120 of SREIT’s affordable housing properties in the US.

TPG expects multiple first closes in real estate by year end | Silvia Saccardi | PEI | TPG Real Estate Partners V is nearing its first close, with a target fund size of $8.5B.

🥈 Secondaries

Bridgepoint Explores €1 Billion Private Credit Secondaries Deal | Kat Hidalgo and Silas Brown | Bloomberg | Bridgepoint is exploring a deal to sell more than €1B of private credit stakes in a secondaries transaction, creating a continuation vehicle for the assets.

KKR and Arctos mull GP-led strategy launch | Madeleine Farman | Secondaries Investor | KKR and Arctos are mulling the launch of a GP-led secondaries strategy, KKR’s CFO Robert Lewin said on the firm’s Q2 earnings call.

G Squared secures $2.3bn as venture secondaries heats up | Lawrence Aragon | Secondaries Investor | Venture capital secondaries investor G Squared had strong demand for its seventh flagship vehicle, allowing it to close on $2.3B, twice the size of its previous flagship vehicle.

🛠️ Infrastructure

Blackstone Has Pitched Mega Debt Package for Anthropic Chip Deal | Scott Carpenter, Emily Graffeo, Silas Brown and Laura Benitez | Bloomberg | Blackstone has held early discussions with investors to gauge interest in a large debt package to finance Anthropic’s use of chips from Google. One initial proposal was for at least $36B of debt, which would exceed the $35B of debt lined up by Apollo and Blackstone two months ago.

KKR Closes $19.2 Billion Infrastructure Fund | KKR | KKR announced the final closing of its largest infrastructure fund raised to date, KKR Global Infrastructure Investors V, a $19.2B Core+ fund focused on investing in critical infrastructure assets and businesses primarily in North America and Western Europe.

‘Our DPI has played a very big role': ECP closes its largest fund on $8.1B | Bruno Alves | Infrastructure Investor | ECP Chief Investment Officer Tyler Reeder discussed the firm’s fundraise for ECP VI, which closed more than 50% above target in just 18 months.

🥩 GP Stakes

Investing in the Architects: The Strategic Evolution of GP Stakes | Robert Hamilton Kelly and Greg Hagerty | Goldman Sachs Petershill | Robert Hamilton Kelly, Co-Head of Petershill, explains how GP Stakes can bridge the gap between private equity and yield-oriented strategies, offering a combination of stable, fee-related earnings and long-term enterprise value growth.

🔬 Private Markets Research

The 2021 Vintage’s Weak DPI Is Not the Warning Sign It Looks Like | Kyle Stanford | PitchBook | The 2021 VC vintage is struggling with DPI, but not all hope is lost. 2021 vintage US VC funds are sitting on an average DPI of 0.05x at year five, the lowest of any vintage after five years since 1997. TVPI, however, tells a steadier story. At 1.21x, the average TVPI for the 2021 vintage sits right in the middle of the pack.

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