$20B RIA Merit Financial Fund Finds New PE Backer, and more…

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Institutional Investor News

BlackRock’s Global Infrastructure Partners (GIP) raised $25.2B for Global Infrastructure Partners V, the largest infrastructure fund of 2025. Backed by CalPERS, Maryland State Retirement, and Washington State Investment Board, it aims for 15–20% gross returns. GIP formally joined BlackRock last year in a $12.5B deal. Meanwhile, PGGM closed a $2.5B risk transfer, Kuwait Investment Authority sold stakes in Bank of America, and San Francisco Employees’ Retirement System allocated $185M across infrastructure and PE funds.

Wealth Channel News

Constellation Wealth Capital acquired a minority stake in Merit Financial Advisors, supporting its $19.9B AUA platform and M&A pipeline. KKR-backed Beacon Pointe made six RIA acquisitions, growing to $47B AUA. People moves included Pritzker Alternative Strategies adding senior advisors, Keebeck Wealth Management launching a private real estate initiative, and AllianceBernstein strengthening its ultrahigh-net-worth team. BNP Paribas Asia reported a 20% revenue jump, driven by Hong Kong IPOs, growing its AUM to $105B.

Private Fund News

BlackRock’s GIP oversubscribed $25.2B infrastructure fund leads the year, while Coller Capital secured $6.8B for secondary private credit assets. Manulife IM raised $1.1B for co-investment strategies, and Seaside Equity grew to $1.4B AUM. VC highlights include Red Dot Capital’s $320M tech-focused fund and Boldstart Ventures’ $250M enterprise seed fund. In real assets, Neo Asset Management oversubscribed its $268.5M India infrastructure fund, targeting solar power and highway projects.

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