Apollo Urges Clarity on Private Markets in DC Plans, and more…

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Institutional Investor News

Insurers are rapidly increasing allocations to private credit—now estimated at one-third of global life insurers’ $6T portfolios—driven by alternative manager partnerships and a growing appetite for infrastructure and ABS strategies. Moody’s and the Chicago Fed highlight a decade-long shift toward esoteric credit exposures, fueled by PE-backed insurers and record M&A between insurers and asset managers. Goldman Sachs’ latest survey confirms the pivot, with 58% of insurers planning to boost private credit allocations in 2025. Meanwhile, Railpen, Fresno County, and Massachusetts PRIM made new credit and infrastructure moves, and ART and UNC Management Co. announced major leadership changes.

Wealth Channel News

July marked a dynamic period for the wealth channel, headlined by $6B+ in advisor outflows from UBS and aggressive recruitment by Raymond James, which added $4.65B across 11 teams. Leadership shifts included Venu Krishnamurthy joining HarbourVest and promotions at Kingsview and Bailard. On the RIA side, new launches like StackWealth and Hoover Private Wealth emphasized personalized, transitional planning. In M&A, Aspen Standard acquired $1.1B MG Financial, AlTi Global considered a take-private deal, and Merchant invested in $11B Sterling Trustees. The month’s activity reflects ongoing consolidation, platform expansion, and a sharpening focus on high-touch, niche client offerings.

Private Fund News

Apollo CEO Marc Rowan called for regulatory clarity to expand private market access to DC retirement plans, echoing successful models in Australia and Europe. With inflows strong across institutional channels, Apollo reported a 21% AUM increase to $143B. In private equity, Germany announced a €100B strategic sectors fund, KKR filed a new Asia vehicle, and Butterfly closed a $527M QDOBA continuation fund. Venture capital also saw strong closes from Airtree ($422M), Curql ($360M), and Deciens ($93M). Private credit activity continues to accelerate, with Fedaia and Munoz Ghezlan launching new below-par and direct lending strategies, respectively, targeting underserved sectors.

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