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Institutional Investor News
Maryland State Retirement & Pension System is considering a policy shift to boost its private markets allocation, with potential annual commitments of up to $4.5B. Following its February asset mix review, consultant Meketa proposed dropping exposure to absolute return and emerging market bonds, while increasing targets for US equities and private assets. Separately, Hamilton Lane outlined goals for $1.5B–$2.5B to private equity, $750M to credit, and $750M–$1.25B to infrastructure/natural resources. As of September 2024, the $70B pension had exceeded targets in private credit but lagged in infrastructure. Meanwhile, New Jersey, Indiana, and Seattle made new commitments across asset classes.
Wealth Channel News
At Cerity Partners, private markets chief Chris Burrows emphasized that relationships are as vital as performance when evaluating managers. On the Dakota Live! Podcast, Burrows stressed aligning clients with high-quality partners, especially as GPs seek capital to scale their businesses. He believes we’re just beginning a wave of GP stakes, preferred equity, and debt investing, driven by access to innovation—particularly AI. In M&A, Edelman Financial Engines acquired Cahill Wealth Management. New RIAs include Pendulum Wealth Partners and Jaskolka Financial. Advisor moves came from Americana Partners, LPL Financial, and Wells Fargo, highlighting a continued shuffle among top advisory teams.
Alts Asset Manager News
Ares Management hit $546B AUM after a record $20.2B in Q1 fundraising, led by credit, real estate, and secondaries. CEO Michael Aragetti said demand for private credit remains strong despite market chatter. Lending hit a record $50.4B in the last 12 months, with $11.5B deployed in Q1. The firm raised over $3.1B for real estate, $1.5B for its Japan data center fund, and $2.3B in secondaries. Wealth channel inflows totaled $5B, with $3.7B from semi-liquid products. In fundraising, Atlas Holdings closed $6.45B for its distressed investing fund, while Deerfield, InvAscent, and AI Fund secured capital for healthcare and tech strategies.
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