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FUNDRAISING NEWS | August 15, 2025
Investors in July concentrated capital into infrastructure mega-funds and AI platforms, signaling long term conviction even amid elevated rates. The July 2025 Dakota Monthly Roundup covers a $25B infrastructure close, $23B+ in AI raises, and investor positioning trends across private equity, credit, and real assets.
Download the full report to see where capital is moving, and why.
PRT Market to Top £1T in Next Decade, UK to Lead Deal Volume
The global pension risk transfer (PRT) market could exceed £1T ($1.35T) in transactions over the next 10 years, with approximately £500B ($676.4B) expected in the UK, £400B ($541.2B) in the US, and £100B ($135.3B) in Canada, as more corporate DB plans offload liabilities to insurers, according to Legal & General’s 2025 Global PRT Monitor.
Elevated funding levels, bolstered by higher interest rates and bond yields, are making transactions more affordable as DB plans become “more effectively hedged and de-risked,” L&G reports. Insurers are also expanding investment strategies that channel premiums into assets such as housing and infrastructure in response to “historically tight credit spreads and geopolitical uncertainty.”
“Insurers are thinking globally about this opportunity,” L&G wrote, “both in terms of scaling their operations to meet growing demand from pension plans, and in supporting companies to de-risk their balance sheets, draw a line under their historical obligations and focus on their core businesses.” The firm advised pensions to consider “locking in” recent funding gains amid persistent market volatility, especially plans that are not fully hedged.
The report noted that the UK led total transaction volumes with £47.8B ($64.7B) in 2024, tallying a record 299 in buy-ins and buyouts completed for the year, including 14 buy-ins above £1B ($1.35B) and increased activity among smaller schemes. The country’s pipeline for 2025 points to volumes between £40B and £50B ($54.1B to $67.7B), with “heightened demand persisting across the next decade.”
Meanwhile, the US recorded $51.8B in deals last year, with jumbo transactions over $1B driving a significant portion of volume. L&G estimates 2025 activity will total $35B to $45B, with more large deals expected in the second half. Buy-ins are also expected to increase in the market, where buyouts were traditionally preferred. “We have seen a slow increase in buy-in transactions over the past few years, but we anticipate an over 50% increase this year compared to any prior year,” L&G stated, adding that many of the deals are expected to be for full plan terminations.
In Canada, the report tracked over CAD 11B ($8B) in PRT deals for 2024, attributed to improved funding positions and demand for inflation-linked transactions. Emerging markets are also seen in other regions, as the Netherlands could potentially create a €20B to €70B market by 2028 amid an ongoing pension transition under its 2023 “Future Pensions Act,” while Ireland and Japan may also expand, although activity currently remains limited.
Dakota Reports $2.75B in July Manager Searches
In July 2025, Dakota tracked 13 investment RFPs totaling $2.75B in potential allocations across US and emerging market equities, private equity, real estate, and liquid alternatives. Key mandates include $1B in US equity from the New Mexico State Investment Council, $120M in emerging markets, and $80M in core real estate from Plymouth County Retirement Association, and three strategy searches from the State Universities Retirement System of Illinois. Other searches came from pensions in Massachusetts and Illinois, with deadlines from late July to early September. Source
Fresno County Commits $151M to PE, PC Funds
Fresno County Employees’ Retirement Association approved recent commitments totaling over $151M, including $50M to OHA Senior Private Lending Fund 2024, $30M to TPG Twin Brook Direct Lending Fund VI with another $10M to its co-investment sleeve, $30M to Dawson Portfolio Finance 6 LP, €14.5M ($16.8M) to Verdane Freya XII, and $15M to Stripes VII. The deals were closed in the second quarter by Aksia and Hamilton Lane in private credit and private equity, respectively. Source
DC Retirement Backs Avance PE Fund With $100M
The District of Columbia Retirement Board committed $100M to an Avance Investment Management US middle market buyout, closing the deal on June 20. The pension’s investment team reported executing 14 rebalancing transactions totaling approximately $275M since its last board meeting, contributing to 84 fiscal YTD rebalancing transactions valued at $4.6B. Source
North Dakota SIB Commits $95M to PE, PC, Adjusts Equity Lineup
The North Dakota State Investment Board (SIB) disclosed recent commitments within its private equity and private credit portfolios, comprising $60M to Chicago Pacific Founders Fund IV and $35M to OrbiMed Royalty and Credit Opportunities V. In its public equity portfolio, the pension added WorldQuant US Large Cap and removed Atlanta Capital High Quality Small Cap. Source
Ontario Teachers’ TVG Invests $40M in Darwinbox
Ontario Teachers’ Pension Plan (OTPP) late-stage venture arm, Teachers’ Venture Growth (TVG), invested $40M in Darwinbox, an AI-powered human capital management platform, through a mix of primary and secondary transactions. The deal, which follows Darwinbox’s $140M round in March led by Partners Group and KKR, gives TVG a stake alongside existing investors including Microsoft, Salesforce, Peak XV, Lightspeed, and TCV. Avendus Capital advised Darwinbox on the transaction. Source
L&G, Misys Pension Finalize £25M Buy-In
The Misys Retirement Benefits Plan reportedly completed a £25M ($33.8M) buy-in with Legal & General executed through the insurer’s “Flow” process for smaller buy-ins. The deal followed a £23M ($31.1M) earlier buy-in with L&G in 2012, with Aon serving as advisor. Source
Community Foundation of Herkimer and Oneida Counties Names OCIO
The Community Foundation of Herkimer and Oneida Counties has appointed longtime consultant Crewcial Partners as its OCIO, granting the firm full discretionary authority over investment manager selection, replacement, and portfolio management for the foundation’s over $220M portfolio. The decision followed a competitive RFP process and marked a shift from the foundation’s previous structure, in which investment decisions required board approval. Source
CPP Investments Reports CAD 731.7B in Assets, 1% Q1 Return
CPP Investments reported net assets of CAD 731.7B ($529.7B) at the end of the first quarter of fiscal 2026 on June 30, up from CAD 714.4B ($517.1B) the previous quarter, reflecting CAD 7.5B ($5.4B) in net income and CAD 9.8B ($7.1B) in net transfers. The Canadian pension posted a quarterly net return of 1% and a 10-year annualized net return of 8.4%. The base CPP account ended the quarter with CAD 688B ($498B) in assets after a 1.1% quarterly return, while the additional CPP account closed at CAD 63.7B ($46.1B) with a 0.2% quarterly return. Source
NY State Common Posts 5.46% Q1 Return, Reaches $283.9B
The New York State Common Retirement Fund (CRF) disclosed that it had an estimated value of $283.9B at the end of the first quarter of fiscal year 2025-2026, reflecting a 5.46% investment return for the three months ended June 30. The CRF’s audited value was $273.1B at the end of the previous fiscal year on March 31. As of the end of June, the portfolio consisted of a 41.2% allocation to publicly traded equities, 21.9% to cash, bonds, and mortgages, 14.4% to private equity, 14% to real estate and real assets, and 8.5% to credit, absolute return strategies, and opportunistic alternatives. Source
Ontario Teachers’ Slashes US Dollar Exposure by 56% in H1 2025
Ontario Teachers’ Pension Plan (OTPP) reportedly reduced its US dollar exposure by 56% in H1 2025 to CAD 40.2B ($29.2B), the lowest level since mid-2021, as the loonie posted its strongest first-half gain against the greenback in almost a decade. OTPP’s total foreign currency net exposure fell to CAD 99.4B ($72B) from CAD 142B ($102.8B) at the end of last year, with most of the decline attributed to the US dollar reduction. Source
Digital Family Office Compound Planning Crosses $4B in AUM
New York City-based digital family office Compound Planning recently crossed the $4B mark in assets under management, reflecting a 269% increase since its formation in September 2023.
The firm was created through the merger of RIA Alternativ Wealth and technology company Compound, resulting in a $1.1B tech-enabled RIA. Christian Haigh, founder of Irvine, CA-based Alternativ, became the firm’s first CEO. The firm provides a number of services to clients, including financial and tax advice, tax filing, retirement and estate planning, public equities and alternative asset investing, philanthropic planning, stock option financing, portfolio lines of credit, and balance sheet tracking. Its clients have access to investment opportunities across public and alternative markets, including venture capital, real estate, private equity, and fixed income.
The latest phase of growth has been driven by a combination of organic expansion and acquisitions. Since the start of 2025, Compound Planning has added 17 advisors across 10 states, brought on 640 new clients, and expanded the user base of its proprietary Compound Dashboard to more than 10,000. The platform, which centralizes client financial information, was recently enhanced with integrated multi-tiered, full-service tax capabilities.
These developments build on the firm’s momentum from the previous year. In 2024, the firm added 30 advisors, doubled its AUM, and made a series of senior appointments, including Eric Flynn as head of wealth management and Brent Myers as head of advisory operations. Leadership hires also strengthened the firm’s technology, product, compliance, and finance teams. In February 2025, Haigh was joined by Alex Farman-Farmaian as co-CEO. Farman-Farmaian also took a seat on the firm’s board of directors.
Recognition for the firm’s rapid expansion has included a place on Financial Advisor Magazine’s lists of America’s Top RIAs and the 50 Fastest Growing RIAs for 2025, ranking fifth in the latter. It was the second consecutive year Compound Planning appeared on both lists.
Farman‑Farmaian reflected on the evolution, saying in a press release, “We’ve built our platform so clients can see their entire balance sheet in one place – and so advisors can serve them seamlessly – and that’s what’s driving our growth.” Hitting this milestone, he said, is validation that both clients and the broader wealth management community are aligned with their vision.
According to its latest Form ADV filing, Compound Planning manages $3B in discretionary assets, including $2B from high-net-worth individuals. The firm operates a multi-custodian model, with primary custodians Charles Schwab, Fidelity Brokerage Services, and Goldman Sachs, alongside Equity Trust, Kingdom Trust, Nationwide Trust, Morningstar, Nuview Trust, and Security Benefit.
Michigan Advisor Registers Black Walnut Wealth as RIA
Financial advisor Eric Braund registered his firm Black Walnut Wealth Management as an independent RIA in Traverse City, MI. Black Walnut Wealth, which was founded in 2017, has been providing financial counsel and fiduciary investment services to individuals, families, and private foundations through Dynamic Wealth Advisors since 2018. Source
Four Minnesota Advisors Register Independent RIA
A team of four financial advisors registered SBE LLC, d/b/a Cedar Cove Wealth Partners, as an independent RIA in Bloomington, MN. The firm is owned by Jennifer Cords, Benjamin Johnson, Keith Sapp and Christopher Sipe. Cedar Cove Wealth, which was formed in 2011, has most recently been providing advisory services through Thrivent Investment Management. Source
$1.8B Team Joins Raymond James from M Financial Group
A team of 16 financial advisors managing $1.8B in assets joined Raymond James’ independent advisor channel Raymond James Financial Services. Greenberg & Rapp and its Eagle Rock Wealth Management subsidiary join the firm from M Financial Group. The firm is led by founders and principals Thomas Rapp and Ronald Greenberg, and managing partner Patrick Maguire. They are joined by financial advisors JP Bartolomeo, Bill Conroy, Jordan Crowley, Cole Koeniger, and Brian Rapp; and wealth advisors T. Keith Brown, Jonathan Crozier, Jack Grondin, Dennis Mojares, Ryan Pergola, Michael Pfenninger, and Dante Zicarelli. Wealth manager Jake Greenberg and investment strategist Ryan Miscik have also joined Raymond James. Source
North Carolina-based Advisor Leaves Edward Jones for Raymond James
Wilmington, NC-based Shannon Chiarello’s Chiarello Wealth Management joined Raymond James’ independent advisor channel Raymond James Financial Services. Chiarello joins the firm from Edward Jones, where she managed $130M in client assets. Source
Massachusetts Advisor Launches Firm With Osaic
Framingham, MA-based financial advisor Joelle Spear launched her independent firm Spear Wealth Management on Osaic, joining IFG. Formerly a partner and financial advisor at Canby Financial Advisors, an affiliate of Commonwealth Financial Network, Spear Wealth oversees $170M in assets under administration. Source
VestGen Wealth Partners Names First CIO
Inverness, IL-based wealth management firm VestGen Wealth Partners appointed industry veteran Robert Hostetter as its first CIO. Before joining VestGen, Hostetter was the managing partner of Institutional Client Solutions. His previous roles include global head of solutions at Russell Investments and global head of product strategy at AllianceBernstein. Source
SlateStone Wealth Names Chief Equity Strategist
Jupiter, FL-based boutique investment advisory firm SlateStone Wealth appointed Erin Gibbs as chief equity strategist. In the new role, she will lead the development of the firm’s quantitative equity platform, beginning with the design and implementation of a new small- and mid-cap strategy. Most recently, Gibbs worked at Main Street Asset Management as CIO. Source
Managers Eye 2025 Fundraising Rebound Despite Tepid July
New private markets funds kicked off the second half of the year weaker than they closed the first half, based on confirmed and estimated targets, with Dakota tracking new funds targeting approximately $80B in July, compared with $225B in June. Private equity still led the pack with a combined target of nearly $60B, though that was slightly less than half the $130B tracked in June. New venture funds came next, targeting approximately $13B, followed by real estate and real assets ($5.3B) and private credit ($3.1B).
Still, the month featured plenty of megafunds across multiple asset classes. Among the more notable, British investment firm Permira launched its latest flagship vehicle with a target of €17B ($20B), which if achieved would make Permira IX the largest in the firm’s history. Leonard Green & Partners also started marketing its 10th flagship fund, Green Equity Investors X, with an objective of raising roughly the same amount as its buyout-focused predecessor, which closed in 2022 with $15.2B in total capital commitments.
Conditions remained tough in July for global private markets, characterized by fewer deals and exits, as well as continued geopolitical instability and trade policy uncertainty. Despite that, fund managers including Brookfield Asset Management, TPG, and GCM Grosvenor are forecasting better fundraising for 2025 versus the prior year, citing strong first-half momentum.
Reflecting similar confidence, Blackstone is looking to expand the scope of its fundraising to cover life sciences, opportunistic credit, GP stakes, and tactical opportunities. The world’s largest alternative asset manager was also reported to be considering an expansion of its secondaries strategy to the private credit space. Currently, the alternative investment manager’s $87B Strategic Partners secondaries unit only focuses on private equity, infrastructure, and real estate.
Private credit, in particular, is expected to remain appealing to investors. Schroders’ survey of global investors found that private debt and credit alternatives are viewed as something of a safe haven, particularly by investors in North America. "In an environment defined by uncertainty, inefficiency, and volatile risk premiums, the ability to select well-collateralized debt, backed by strong borrowers and robust security packages, is a significant advantage of private debt and alternative credit markets," commented Michelle Russell-Dowe, co-head of private debt and credit alternatives at Schroders Capital.
Read on for a full rundown of all the month’s new private markets funds here.
Valeas Capital Partners Files for Sophomore Fund
Valeas Capital Partners registered Valeas Capital Partners Fund II with the SEC, indicating that the fundraise is not planned to last more than a year. Fund II follows Valeas Capital Partners Fund I, which closed oversubscribed in December 2024 with $600M total capital commitments invested in tech-enabled businesses. Source
Marktlink Capital Raises €440M for PE Fund, €80M for New VC Fund
Amsterdam-based investment company Marktlink Capital completed the oversubscribed fundraise for its fifth private equity fund-of-funds at €440M ($512.5M) against a €300M ($349.7M) target, and it also completed fundraising for its third venture capital fund, which reached its €80M ($93.2M) hard cap. The PE fund will support 11 funds, including those managed by Hg, Adams Street Partners, Egeria, and Mill Point Capital, while the VC vehicle will target VC managers investing in high-growth companies in the technology and artificial intelligence sectors. Source
Maxus Capital Closes €350M Fund II
Belgium-based Maxus Capital, a private equity platform focused on the small and mid-cap market, announced that its AUM increased to €620M ($724.5M) following the final close of Maxus II with €350M ($409M) in total capital commitments. The fund received commitments from 35 investors. Source
Africa50 Group Raises $118M at First Close of Infra Fund
Africa50 Group, a pan-African infrastructure investor and asset manager, marked the initial closing of the Alliance for Green Infrastructure in Africa Project Development Fund with $118M in capital commitments from investors including the African Development Bank Group. Targeting $400M, the fund will invest in projects that support energy transition and climate resilience efforts for Africa, with a focus on sectors including renewable energy, sustainable transport, and information and communications technology. Source
Spire Capital Partners Locks in €90M at Closing of Debut Fund
Polish private equity firm Spire Capital Partners raised €90M ($105.2M) at the closing of its inaugural fund, Spire Capital Partners Fund I. Backed by investors including the Polish Development Fund, European Investment Fund, and the European Bank for Reconstruction and Development, the fund will target majority or minority shareholding in technology companies, allocating €5M to €20M ($5.8M to $23.4M) for each transaction. Source
Porsche Automobil in Talks to Anchor Deutsche Telekom’s €500M Defense VC Fund
The parent company of luxury carmakers Porsche and Volkswagen is reportedly in discussions with German telecommunications group Deutsche Telekom regarding a potential anchor investment in a new venture capital fund aiming to raise €500M ($584.3M) for European defense technology companies. The fund would be run by former Deutsche Telekom unit DTCP. The talks follows a recent report that Porsche Automobil is looking to establish an investment fund focused on the defense industry and other related sectors. Source
Blackbird Ventures Gears Up for First Close of AUD 700M+ Fund
Australian venture capital firm Blackbird Ventures is reportedly gearing up for the first close of its sixth fund, which has a target of over AUD 700M ($454.1M). Source
Alumni Ventures Launches New Fund for AI-native Startups
Las Vegas-based venture capital firm Alumni Ventures launched AI First Fund, a venture capital fund that will invest in artificial intelligence-native startups developed from language models, autonomous agents, and proprietary data. Source
AWH Partners Launches New RE Fund for US Hotels
Real estate investment firm AWH Partners launched a property fund that will target five to 10 income-generating hotels across the US with an allocation of $5M to $15M for each transaction. The firm seeded AWH Strategic Income Fund with $20M and is looking to secure additional capital from accredited investors. Source
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