Aug. 19, 2025 Fundraising News: Alaska Permanent Building Dry Power, and more...

July 2025 – Software & Technology Transactions Report

Institutional Investor News

Awaiting Dislocation, Alaska Permanent Taps Brakes on Alts

The Alaska Permanent Fund, the largest sovereign wealth vehicle in the US at roughly $85B, is taking a defensive posture toward new investments, particularly in private markets, as it navigates an uncertain economic climate. 

CIO Marcus Frampton said the fund has slowed its deployment pace in private equity and private credit, choosing instead to preserve liquidity for future opportunities. “We’ve been tapping the brakes on privates the last few years and are pretty cautious on the outlook right now,” he told Bloomberg’s Odd Lots podcast. 

Frampton pointed to stretched valuations as a key concern in private equity. He recalled observations in the early 2000s when leveraged buyouts were done at five to six times EBITDA, compared to today’s mid-teens multiples. “We just felt in 2021 that it’s unlikely that investors are going to get the return premium,” he said, noting that the fund cut its private equity commitments “about in half” at the time. “We’ve kept it around there and ticked it up a little bit, but we’re still well below where we were deploying five years ago,” Frampton said. 

In private credit, where the fund has roughly 4% allocated, spreads have compressed to levels that are “less attractive,” and once adjusting for defaults, "you may not even be getting a premium in private equity and private credit today,” he said.

While private markets remain a long-term component of the portfolio, Frampton said the fund’s priority now is preserving flexibility rather than committing capital to long lockups at today’s valuations. With distributions now exceeding new commitments in private equity, he said Alaska Permanent is building dry powder. “We want to be the buyer with deep pockets in a dislocation,” the CIO said, contrasting Alaska Permanent’s relatively cautious stance with peers who are “over their target allocation now” and may be forced to sell when markets turn. 

In public markets, Frampton said the fund is also keeping a low profile, describing the current macro backdrop as difficult to navigate given large fiscal deficits and expected rate cuts. “Right now is a really tough time to make macro calls,” he noted. “So we’re kind of hugging benchmarks on not wanting to be under- or overweight equities, but it’s just an expensive market.” The fund's strategy is to stay aligned with global equity and bond benchmarks while awaiting better entry points. 

In contrast, Alaska Permanent continues to see opportunities in energy and natural resources after leaning into energy private equity in 2020 and 2021 when capital was scarce. “We feel like energy is an attractive area… we just liked it from an opportunistic standpoint,” he said, adding that longer term, commodities, mining, and other real assets will remain areas of interest given a decade of underinvestment. “That’s a really interesting area for some of our private market managers,” Frampton concluded.

Investments & Searches

LA Fire & Police Commits $225M to PE, PC Funds, Mulls Equity Contract Extensions
The Los Angeles Fire & Police Pension System disclosed making new commitments totaling $225M in late June and July, including $75M to TPG GP Solutions II, $50M to Ridgemont Equity Partners V, and $30M to Oak HC/FT Partners VI in private equity, as well as $40M to AB-PCI Fund IV and $30M to Castlelake Asset Based Private Credit III Evergreen in private credit. Investment staff also recommended the approval of three-year contract extensions with domestic equity managers Boston Partners for large cap value and Channing Capital for small cap value. Source 

Just Group, Brother Complete £56M Pension Scheme Buy-in
Just Group closed a £56M full-scheme buy-in with Brother Staff Retirement Benefits Scheme, sponsored by Brother International Europe Limited and Brother UK Limited within the Japanese-based technology solutions manufacturing group. The transaction concluded in March, brokered by Isio, with Clifford Chance serving as legal advisor for Just Group, Eversheds Sutherland for the trustees, and Fieldfisher for the sponsor. Gallagher provided preparatory support as administrator, scheme actuary, and investment advisor. Source 

U System of New Hampshire Commits $10M to Silver Point, Rebalances Portfolio
The University System of New Hampshire and its foundations committed $10M to Silver Point Capital Offshore Fund in May, funded by proceeds from redemptions across Varde, Vanguard TIPS, BlackRock Event Driven, and Neuberger L/S. Additionally, the system shifted $5M out of Baird Aggregate Bond while allocating $6M to the Schwab 500 Index, cut $7M from public equities to cover its quarterly endowment draw, completed a full exit from Generation Global Equity as of June 30, and will redeem $10M from Adage effective September 30. The Cantillon Global Equity Fund is also slated to receive a $10M investment in the fall. Source 

Norges Bank Drops Another 12 Israeli Firms in Ethics Review
Following its exit from 11 Israeli companies, Norges Bank Investment Management decided to exclude six more firms based on recommendations from its ethics council and has sold another six smaller companies since Aug. 11, in line with a request from Norway’s Ministry of Finance amid the conflict in Gaza and the West Bank. As of Aug. 14, the sovereign wealth fund held NOK 19B ($1.9B) in 38 Israeli firms, down from 61 companies at the end of June. Source 

People

UN Joint Staff Pension Names New Acting Rep Pending Global Search
The United Nations Joint Staff Pension Fund’s Office of Investment Management announced the appointment of Robert Joseph van der Zee as acting representative for its asset investments, effective Aug. 16 until Feb. 15, 2026. Van der Zee, who currently serves as CFO of the World Food Programme, will take over the role from incumbent CIO Toru Shindo while a global recruitment process is conducted to select a permanent representative. Source 

AustralianSuper Adds Senior Director from Frontier Advisors
Consultant Nathan Bode has joined AustralianSuper as senior director in portfolio research and insights, moving from Frontier Advisors where he most recently served as principal consultant. Bode brings over 20 years of experience in the financial services industry, with prior tenure at S&P and Westpac. Source 

Mariner Recruits Advisor from Investment Performance Services
Mariner Wealth Advisors hired Cory Bond as its new institutional advisor from Investment Performance Services LLC, where he worked for six years across multiple roles, most recently as consultant. He is based in the greater Savannah area in Georgia. Source 

Wealth Channel News

NYC Leads Nation With Trio of $50B+ RIAs

Three NYC-based firms stand out in the wealth management industry – City National Rochdale, Rockefeller Capital Management, and BlackRock Financial. Each oversees more than $50B in assets, putting them in a class that only a handful of advisory firms across the country have reached and reflecting the scale of the New York market and the city’s enduring pull as the nation’s financial hub.

According to a recent report from SmartAsset, there are 412 RIAs that manage at least $1B in client assets in the US, which amounts to less than 3% of all RIAs nationwide. The billion-dollar club is both exclusive and diverse, encompassing sprawling national platforms and nimble firms that have managed to scale from smaller corners of the country.

Alaska, with only eight RIAs in total, has one – Latash Investments – that manages more than $1B – giving it the highest proportion of billion-dollar firms in the country. Montana follows, with two of its 18 firms – Stockman Wealth Management and Allied Investment Advisors – reaching the same level. These examples show that even in smaller markets, strong local firms can grow into major players.

Still, the major financial centers dominate by sheer volume. New York leads with 79 billion-dollar RIAs, accounting for more than 20% of the national total. Five of them manage between $10B and $50B, and three are above $50B, including the Manhattan heavyweights. California comes next with 51 firms above $1B, one of which has crossed the $50B threshold. Texas, Florida, Illinois, and Massachusetts make up the next tier, while New Jersey, Connecticut, Pennsylvania, and Virginia also contribute to the ranks of the country’s largest independent advisors. 

Altogether, only nine firms nationwide manage more than $50B. Alongside the three in New York, the list includes Barings in North Carolina, Savant Wealth Management in Illinois, Taylor Advisors in Kentucky, Focus Partners Wealth in Missouri, Flexpath Strategies in California, and Sammons Financial Group Asset Management in Iowa. Their locations underscore that while financial power is concentrated in certain states, it can also be found well beyond traditional financial capitals.

Despite the growth of the industry, Alabama, New Hampshire, Arkansas, Maine, Mississippi, New Mexico, Hawaii, Wyoming, North Dakota, South Dakota, and West Virginia have yet to see an RIA pass the billion-dollar mark, with the threshold remaining an ambitious goal for advisors in these areas. 

New RIAs

Goldman Sachs Veteran Registers Family Office as RIA 
Goldman Sachs veteran Theodore Wang, who has most recently been affiliated with Angel Pond Capital, registered Puissance Capital Management as an independent RIA in New York City. The firm has institutional and retail segments. Under the institutional line of business, it provides investment advisory services to institutional and high-net-worth clients via pooled investment vehicles. The firm offers investment advisory services to retail clients through separately managed accounts under the retail segment. Source

Brazilian Entrepreneur Registers RIA in Florida
Brazilian entrepreneur Rubens Menin Teixeira de Souza, majority owner of Costellis International, registered Inter Advisors as an independent RIA in Miami, FL. Inter Advisors provides investment advisory services on both a discretionary and non-discretionary basis to high-net-worth individuals and businesses, according to its latest Form ADV filed with the SEC. Source

M&A

$72B RIA Cresset to Merge With Investment Consultancy Monticello Associates
Chicago, IL-based $72B RIA and multi-family office Cresset reportedly agreed to merge with Denver, CO-based investment consultancy Monticello Associates. Cresset, which is backed by Constellation Wealth Capital, is led by co-chairmen Eric Becker and Avy Stein, along with president Susie Cranston. Monticello, which is controlled by its employees and is led by founder and executive chairman Grady Durham, has $124B in assets under advisement. The planned merger is expected to close later in 2025. Source

RWA Wealth Closes on California’s $344M Moirai Wealth
Summit Partners-backed $18B RWA Wealth Partners acquired San Francisco, CA-based RIA Moirai Wealth Management. Founded in 2000 by Karen Schmid, Moirai Wealth manages $344M in assets by providing services to high-net-worth and ultra-high-net-worth individuals and families. The deal strengthens RWA's presence on the West Coast, which now includes two offices and 14 employees in California, including the four-member team from Moirai Wealth. RWA plans to establish a new office in downtown San Francisco in the fall of 2025. Financial terms of the deal, which closed on Aug. 15, were not disclosed. Source

Merit Financial Nearing Deal for $800M Texas RIA
Atlanta, GA-based wealth management firm Merit Financial Advisors is reportedly planning to close the acquisition of an unnamed hybrid $800M RIA in Texas during the week of Aug. 18. Merit President Kay Lynn Mayhue told Financial Advisor that the firm, which recently received a strategic minority investment from Constellation Wealth Capital, is also looking to close two letters of intents for $1B plus firms. Mayhue did not provide additional details of the potential targets. Source

People News

Arthur M. Blank Family Office Hires Cruise Industry Veteran as CEO
Atlanta, GA-based Arthur M. Blank Family Office appointed Andrea DeMarco as its CEO. DeMarco was previously president at Regent Seven Seas Cruises. Source

Moneta Group’s M&A Head Departs
St. Louis, MO-based $43B Moneta Group Investment Advisors’ senior managing director of M&A, Shawn Paulk, has reportedly left the firm to join fixed-income boutique SPFG as its chief growth officer. Source

UBS Names Senior Market Director for Northern New Jersey
UBS appointed Ryan Rozniakowski as senior market director for Northern New Jersey within the Greater New York metro market. Working from the firm’s Paramus office, Rozniakowski will drive strategic growth and lead a team of more than 130 employees. Prior to this role, he served as market executive of the UBS Pacific Northwest Market, overseeing 13 offices. Source

UK’s LGT Wealth Management Hires Wealth Manager
UK’s LGT Wealth Management reportedly appointed advisor Kirsty Thomson as a wealth planner in its Edinburgh, Scotland, office. Thomson most recently worked as a divisional director at RBC Europe, d/b/a RBC Brewin Dolphin. Source

Other People News

Bank of Singapore Unveils Family Office Catalyst Service for UHNW Clients
Bank of Singapore launched the Family Office Catalyst for ultra-high net worth clients, which is designed to provide advantages traditionally associated with a single-family office without the need to establish one. Under the new service, Bank of Singapore will act as the fund manager of the UHNWI’s investment vehicle that can qualify for tax exemptions under Sections 13O and 13U of the Income Tax Act 1947 of Singapore. The funds in the investment vehicle, with at least $20M AUM, will be managed by the bank either through discretionary portfolio management or advisory portfolio management. Source

Private Fund News

Arctos Nears $4B Close on First GP Financing Fund

Arctos Partners is close to completing the $4B fundraise for the first fund under its GP financing strategy, with a potential $100M capital commitment incoming from the Pennsylvania Public School Employees' Retirement System, according to PSERS meeting materials.

The pension's investment committee reviewed the proposed investment in Arctos Keystone Partners Fund I at its August 14 meeting, and Private Equity International reported the $100M commitment will move on to a vote with the board during its next meeting, scheduled for August 21. According to Dakota data, other US public pensions investing in the fund include the New Mexico State Investment Council ($50M) and the Employees’ Retirement System of Texas ($35M).

Based on the fund's latest amended SEC filing, it had raised $1.93B from 150 investors as of June 20. Opened for subscription in June 2023, the fund has been marketed with the assistance of Evercore Group, Citi Private Alternatives, J.P. Morgan Securities, and UBS Financial Services.

Marketing documents disclosed by NMSIC show that the fund is aiming to raise $4B in LP commitments, with hopes for a substantial collection from related co-investment vehicles. Fund I is expected to primarily provide liquidity solutions and bespoke capital to be deployed under a flexible mandate focused on highly customized minority and non-controlling investments in alternative asset managers, their funds, and portfolio companies. 

The fund is reportedly gunning for a 20% net internal rate of return and a 2x multiplier on invested capital. According to the PSERS documents, the fund is looking to participate in 20 to 30 transactions with an allocation of between $50M and $500M for each investment. 

Fund I is part of the Arctos Keystone strategy that Arctos launched in July 2023 to provide bespoke growth capital, financing, and liquidity solutions to asset managers and related investment vehicles and portfolio companies. It marked an expansion by the sports-focused investment firm in line with its "original vision and approach of innovating and disrupting traditionally complex and illiquid markets."

The strategy spans private equity, credit, digital infrastructure and, most recently, real estate and real assets with the recruitment last March of a team from Crow Holdings.

Fundraising

Clean Growth Fund Raises €56.8M at First Close of £150M Second Fund
Clean Growth Fund marked the initial closing of its sophomore fund with €56.8M ($66.4M) in capital commitments from new and existing investors, including Strathclyde Pension Fund, Islington, and East Riding LGPS. Targeting £150M ($203.1M), Fund II will invest in early-stage startups across the UK, particularly those driving net-zero innovations in critical sectors including energy, mobility and the built environment. Source

Norrsken Accelerator Closes Early-stage Fund at €57M
Early-stage investor Norrsken Accelerator announced the oversubscribed closing of Norrsken Evolve with €57M ($66.6M) in total capital commitments from investors including Saminvest, European Investment Fund, and SmartCap Green Fund. The Swedish accelerator allocates €250K ($292.2K) for up-front investments in European startups with a goal to redefine how the region generates energy, rebuild manufacturing, move goods, construct buildings, and produce food and materials. Source

Texas-based Curate Capital Targets $50M for Second Fund
Texas-based venture firm Curate Capital, which focuses on women-led businesses, is aiming to raise $50M for Curate Capital Fund II. The firm informed the SEC that it had secured $852K in total commitments from 10 investors as of August 15. Source

Artha India Ventures Closes INR 4.32B Oversubscribed Select Fund
Artha India Ventures completed the fundraise for its Select Fund with INR 4.32B ($44.4M) in capital commitments, marking an oversubscription against a target of INR 3.30B ($37.8M). The fund is looking to invest in 12 to 14 scale-ups over four years, averaging INR 200M ($2.2M) for each transaction, with a focus on the space technology, applied artificial intelligence, financial technology infrastructure, and premium consumer brands sectors. Source

Former Kae Capital Partner Launches Mumbai-based Venture Capital Fund
Natasha Malpani, a former partner at Indian early-stage investor Kae Capital, launched a venture capital fund with an investment capacity of INR 2B ($22.9M). Focused on Indian artificial intelligence startups at the intersection of science, systems, and identity, the Boundless Ventures fund will target pre-seed and seed funding rounds and has so far completed four investments. Source

Abu Dhabi Islamic Bank Unit Launches Shariah-compliant Investment Fund
Abu Dhabi Islamic Bank subsidiary ADIB Capital unveiled the Shariah-compliant investment vehicle ADIB Islamic Trade Opportunities Fund. The fund, which will be offered to professional clients and market counterparties of the fund manager, will target short-duration trade opportunities associated with developed markets, primarily the US and Europe. Source

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