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FUNDRAISING NEWS | August 28, 2025
Tags: Dakota Marketplace
Dakota has released the July 2025 Healthcare Transactions Report, providing insights into capital flows, major M&A, and deal activity across key healthcare verticals.
This month’s report highlights more than $125B in transaction value, including shareholder approval of Sycamore Partners’ $24B take-private of Walgreens, Merck’s $10B acquisition of Verona Pharma, and Becton, Dickinson and Company’s $17.5B sale of its Biosciences division to Waters. The report provides an overview of the major deals, sector trends, and investment priorities influencing healthcare today.
Download the July 2025 Healthcare Transactions Report here!
Foundations Log Double-Digit Returns, Lean on Alternatives
US foundations logged double-digit returns for a second straight year in 2024 while maintaining heavy allocations to alternatives, with private foundations returning 10.3% net of fees and community foundations 11%, according to an annual study released by the Council on Foundations and the Commonfund Institute.
The study, which surveyed 255 private and community foundations with $104.9B in total assets, reported 7.3% in 10-year annualized returns for private foundations and 7% for community foundations, as well as 15-year averages of 7.5% and 7.2% and 20-year figures of 6.4% and 6.3%.
Intermediate horizons were mixed, with three-year returns softened to 3.1% (private) and 2.8% (community), reflecting the averaging of a negative 2022 and a positive 2023, while five-year results improved versus 2022 levels, at 7.8% (private) and 7.4% (community). “Roughly opposite one-year returns for the prior two study years… leave 2024’s gain to be averaged out for the three-year period,” the study noted.
By size, large private foundations representing assets over $500M again were shown to have “the lowest one-year returns but the highest five- and 10-year returns – 8.5% and 7.8% respectively, on average.” Across other size/type cohorts, the report said 10-year averages clustered between 6.9% and 7.3%.
Foundations have kept private markets at the core with allocations shifting only at the margins. As of Dec. 31, 2024, the study said private foundations held 45% in alternative strategies (down 1 percentage point year over year), alongside 26% US equities, 14% non-US, and 13% fixed income; community foundations held 25% in alternatives (also down 1 point), with 38% US equities, 18% non-US, and 16% fixed income. Asset mixes “continued trends from 2023,” including “a slight uptick in domestic equities relative to alternative strategies.”
Scale continued to drive exposure to private markets. Private foundations with over $500M in assets allocated 52% to alternatives versus 19% for those with under $101M; community foundations managing over $500M in assets averaged 28% in alternatives, while the smallest cohort fell to 7% (from 11%). “As in the past, private foundations continued to have a considerably larger allocation to alternative strategies,” the study said. “A wide dispersion remains in allocations between size/type categories.”
Within alternatives, private foundations emphasized venture capital, private equity, and marketable alternatives, while community foundations leaned on private equity and marketable alternatives. Meanwhile, use of an outsourced CIO “continued to rise in 2024,” to 38% of private and 46% of community foundations, with around 90% of the investment function outsourced on average.
Aware Super to Co-Invest $1B in Eelpower Energy
Australia’s Aware Super will reportedly invest more than $1B with the UK’s National Wealth Fund and infrastructure investor Equitix to launch Eelpower Energy, a £500M ($674.4M) battery storage venture targeting over one gigawatt of capacity for Britain’s grid. The deal extends Aware Super’s UK expansion after it closed a £1B ($1.4B) property partnership with Delancey last year, and is part of the fund’s broader push to increase overseas allocations. Source
AustralianSuper Maps PE Growth to 2030 with 10 Additional Managers
AustralianSuper is reportedly planning to expand its roster of private equity managers by at least 10 from the current 21 managers in its portfolio by 2030, as it lifts its allocation to the asset class from 5% to 8%. The fund projects its private equity portfolio to reach AUD 35B ($22.8B) to AUD 40B ($26B) in the medium term, with total assets expected to exceed AUD 500B ($325.5B) by the end of the decade. Source
Aviva, Quest UK Pension Close £134M Buy-In
Aviva has completed a £134M bulk purchase annuity buy-in with the Quest UK Pension Scheme, sponsored by Swiss-based flavors and fragrances manufacturer Givaudan UK Ltd, in a deal that follows a £64M deal between Aviva and Givaudan in 2021. Aon advised the trustees, while HSF Kramer provided legal support. Source
LA Water & Power Completes $200M Commitments to TPG, Carlyle Funds
Los Angeles Water & Power Employees’ Retirement Plan finalized two commitments of $100M each to TPG Twin Brook Direct Lending Fund VI in private credit and Carlyle Property Investors in real estate. The deals were board-approved in May and are sourced primarily from the general retirement fund with a smaller portion coming from the pension’s retiree health benefits fund. Source
Santa Barbara County ERS Commits $22.5M to Three Funds
The Santa Barbara County Employees’ Retirement System (ERS) made new commitments to a trio of funds within its real estate and real return portfolios, comprising $7.5M each to Artemis Real Estate Healthcare Partners Fund III and ECP VI, both closed June 30, and Abacus Multi-Family Partners VII, which closed July 23. In addition, investment staff recommended launching a search for a multi-asset credit manager to add exposure to both global credit and bank loans. Source
StanCERA Commits $70M to Four Alts Funds
Stanislaus County Employees’ Retirement Association (StanCERA) disclosed new private markets commitments made up of $20M to Monroe Capital Private Credit Fund V, €17M ($19.8M) to Pimco European Data Center Opportunity Fund, $17M to Graceada Partners Fund IV, and $12.5M to Great Hill Equity Partners IX. The deals fall within the pension’s private credit, infrastructure, real estate, and private equity portfolios. Source
Plymouth County Allocates $50M to Real Estate, Private Credit Strategies
Plymouth County Retirement Association made $50M in total commitments across four funds in real estate and private credit, allocating $20M to Blue Ocean Onshore Fund II and $10M each to Ironsides Opportunities Fund III, Berkshire Value Fund VI, and Intercontinental US. Source
Merced Employees’ Commits $8M to Blue Owl RE Fund VII
Merced County Employees’ Retirement Association unanimously approved a commitment of up to $8M to Blue Owl Real Estate Fund VII, a value-add real estate partnership focused on acquiring single-tenant industrial, data center, and retail properties under triple net leases. Source
Wyoming Retirement Tops $12B with 12.3% FY2025 Return
Wyoming Retirement System reportedly posted a 12.3% return for fiscal 2025, beating its 10.53% benchmark and bringing assets to $12.1B. Longer-term returns also exceeded benchmarks, with 10.93% over three years, 11% over five years, 9.22% over seven years, and 8.3% over 10 years. Source
Mississippi PERS Posts 11.7% Return, Assets Hit $36B
Public Employees’ Retirement System (PERS) of Mississippi reported an 11.7% investment return for the fiscal year ending June 30, with total assets standing at $36B. Over the same period, US equities returned 12.8%, international equities 19.5%, global equities 14.4%, private equity 7.5%, real estate 4.5%, private credit 8%, and fixed income 6.7%. Source
Global Family Offices Expanding Into Infrastructure, Private Debt
Global family offices are ramping up allocations to alternative assets at a scale that now closely parallels institutional investors, according to new research from Jersey-based Ocorian.
In a survey of 200 people in the family office sector – located in the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman, British Virgin Islands, and Jersey – none of the respondents indicated plans to reduce exposure to alternative assets, while a significant majority reported intentions to expand holdings across all major alternative asset classes.
Infrastructure stands out as the biggest growth area, with nearly two-thirds of respondents (64%) saying they expect to increase their allocations to the asset class by between 25% and 50% over the next two years. That rate of planned growth surpasses other alternative categories, underscoring infrastructure’s growing reputation as both a diversifier and a reliable source of income.
Private debt is also gaining traction, with roughly one-third of family offices planning to increase allocations by 25% to 50%. Real estate and private equity are not far behind, with about 22% and 21% of respondents, respectively, eyeing comparable increases. The report notes that across the board, family offices are leaning into diversification rather than trimming risk exposure, despite continued market volatility.
Diversification itself emerged as the top reason for the shift. While performance, income generation, visibility, and inflation protection were all cited as important, Ocorian’s findings show that family offices increasingly value alternatives for the ability to spread risk and access uncorrelated return streams. This priority is driving allocations across both yield-oriented strategies, such as infrastructure and private debt, and growth-focused categories like private equity.
The study also points to a broader professionalisation of family office investment behavior. In markets such as Asia and Latin America, where family offices have traditionally been less institutional in approach, managers are now demanding more scale, transparency, and operational sophistication. Data-driven reporting, outsourced CFO-style support, and robust governance structures are becoming standard as family offices navigate an expanding universe of complex alternative strategies.
Infrastructure managers, in particular, stand to benefit from the combination of diversification, income, and inflation-hedging features that are resonating with wealthy families. But the overall trend signals a wider evolution: family offices are no longer approaching alternatives opportunistically, but are embedding them as a structural component of portfolios.
As family offices evolve their approach, alternatives are shifting from peripheral to central in portfolio construction. The move reflects a longer-term alignment with institutional practices, where diversification, yield, and resilience are prioritized.
MAI Capital to Acquire $27.7B Evoke Advisors
Galway Holdings-backed $29.6B wealth manager MAI Capital Management agreed to acquire Evoke Advisors, a Los Angeles, CA-headquartered RIA with $27.7B in regulatory assets. Of the total, $12.4B are discretionary assets. The firm has a total of 99 employees, of which 32 perform investment advisory functions, according to its latest Form ADV filing. The combined firm will operate across more than 30 offices nationwide. Terms of the deal, which is expected to close by the fourth quarter, were undisclosed. AO Shearman served as legal counsel to MAI. Ardea Partners LP acted as exclusive financial advisor to Evoke, and Ropes & Gray was the firm's legal counsel. Source
Merchant Investment Stakes CA-based RIA Validus Capital
Sixth Street Partners-backed RIA investor Merchant Investment Management reportedly purchased a minority stake in El Segundo, CA-based RIA and multi-family office Validus Capital. Validus manages $2.2B in regulatory assets, of which $1.95B are from 152 high-net worth clients. Terms of the deal remain undisclosed. Source
$305M Ohio-based Commonwealth Team Joins RayJay
Westerville, OH-based advisory team FlahertyColvin joined Raymond James’ independent advisor channel Raymond James Financial Services. The team, consisting of Stew Flaherty and Tami Colvin, was previously affiliated with Commonwealth Financial Network, where it managed $305M in client assets. Source
$100M NYC Wealth Firm Moves to Altruist for Custody
New York City-based $100M Bone Fide Wealth joined the independent RIA custodian Altruist. The firm previously used custodial platforms of Commonwealth Financial Network and National Financial Services, according to its latest Form ADV. Source
Continuation Funds Set to Quadruple, Reshaping Buyouts
Continuation funds, long considered a niche solution for stalled exits, are fast emerging as a structural pillar of the buyout market and a powerful new fundraising engine. According to a recent Schroders Capital report, the continuation investment market is on track to expand from roughly $70B in 2024 to more than $300B by 2034, fundamentally altering how capital is raised and deployed in private equity.
The report challenges the perception that these vehicles are merely a byproduct of weak exit markets. While the industry has now entered its fourth year of muted IPOs and subdued corporate M&A, Schroders estimates that more than 80% of continuation deal flow in 2024 was structurally driven, reflecting sustained investor demand and GP strategy rather than temporary liquidity constraints. In its base case, continuation funds are expected to account for nearly 12% of all private equity distributions by 2034, compared with just 7% last year.
Continuation funds offer lower costs, with management fees typically about half those of traditional buyouts, translating into an estimated $3.8B in annual fee savings at 2024 volumes. They also deliver liquidity around 25% faster thanks to shorter holding periods, while offering a more predictable return profile by keeping proven assets under existing GP stewardship. These features are already driving fresh allocations and making continuation strategies an increasingly mainstream fundraising avenue.
The shift also has implications for deal flow. Historically, fund-to-fund secondary buyouts have accounted for nearly 40% of exits, but continuation vehicles allow sponsors to retain ownership while bringing in new capital. Schroders projects this dynamic will displace around 8% of mid- and large-cap buyout deal flow over the next decade.
Larger buyout managers and secondary specialists are taking notice, with more firms now raising dedicated continuation strategies, a development that in turn is fueling further momentum in the market.
While continuation funds are proliferating across the spectrum, Schroders highlights the lower mid-market as particularly attractive. Companies with enterprise values below $1B tend to trade at lower multiples, offer greater potential for operational and strategic transformation, and have broader exit routes than larger peers. Over the past two years, two-thirds of the continuation opportunities Schroders evaluated involved companies below $750M in enterprise value.
The segment offers a rich pipeline of differentiated opportunities for fundraisers, relatively insulated from the displacement pressures facing larger buyouts.
Continuation funds are no longer a stopgap liquidity tool but a structural feature of private equity, and with forecasts pointing to a substantial increase in market size by the mid-2030s, those who can craft compelling continuation strategies will be positioned at the center of a significant fundraising shift in the industry.
Eldridge Capital Kicks Off Offering of $1B GP-solutions Fund
New York-based private equity firm Eldridge Capital Management started accepting capital commitments for a GP-solutions fund with a $1B target. The firm, a subsidiary of the $70B asset manager Eldrige, is reportedly capitalizing on growing interest for similar investment vehicles. Source
GDEV Management Raises Over $200M for Second Flagship
GDEV Management raised over $200M for its second flagship fund, GDEV Fund II, which supports the development of energy resource platforms into mature infrastructure businesses. The middle-market infrastructure private equity company received commitments from investors that included an unnamed Canadian pension plan and various US insurers. Source
Dutch VC CapitalT Holds First Close for €50M Second Fund
Amsterdam-based CapitalT reportedly held a first close for its sophomore fund, which has a target of €50M ($57.9M). The Dutch early-stage investor targets pre-seed and seed funding rounds of software startups focusing on climate technology and future-of-work solutions, with a focus on the Netherlands, UK, Sweden, Norway, Denmark, Finland, and Germany. Source
Ohio-based 71/70 Angels Closes Inaugural Fund
71/70 Angels completed the fundraise for its inaugural fund with backing from nearly 50 new and existing investors. Through the fund, the Ohio-based angel fund will invest in enterprise software and advanced technology startups across the US. Source
Crescent Capital Raising $3B for Credit Continuation Fund
Crescent Capital Group is aiming to raise about $3B in capital for a credit continuation fund. The Los Angeles-based credit manager reportedly plans to transfer assets from $4.6B Crescent Mezzanine Partners VII to the new investment vehicle. Source
SeaTown Raises $612M at First Close of Third Private Credit Fund
Asian alternative investment firm SeaTown marked the initial closing of its third private credit fund with total capital commitments surpassing $612M. The firm, a subsidiary of Temasek's asset management group Seviora, received commitments from new and existing investors for SeaTown Private Credit Fund III, which invest in private credit opportunities across the Asia-Pacific region. Clifford Chance serves as the lead counsel for the fund. Source
Axxes Capital Launches Credit Interval Fund
Private markets investment management firm Axxes Capital launched interval fund Axxes Opportunistic Credit Fund. Sub-advised by Greywolf Capital Management, the fund has a flexible mandate for opportunistic credit investments, including stressed/distressed, special situations, structured credit, and hard assets. Source
Lunate, Brevan Howard Partner on Abu Dhabi-based Investment Platform
Abu Dhabi-based alternative investment manager Lunate is teaming up with hedge fund manager Brevan Howard to establish an investment platform in the Abu Dhabi Global Market. The platform will receive seed capital of $2B from Lunate, and its launch is subject to regulatory approval. Source
Australia’s Corporate Watchdog Plans Private Markets Surveillance
The Australian Securities and Investments Commission said it will increase scrutiny of private markets, conducting surveillance of retail and wholesale private credit and equity funds in response to the growing complexity of Australia’s financial system. The regulator’s plan comes as the country’s private markets continue to grow amid a decline in public markets listing. Source
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