Carlyle Closes Record $9B US Opportunistic RE Fund, and more…

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Institutional Investor News

Tim Sullivan, Yale’s longtime head of private markets, offered a candid outlook on private equity and venture capital, warning that the outsized alpha these strategies once delivered may be difficult to replicate. Speaking on Capital Allocators, Sullivan cited market saturation, anemic exits, and verticalization risks as structural headwinds. He also challenged GP-led secondaries as a long-term solution to illiquidity. Elsewhere, institutional allocators remain active: NEST awarded a $730M timberland mandate to BTG Pactual TIG; Vermont and Rhode Island approved new commitments; and La Caisse invested nearly $1B in a wireless tower operator. Geoffrey Berg was named incoming CIO at the University of Rochester.

Wealth Channel News

Clarity and education are becoming key differentiators in raising capital from family offices, says Greg Kammerer on The Investor Podcast. Unlike institutional LPs, families favor advisors who simplify complex strategies and speak to generational dynamics and operational needs. Successful managers help build infrastructure for scaling investments through outsourced CIO models and entity structuring. In RIA news, six new firms launched across NY, NJ, CT, PA, and FL, including Broadview Wealth Partners and Mavs Wealth. On the M&A front, Carson Group acquired a $353M practice in PA, Hoxton Wealth entered Asia with a $300M deal, and Washington Trust bought $190M Lighthouse Financial.

Private Fund News

Carlyle closed its largest U.S. opportunistic real estate fund at $9B, defying a challenging fundraising environment. Carlyle Realty Partners X will target residential, self-storage, and industrial assets—sectors benefiting from secular tailwinds—while steering clear of office and retail. Backers include Pennsylvania PSERS, New Mexico SIC, and others. In fundraising, OrbiMed raised $1.86B for its latest royalty and credit fund, Post Road Group secured over $1B across two strategies, and CRV closed its $750M 20th VC fund in just four weeks. Meanwhile, HarbourVest launched a private credit secondaries vehicle and Barings registered its second European private credit CLO.

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