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Institutional Allocator News
The State of Wisconsin Investment Board (SWIB) committed $1.7B across 21 funds in Q4 2024, including $754M to private equity, $938M to private credit, real estate, and emerging market debt. ACCESS Pool allocated £350M ($454M) in direct lending mandates to Arcmont Asset Management and Golub Capital as part of its expanding private markets plan. Louisiana TRS committed $400M across real estate and private credit, and Fairfax County Educational Employees’ Retirement System approved a $175M private markets pacing plan for 2025. Pompano Beach Police & Firefighters’ Retirement System replaced Sands Capital with Silvant Capital for its $27M large-cap growth mandate.
RIA & Wealth Channel News
GCM Grosvenor launched Grove Lane Partners, a joint venture to provide RIAs and family offices access to private market investments, led by former Blackstone principal Ryan Chapman. Cetera Financial Group secured a $2.8B networking agreement with Bank of Hawaii, while Wells Fargo recruited a $540M New York team from Stifel. Raymond James continued its aggressive expansion, hiring $390M UBS advisor Russell Cappelen, a $140M Alabama team from Morgan Stanley, and a $275M Colorado/Wyoming team from Ameriprise.
Private Fund News
Turn/River Capital closed its sixth fund at $2.5B, exceeding its previous $1.35B raise in 2022. Lincoln Financial partnered with Bain Capital and Partners Group to launch two new evergreen private market funds. New State Capital Partners raised $700M for Fund IV, surpassing its $600M target. Carr’s Hill Capital closed its debut fund above target at $210M, while OpenOcean secured €100M ($109M) for its European software fund, focusing on AI-driven data solutions. Motion Ventures unveiled its largest-ever $100M maritime tech fund, aiming to digitize and decarbonize global shipping.
Other News
DWS and Deutsche Bank announced a strategic collaboration to expand private credit opportunities for global investors. DWS will gain preferred access to private credit assets originated by Deutsche Bank, particularly in direct lending and asset-based finance. As part of the initiative, Patrick Connors, previously Deutsche Bank’s European head of global credit financing, will transition to DWS as global head of private credit.
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