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Institutional Investor News
Philadelphia Board of Pensions approved an RFP for a global low volatility manager, reviewing active and passive options due to Fidelity’s underperformance. Danish pension PKA sold a 25% stake in its PE arm IIP to the Lars Larsen Group, with a $1.2B investment committed through 2032. San Mateo County committed $60M to Diameter Dislocation Fund III under its opportunistic credit strategy. University of Kentucky allocated $60M across Wellington and Summit Partners. Chicago LABF hired Lord Abbett for a $75M core plus fixed income mandate. City of Hartford re-upped in Mesirow Financial Real Estate Value Fund V, after previously allocating $10M to Fund IV.
RIA and Wealth Channel News
Merrill Lynch added $1B HNW advisor Peter Borowsky from UBS. Ventura Wealth Management exited Osaic to go RIA-only with $600M AUM. Cetera recruited four advisors across its network and affiliates. Redwood Family Wealth launched in Texas by former XO Wealth advisors. Merit Financial acquired $597M Safeguard Wealth in Wisconsin. EP Wealth added $230M NBS Financial Services in Southern California. Modern Wealth bought $310M OFM Wealth in Illinois. UBS picked up Shahan Avakian from Morgan Stanley in California. Kestra’s Inspired Wealth added $190M advisor John Griffin from RayJay in Georgia.
Private Fund News
Harrison Street seeks $3B for its 10th US real estate fund. Allianz GI nears an €800M close on its inaugural impact private credit strategy. Escalate Capital closed its fifth fund with $350M. Palatine Private Equity raised £254M for Buyout Fund V, its largest yet. CIV closed its debut fund oversubscribed at $210M, with LPs including StepStone, SpaceX's Shotwell, and USV’s Fred Wilson. Avallon opened its fourth MBO fund, targeting €220M–€260M. StepStone closed its real estate secondaries program with $4.5B in capital. Allied Industrial Partners closed its debut fund at $300M, bringing AUM over $1B. 92 Capital launched a €350M nuclear energy fund. FPV Ventures closed Fund II with $525M, growing its AUM to $1B. EFM and Sojitz partnered on a $200M forestry/climate fund. eQ Asset and RCP Advisors raised $168M for their sixth US PE fund. Volution and SBI Investment launched a $100M FinTech/AI fund. Coinbase launched its Bitcoin Yield Fund targeting 4%–8% returns. Cerberus Ventures raised $74.7M for its inaugural VC fund.
Other News
Applico Capital launched a tech-enabled private equity strategy focused on B2B distributors adopting AI. The firm aims to act as a minority owner and tech operating partner, building on its 2023 venture fund success in B2B technology.
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