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Institutional Allocator News
Oakland Police & Fire Retirement System awarded $287.4M in fixed income mandates to Ramirez, Loop Capital, Reams, and Wellington, while advancing Acadian, C Worldwide, and Strategic Global as finalists in a $25M–$30M international equity manager search. The Greater Manchester Pension Fund committed £30M ($39M) to a Thriving Investments real estate impact fund, which aims to provide affordable rental housing for essential workers in Greater Manchester. The City of Baltimore ERS retained Meketa as its alternatives consultant, reaffirming oversight on its $2.2B portfolio, where 23.5% is allocated to private equity and credit. Louisiana MERS selected LSV Asset Management to replace First Eagle as its international equity manager for its $1.2B pension.
RIA & Wealth Channel News
LPL Financial is reportedly in talks to acquire or take a major stake in $344B Commonwealth Financial, potentially marking one of the firm’s largest strategic moves following its $800M acquisition of Atria Wealth in 2023. Wealth Enhancement Group acquired $516M XO Wealth Management in Dallas, its 11th location in Texas, with a team of former Raymond James advisors joining. Raymond James added $312M advisor Davis Brister from Merrill in Louisiana, continuing its Southern expansion. Meanwhile, AssetMark CEO Michael Kim will also become CEO of Adhesion Wealth, succeeding co-founder Barrett Ayers, who is retiring after 20 years.
Private Fund News
EQT closed its Infrastructure VI fund at a €21.5B ($23.2B) hard cap, topping its prior flagship and deploying up to 50% of capital across digital, energy transition, and social infrastructure assets. Madison Dearborn Partners is targeting $3B for Fund IX, its smallest since 1999, amid a more challenging fundraising environment. BC Partners’ Special Opportunities Fund III is reportedly nearing a $1.4B close, surpassing its predecessor. Churchill Asset Management closed its third collateralized fund obligation at $750M, nearly quadrupling the size of its 2023 vehicle. TCW Group closed its 14th CLO at $400M, pushing total dedicated CLO assets to $6B. Maven 11, a European crypto VC firm, raised $107M for its third fund, already in deployment targeting AI-blockchain intersections.
Other News
Macquarie Group is planning a mid-2025 launch of a US direct lending platform, following a similar launch in Europe. The new platform will focus on middle-market private credit and aims to meet growing investor demand amid renewed dealmaking and tighter bank regulations. The expansion is part of Macquarie’s $220B credit platform, which spans fixed income, private credit, and leveraged credit solutions.
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