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Institutional Investor News
The Illinois Municipal Retirement Fund committed $200M across four funds spanning real estate, private credit, and private equity, while releasing several annual reports highlighting diversity and governance. These include a $14.48B investment in MWBE managers, accounting for 32.9% of actively managed assets, and $16.9M directed to minority broker-dealers. The Texas County & District Retirement System added $100M in growth equity through allocations to Mainsail Partners VII and Hughes Growth Equity Fund II, bringing March private equity commitments to $225M. In Japan, Japan Investment Corp. committed ¥25B ($167M) to JAC Buyout Fund II, advancing middle-market corporate revitalization. Meanwhile, Oklahoma Firefighters ended a $20M fixed income discussion with LGT and placed Lord Abbett on watch. Oklahoma Municipal reaffirmed its asset mix, trimming its equity long/short max allocation from 15% to 5%, maintaining all policy targets.
RIA & Wealth Channel News
LPL Financial confirmed it will acquire Commonwealth Financial Network for $2.7B, gaining 2,345 advisors and $344B in client assets. CEO Wayne Bloom will lead Commonwealth's advisory business and join LPL’s management committee. Rockefeller Capital Management added two teams from Merrill Lynch and UBS totaling $1.2B in AUM. NewEdge Securities recruited a $1.4B team from Merrill Lynch, led by Fosdyck, Kreuger, and Brown, based in Florida. Wellington Management named Christina Kopec Rooney as Head of US Wealth, reflecting its expansion in the channel. Easterly Asset Management appointed Joshua Schachter as CIO of Easterly Snow, succeeding firm co-founder Richard Snow, who will remain as PM.
Private Fund News
Capital Four closed its fifth private debt vintage at €3B ($3.25B), investing in senior secured financings in Northern Europe, with part of the fund classified as Article 9 under SFDR. Waterous Energy closed its third PE fund at C$1.4B ($979M), focusing on Canadian oil and gas. UK-based CBPE Capital closed Fund XI at £714M ($924M) to back UK and Irish mid-market buyouts. RCP Advisors raised $170M for its Small & Emerging Fund III, targeting sub-$300M buyout managers. Early-stage VC firm Construct Capital raised $300M for Fund III, focusing on automation and infrastructure tech startups. The fund plans to deploy $2M–$10M per investment across ~24 companies.
Other News
Gramercy Funds Management will assume management of GAM’s emerging market debt strategies, with GAM’s Paul McNamara retiring in 2024 and Philip Meier of Gramercy stepping in as lead. Allocation decisions will be made by a committee led by Mohamed El-Erian and Robert Koenigsberger. Separately, Principal Asset Management named Matthew Peron as Deputy CIO of Equities, supporting the firm’s $26B international equities business and reporting to George Maris, Principal’s global head of equities.
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