Billion-Dollar NFL Stakes and PE Platforms Headline the October Edition of Dakota Sports Capital
Private markets are going long on sports. October saw billion-dollar minority sales across the NFL, record valuations in global football, and new private equity platforms dedicated to the business of sports. CVC Capital rolled $13.6B in assets into its Global Sports Group, Apollo launched Apollo Sports Capital, and Avenue Capital closed a $1B+ sports fund spanning golf, motorsports, and MLB.
Athlete and family office investors also took the field, with John Elway, Tim Tebow, and Blake Bortles launching Momentous Sports and Lakers executives Joey and Jesse Buss debuting Buss Sports Capital. Meanwhile, women’s sports continued their surge toward becoming a standalone institutional asset class.
Download the October edition of dakota Sports Capital to see how private capital is reshaping the game, and where the next wave of investment is headed.
Institutional Investor News
Illinois Firefighters Accelerates Alts Buildout, Eyes New Non-Core Opportunities
The $10.5B Illinois Firefighters’ Pension Investment Fund (FPIF) is accelerating its private markets expansion, with new allocations across private equity, credit, and real estate. At its October 10 board meeting, consultant Meketa Investment Group said the program is still early-stage, with commitments to KKR, Bain Capital, and Great Hill Partners in large-market buyouts, led by Adams Street Partners. FPIF’s private equity pacing also includes co-investments and a one-time secondary allocation to Pomona Capital.
In private credit, RockCreek is deploying $325M annually, with substantial capital already committed. In real estate, Morgan Stanley and Principal have replaced CBRE as core managers, while the Townsend Group continues to manage the non-core segment, where new allocations are expected by December.
As of August 31, FPIF reported $10.54B in assets, 11.8% YTD gains, and over $2.5B in cumulative investment returns over two years. Trustees also emphasized ongoing cost-efficiency improvements, with a report on savings due post-audit. Source
Investments & Searches
San Joaquin CERA reviewing 2026 private markets pacing (Meketa): $395M total — PE $100M (buyouts $75M, VC $25M), Private Credit $165M (lending $100M, special sits $65M), Real Estate $130M (2–3 funds/yr). Targets: RE 17%, PE 10%, PC 10%. Source
Chicago MEABF opened $50M PE manager search (no FoFs/mega-buyout/VC/RE/infra/credit). Marquette assisting; responses due Nov 10, 5 pm CT. Source
Andover (MA) Pension issued $45M passive US equity RFPs: $25M S&P 400 (mid-cap core) and $20M S&P 600 (small-cap core); proposals due Nov 7, 12 pm ET. Source
La Caisse plans CAD 15B APAC deployment over 3 yrs: CAD 9B infra, CAD 3B credit, CAD 3B real estate; current APAC ~10%; continued heavy US investing. Source
Sacramento County ERS re-upped $35M to OrbiMed Private Investments X; terminated Lazard from active intl large-cap ($379M redemption). Walter Scott added to watch list (joins PSquared, LSV). Source
SBCERA committed £50M ($65M) to PGIM PRECap VIII and set up $200M fund-of-one with Arcmont Capital Solutions (European private credit); NEPC recommended. Source
State Super (AU) appointed Frontier Advisors as independent OCIO, taking 23% equity stake and a board seat; State Super’s investment team transitions to Frontier; joins AustralianSuper, HESTA, Cbus, First Super as shareholders. Source
Los Angeles F&P renewed US REIT mandate with Principal for Dec 1, 2025–Nov 30, 2026; $311M portfolio; maintains 10% total RE while shifting public → private RE. Source
Detroit Police & Fire approved $15M to Lena Specialty Grocer Fund III (down from $20M initial committee rec). Source
Other News
MIT Endowment returned 14.8% (FY ended Jun 30); assets $27.4B; 10-year annualized 10.7%. Source
Investment Association (UK): DB AUM down 12% to £1.7T as schemes transfer to insurers; workplace DC AUM £650B (up 40% in 5 yrs); individual DC £820B; pensions still >50% of institutional assets but share declining as insurance grows. Source
Mercer (Canada): median DB solvency up from 126% → 129% in Q3; 64% of plans >120% (vs. 59% prior); positive equity/FI returns aided by leveraged FI strategies despite higher liabilities. Source
Wealth Channel News
Goldman: HNWIs Fueling Private Market Growth
High-net-worth investors are accelerating their move into private markets, with allocations rising sharply with wealth, according to a Goldman Sachs Asset Management survey of 1,000 U.S. investors with $1M+ in investable assets. Participation in alternatives climbs from 39% among $1M–$5M investors to 91% above $20M, with private real estate and equity as the top allocations and growing interest in private credit and infrastructure.
Despite this, many investors still hold significant cash due to tax and housing considerations. Only 41% of advised clients have discussed private markets with their advisor, and four in five non-users cite lack of familiarity. Millennials lead the shift, allocating 20% to alternatives—more than Gen X or Boomers—and show a strong preference for growth sectors like tech and healthcare.
Goldman projects wealth channel AUM in alternatives could triple to $12T in a decade as education, access, and new product structures improve, marking a major opportunity for advisors and asset managers. Source
M&A and Investments
Echelon Partners reported 125 RIA deals in Q3, matching the record from Q4 2024 and up from 102 last quarter. Year-to-date: 345 deals (+44% YoY), with $1.2T in transacted assets (+45% QoQ). Strategic acquirers drove 91% of deals; private equity made 11 direct investments in Q3, 34 YTD. Source
Equirus Group and Sapient Finserv combined to form a wealth platform with INR 350B ($3.95B) AUM. Sapient co-founders Amit Bivalkar and Pallav Bagaria join Equirus Wealth leadership. Amicus Capital is among Equirus’s backers. Source
Simplicity Group (backed by SkyKnight Capital and Dragoneer Investment Group) will acquire RetireOne, an outsourced insurance desk serving RIAs and fee-only advisors. It will operate as Simplicity OID; David Stone, Jeff Cusack, and Ed Mercier join as partners. Source
People Moves
Pillar Financial Group, led by Luke Madsen, joined Cetera, bringing $1.8B AUA (incl. $500M retirement plans) and 34 team members. The multigenerational fiduciary team left Northwestern Mutual Investment Services. Source
First National Bank of Sparta (IL) moved its Patton Wealth Management unit ($261M AUM) from Commonwealth to Raymond James’ financial institutions division. Brian Patton continues to lead the practice. Source
Evan Daugherty, formerly senior investment advisor at PNC Bank, joined $6B RIA Sage Mountain Advisors as a wealth advisor. Source
Malaysia’s Hong Leong Bank appointed Kenneth Tan (ex–Bank of Singapore Malaysia market head) as regional head of private banking, with Fanny Khng joining as desk head. Source
Lioner International Group (Hong Kong insurance, trust & family office firm) named Henry Lam, former HSBC APAC wealth planning head, as strategic advisor. Source
Other News
Western Alliance Bank introduced a concierge banking and mortgage division for HNWIs, based in Beverly Hills, CA. Led by John Maguire and Dean Indot, the group will coordinate with wealth, legal, tax, and insurance advisors nationwide. Source
Dezerv raised INR 3.5B ($39.5M) in Series C, fully backed by existing investors Premji Invest, Accel Global Growth Fund, Elevation Capital, and Z47 to scale its digital wealth management platform. Source
Private Fund News
Dakota New Funds Tracker, September Edition
Dakota tracked nearly 90 new fund launches and announcements in September, targeting a combined $136.5B, down from $226B in August. Private equity led with $97.3B, followed by $13B in private credit, $10.9B in real assets, $10B in hybrid debt-equity, $4.4B in venture capital, and $1B in digital assets.
The revised ELTIF 2.0 framework spurred activity among European managers. Blackstone launched its Infrastructure Strategies ELTIF, expanding its open-ended offerings across infrastructure, private equity, credit, and real estate, while EQT unveiled EQT Nexus ELTIF Private Equity, opening for subscriptions in November.
Sports investing also gained momentum. Apollo Global Management debuted Apollo Sports Capital, pursuing global sports and live events opportunities. CVC Capital Partners launched Global Sports Group, consolidating $13.6B in assets across major leagues such as LaLiga, Ligue 1, Six Nations Rugby, and WTA Ventures, making it the largest sports-focused PE platform.
Meanwhile, Matt Rizzetta, former North Sixth Group chairman, announced Underdog Global Partners, a new firm backed by family offices to invest in sports, real estate, and media IP. According to Deloitte’s 2025 Sports Investment Outlook, rising valuations and diversified deal types will continue fueling growth across the sports sector.
For a deeper dive into sports, check out our latest monthly report covering the intersection of sports and investment here.
Private Equity
Investcorp and China Investment Corporation (CIC) closed their Golden Horizon Cooperation Fund at $750M, attracting investors such as Jada Fund of Funds (PIF), Saudi Venture Capital, Silk Road Fund, and Bank of China. The fund targets consumer, healthcare, logistics, and business services sectors in China and the GCC. Source
Armen closed its debut GP stakes fund at €270M ($312M), below its revised €300M target. The fund is already 50% deployed across European alternative managers. Source
EcoEnterprises Fund held a first close of nearly $100M for its fourth impact fund, backed by JICA, IFC, SIFEM, IDB Invest, FinDev Canada, and FMO. The $150M-target fund will back up to 20 Latin American SMEs in climate and biodiversity sectors. Source
Netley Capital completed its first tertiary transaction, acquiring $140M of LP interests in two GP-led secondaries funds. The firm launched a $600M tertiaries fund in September to acquire $800M of assets over four years. Alvaro Rosado (ex–Rothschild & Co.) joined as co-founder and partner. Source
Venture Capital
Endeavor raised $51.5M for Endeavor Catalyst Fund V, following its oversubscribed $292M Catalyst Fund IV (2022). The new fund opened to investors on September 23. Source
Real Assets
Climate Fund Managers closed Climate Investor Two at $1.07B, exceeding its $1B target with backing from public and private investors, including a €205M ($237M) EU guarantee. The fund will invest in water, waste, and ocean infrastructure across Africa, Asia, and Latin America. Source
Focus Healthcare Partners is raising $750M for Senior Housing Fund III, with a $10M minimum. The new vehicle follows Fund II (2024), which closed at $370M for private-pay senior housing assets, development, debt, and preferred equity across the U.S. Source
Mt K Kapital is preparing to launch its second Indian real estate fund, following its $89M maiden fund, as it exits select properties from the initial portfolio. Source
People
Wellington Management appointed Michael Trihy as head of portfolio management, venture growth evergreen, and private investments. Formerly with Bow River Capital and Partners Group, Trihy will expand Wellington’s evergreen private investment platform for private wealth clients. Source
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