RedBird-backed Arax Acquires $4B RIA, and more...

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Institutional Investor News

Alaska Permanent Fund Corporation (APFC) will halve its $6B direct real estate holdings over five years and adopt a new benchmark excluding REITs, freeing up $850M in capital. Trustee Craig Richards called the legacy portfolio structure “an artifice of history,” citing low returns and concentration risk. The plan aims for greater flexibility and staffing efficiency. CIO Marcus Frampton said the change allows reentry into the fund market. In other moves, CPP Investments and Encino Energy sold EAP to EOG Resources for $5.6B, while APG backed SkyNRG with €250M. Houston Police, Delaware PERA, and Dallas-Fort Worth Airport approved notable fund commitments.

Wealth Channel News

Arax Investment Partners, backed by RedBird Capital, acquired Schechter Investment Advisors (SIA) and its $4B in AUM. Marc Schechter cited the move as strategic for scaling, with SIA aiming to reach $10B. The acquisition adds to Arax’s recent activity, including purchases of Cedrus Financial and US Capital Wealth Advisors. Nordwand Capital, Evercore Wealth, and Desert Sky Advisors made new hires and expansions, while advisors from Merrill Lynch, RBC, and Raymond James made notable moves. Hightower Advisors named Larry Restrieri as CEO, and Partners Group, Envestnet, and Citi Wealth announced senior appointments across investment and distribution roles.

Alts Asset Manager News

Bain & Co. reported ongoing struggles in private equity fundraising—no megafunds closed in Q1—but highlighted resilience in secondaries and infrastructure. LPs remain selective, favoring firms with clear value creation strategies. HSBC, Antares Capital, and Macquarie Asset Management launched or expanded credit vehicles, while Aegon AM entered the capital call finance space. On the equity side, Goldman Sachs, Evli, and GSFM prepped new fundraises focused on infrastructure and multi-manager offerings. In VC, Drive Capital, Taste Tomorrow Ventures, and Signal Peak Partners debuted funds, with Drive Capital seeking over $1.3B across two vehicles targeting early- and growth-stage investments.