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FUNDRAISING NEWS | September 15, 2025
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August was a landmark month for tech M&A, with $100B+ in transactions across spectrum, SaaS, and semiconductors. From AT&T’s $23B spectrum acquisition to Thoma Bravo’s $12.3B Dayforce take-private, the report highlights the mega-deals, private equity buyouts, and strategic consolidations shaping the sector.
Download the August 2025 Software & Technology Transactions Report!
MainePERS Eyes Credit Tilt as It Considers Allocation Shift
In a modest “nudge” to its $21B portfolio, the Maine Public Employees Retirement System is considering a strategic shift in asset allocations, moving capital out of equities and hard assets and into income-generating credit investments designed to produce steadier cash flows.
At the pension’s September 11 board meeting, CIO James Bennett said the move is aimed at bolstering liquidity, reducing volatility, and giving the fund more flexibility amid market uncertainty. “Improving liquidity is very consistent with the shift from equity to credit, but all of it that we’re proposing is tilting towards income-producing strategies,” Bennett told the board. “With credit-oriented strategies, we will be getting cash back on day one. As we use our credit equity, we’ll be charging interest and producing cash flows from the get-go.”
Under the proposal, public equity would decline to 27.5% from 30% and private equity to 10% from 12.5%. Real estate, infrastructure and natural resources – currently separately targeted at 10%, 10%, and 5%, respectively – would be consolidated into a single “real assets” bucket and cut by 2.5 percentage points to a total target of 22.5%. “Rather than having three separate targets, we think it makes sense to have a single target,” Bennett explained, noting the three categories already share common traits as “hard assets.”
The reallocation would fund a 500 basis point increase in alternative credit to a 15% target weight. Investment staff plan to continue emphasizing senior secured lending while adding an opportunistic sleeve that could lend to distressed or capital-constrained companies for higher yields. “We do plan to expand that into opportunistic credit where we’ll be looking for some upside,” Bennett said. “It’s very much identifying managers who will decide when it’s worth taking extra risk to get extra return.”
Alongside the increase to credit, a new public fixed income umbrella would see an increased target at 17.5%, made up of traditional credit and US government allocations – currently 10% and 5%, respectively – merged into a single category tilted toward investment-grade corporate debt. Bennett acknowledged bond market volatility but framed the shift as risk-reducing. “We are taking equity, private equity, and natural resource-type strategies and putting it into corporate credit, investment grade credit,” the CIO said.
Board members pressed on whether the changes truly lowered risk, particularly in moving from equities to opportunistic credit. Bennett replied that the adjustment “is a risk reduction, and it’s also diversifying because of somewhat different sources for those returns,” though not as dramatic as reallocating into Treasurys. Implementation will be gradual, especially in private markets, with pacing plans expected to take three or more years.
The shift would mark a modest but meaningful de-risking of the portfolio, according to Bennett. “We would characterize this as nudging the portfolio in the direction we go. We’re not shoving it – it really is a nudge,” he said. The asset allocation changes are still under discussion and will return for a formal vote in the coming months. No final approvals have been made.
PFZW Shifts €15B to Robeco, Adds Aberdeen Credit Mandate
Dutch pension PFZW has reportedly awarded €15B ($17.6B) in new mandates to Robeco Institutional Asset Management as part of a major portfolio overhaul focused on sustainability. The allocation includes €11.7B for equities and €3.7B for credit, distributed by PFZW’s investment manager PGGM. Aberdeen Group also received a €3.7B credit mandate. Source
South Carolina RSIC Commits $1.7B to Alts in June-July Deals
South Carolina Retirement System Investment Commission (RSIC) committed more than $1.7B to 14 funds across private credit, private equity, and real estate from June to September, led by $350M allocations each to JCP Congaree Credit Fund and Audax Anderson Private Debt Fund, alongside a $200M allocation to General Atlantic Investment Partners 2025. Source
SWIB Adds $1.5B in New Allocations for Q2
The State of Wisconsin Investment Board (SWIB) disclosed approximately $1.5B in new commitments made between April to June across its private equity, real estate, and funds alpha portfolios. Allocations included $250M each to PIMCO EMD Local and to Artisan International Value CTF and VTF, $150M each to Ares Badger Fund, Artisan Partners EMLO, and Sixth Street Opportunities Partners VI, and $125M to Atlas Capital Resources V. Source
San Joaquin CERA Commits $100M to Invesco RE Fund
The San Joaquin County Employees Retirement Association (CERA) made a $100M commitment to core-plus real estate fund Invesco U.S. Income. As of the end of March, the pension had 23 managers within its real estate portfolio representing $791.6M in commitments. Source
West Yorkshire Pension Backs L&G Digital Infra Fund With £50M Commitment
The West Yorkshire Pension Fund has reportedly committed £50M ($68M) to the L&G Digital Infrastructure Fund at its first close. The vehicle invests primarily in UK and European digital infrastructure, including data centers, fiber networks, wireless connectivity, and cloud services, with selective global exposure expected in the US. Source
Ventura County Commits $40M to Sixth Street PC Fund
Ventura County Employees’ Retirement Association approved a $40M commitment to Sixth Street Specialty Lending Europe Fund III as part of its private credit allocation, following a joint recommendation by NEPC and the pension’s investment staff. Source
Houston Police Makes $30M Allocation to Franklin Park Venture FoF
Houston Police Officers’ Pension System committed $30M to Franklin Park Venture Capital Fund XV, a fund-of-funds strategy targeting venture opportunities. The pension is an existing investor in Franklin Park, previously committing $60M to the manager’s Co-Investment Fund VI in 2024. Source
Louisiana Firefighters Retains NEPC as Investment Consultant
Affirming staff recommendation, the Firefighters’ Retirement System of Louisiana decided to retain NEPC as its investment consultant, following a competitive review. The board also heard presentations from AON and Meketa during the selection process. Source
Norges Bank Excludes Eramet Over Ethical Concerns
Norges Bank Investment Management said it has decided to exclude French mining group Eramet SA from its portfolio, divesting its holding valued at $6.8M as of June 30, citing the company’s role in Indonesia’s PT Weda Bay Nickel mine and its associated risk of environmental damage. Sources 1, 2
Australian Super Funds Expected to Channel $1T into Overseas Markets by 2035
Australian superannuation funds are reportedly set to pour more than $1T into overseas markets over the next decade, according to the Super Members Council of Australia. The trade body projected that international holdings will rise from $812B today to $2.6T by 2035, fueled by rising pension contributions and limited domestic opportunities. The rapid expansion is expected to make Australia’s $3T retirement system the largest outside the US by 2035, overtaking Canada and the UK, with much of the capital flowing into US, UK, and European markets. Source
Family Offices Drive Singapore’s $198B Wealth Management Market
Singapore has cemented its role as Asia’s leading wealth management hub, with the market valued at $198B over the past five years and supported by a dense ecosystem of 1,650 single-family offices, according to ResearchAndMarkets.com's Singapore Wealth Management Market Outlook to 2030 report.
The report highlights Singapore’s ability to attract high-net-worth individuals, through a mix of scale, stability, and forward-leaning regulation. The Monetary Authority of Singapore continues to sharpen its oversight of family office and private wealth structures while simultaneously encouraging innovation. Its regulatory sandboxes, coupled with rigorous anti-money laundering controls, position the city-state as both a secure and adaptable destination for capital.
Technology adoption is another defining feature. Wealth managers in Singapore are rolling out AI-enabled portfolio tools, digital engagement platforms, and personalized discretionary solutions to meet rising demand for professional advice. The appetite for tailored financial services extends beyond traditional products, with increasing attention to estate planning, tax structuring, and sustainability-aligned investment strategies.
Global players such as BlackRock and UBS are investing heavily in their local presence, leveraging the regulatory environment and tech infrastructure to capture regional flows. At the same time, domestic champions including DBS and OCBC remain formidable, offering integrated solutions that combine banking, investment, and trust services.
The market is dominated by individual clients, particularly ultra-high-net-worth families, who are drawn by Singapore’s transparent legal framework and reputation for political and financial stability. The proliferation of family offices underscores the depth of this segment, making the city-state a focal point for both private banks and alternative asset managers seeking distribution channels into Asia.
Looking ahead, the report points to ESG and sustainable investing as a key growth driver. Younger generations of wealthy investors are increasingly aligning their portfolios with environmental and social objectives, creating opportunities for managers who can offer credible and scalable ESG solutions. With regional competition from Hong Kong and others intensifying, Singapore’s ability to blend security with adaptability remains central to its continued dominance in the decade ahead.
$520M Lane Hipple Wealth to Merge into Moneta Group
Moorestown, NJ-based RIA Lane Hipple Wealth Management Group, with $520M in AUM, is reportedly merging into $42.8B Moneta Group Investment Advisors. The deal was characterized as an equity swap by Lane Hipple partner Thomas Lane III, and it is expected to close on October 1. Source
LPL Financial Eyes Minority Investment Program for Affiliated RIAs and OSJs
LPL Financial is reportedly exploring a new initiative dubbed equity plus, under which it would take minority stakes in affiliated hybrid RIAs and offices of supervisory jurisdiction, or OSJs, with the option to acquire full ownership at a pre-determined future valuation. The firm has begun early discussions with select affiliates about the program, which aims to strengthen partnerships and support long-term growth. Source
Ex-MML Investors Services Advisors Affiliate Registers RIA in MA
New Bedford, MA-based financial advisor John "Jay" Williams III registered Clarity Retirement & Wealth as an independent RIA. Most recently, Williams was affiliated with Plum Pointe Wealth Management and Purshe Kaplan Sterling Investments. Williams joined Plum Pointe following its acquisition of Williams Estate & Financial Group, where Williams was an advisor for about 14 years, affiliating with several firms, including MML Investors Services from 2017 to October 2024. Clarity has engaged Charles Schwab as its custodian. Source
Private Advisor Group Duo Launches RIA in NJ
Advisor duo Vincent Maffucci and M. Darius Matousek registered Cadia Private Client as an independent RIA in Parsippany, NJ. The firm had been affiliated with Private Advisor Group since 2018, and both advisors were affiliated with Merrill Lynch previously. The firm has retained Fidelity as custodian. Source
Edward Jones’ $260M Team Joins RayJay in FL
Rockledge, FL-based Eightysecond Capital Partners, led by financial advisor Gregory Phelps, joined Raymond James’ independent advisor channel Raymond James Financial Services. Phelps joins from Edward Jones, where he managed $260M in client assets. Source
$120M Morgan Stanley Team in MN Switches to Sanctuary Wealth
Woodbury, MN-based GFC Planning joined Sanctuary Wealth’s network from Morgan Stanley. The firm, founded by Lance Huebner, manages $120M in client assets. Source
LinePoint Partners Hires Advanced Wealth Planning Head
LinePoint Partners – a family office that offers an affiliation model and platform for UHNW breakaway advisors and single-family office leaders – appointed Dan Cole as CFO and head of advanced wealth planning. Cole was previously the CFO for the embedded family office at Audax Group. Source
Indosuez to Roll Out European Private Markets Funds for Asian Clients
Crédit Agricole Group wealth management arm Indosuez Wealth Management reportedly plans to expand its private markets offering for Asian clients with its first European-focused strategies and new euro-denominated evergreen funds, citing client demand for semi-liquid and non-USD assets. The bank aims to launch the products in the fourth quarter to provide diversification beyond existing dollar-based funds, according to Walter Zhang, head of the firm’s private markets investor relations Asia. Source
Netley Capital Unveils First PE Tertiaries Fund
Europe-focused Netley Capital launched the private equity industry’s first tertiaries fund, aiming to capitalize on growing demand amid the massive expansion of the secondary market.
Tertiary transactions involve the purchase of investors’ interests in secondary private equity funds. The firm said tertiary funds represent the next phase in the natural evolution of the private equity industry, created to provide secondary fund investors with liquidity as the secondary market becomes more crowded, with transactions on track to surpass $200B within the year.
Opened for subscription in March 2025, the fund held a first close with $315M in capital commitments from investors including blue-chip institutional investors and family offices. Citing people familiar with the matter, Bloomberg reported that the firm is targeting $600M for the fund, with a final close planned by Easter of 2026.
"Achieving this amount of committed capital in a relatively new segment of the market reflects the current need and future potential of the strategy. While the concept is new, the manner of investing is not. We are developing a market where demand far exceeds supply," Netley Capital managing partner Caspar Berendsen said in a press release.
Berendsen established Netley Capital after two decades at international private equity firm Cinven and an earlier stint as a banker at JPMorgan Chase. With experience spanning private equity primaries and secondaries, secondaries advisory, and investment banking, Berendsen will oversee deployments under the new strategy.
Bloomberg's sources said the fund is looking to acquire $800M of assets over a four-year investment period. Berendsen said the fund will target already mature secondary funds, employing a buy-and-hold strategy in its investments. He added that the vehicle will invest in 35 to 40 secondary funds for an expected exposure to thousands of underlying companies.
"Tertiaries build on, complement, and help fuel the growth of the secondaries market," Berendsen said. "Just as the secondaries market developed to serve demand for early liquidity from primary private market investors, so tertiaries provide early liquidity to investors in secondary funds. We have developed a strong deal pipeline and expect demand to continue to grow."
In addition to secondaries investments, Netley Capital also makes direct investments in European companies in the services, healthcare, and technology sectors. For long-term investments, the firm targets large majority or majority shareholding in buy-and-build platforms across Europe, while for fund investments, it focuses on lower mid-market managers in the region.
CVC Capital Sets up $14B Group for Sports Investments
CVC Capital Partners informed investors that it established an investment vehicle through which it will pursue opportunities in the sports industry. Dubbed Global Sports Group, the entity is reportedly the largest sports-dedicated private equity fund, holding $13.6B of the private markets manager’s sports properties, including interest in the professional sports leagues LaLiga, PREM Rugby, the United Rugby Championship, Six Nations Rugby, Ligue 1, Volleyball World, and WTA Ventures. The firm tabbed Marc Allera to lead the group. Source
Carlyle Group Gears Up for New Portfolio Finance Fund
Carlyle Group is reportedly preparing to launch a portfolio finance fund as its Carlyle AlpInvest unit is in the process of raising up to $5B for the strategy. The fundraising will comprise a main fund and related co-investment vehicles, with the global investment firm expected to begin the fundraise this year. Source
Aurora Capital Raises Largest Fund to Date with $2.1B for Fund VII
Aurora Capital Partners completed the fundraise for Aurora Equity Partners VII with more than $2.1B in total capital commitments, marking the largest fund to date for the Los Angeles-based private equity firm. The fund, the latest under the firm’s middle-market private equity strategy, received a $150M commitment from the New York State Common Retirement Fund and $100M from Teachers' Retirement System of Illinois, Dakota data shows. Kirkland & Ellis acted as legal counsel and PJT Park Hill served as placement agent. Source
Quadrille Capital Locks in €500M Across Three Funds
Quadrille Capital reportedly raised €285M ($334.3M) for its fifth growth fund, €150M ($175.9M) for its secondary fund, and €70M ($82.1M) for its primary fund, boosting the firm’s total AUM to €1.8B ($2.11B). The investment manager will deploy the funds to growth companies in the US and Europe, with a focus on technology sectors. Source
New PE Firm Y Capital Plans Q1’26 Launch of Debut Fund
Newly established private equity firm Y Capital disclosed its plan to launch its inaugural fund in the first quarter of 2026. Through the fund, the firm will acquire control and minority positions in profitable companies in the lower middle market with annual revenue in the $20M to $100M range, focusing on sectors including industrials, life sciences, and digital infrastructure. Source
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