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FUNDRAISING NEWS | September 16, 2025
Tags: Dakota Marketplace
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!
Dallas P&F Eyes Secondaries, Buyouts, Credit Amid Portfolio Realignment
The Dallas Police and Fire Pension System is preparing to re-engage with private markets later this year, with investment staff planning to bring forward new commitments in buyouts, secondaries, and private credit.
The move comes as the $2.1B system continues to unwind legacy holdings and consolidate its public market book. “We’re spending a lot of our time looking at private equity buyout and secondary opportunities, and then also building in some additional private credit commitments,” CIO Ryan Wagner said during the September 11 board meeting. Wagner said staff expects to bring ideas to the investment committee in the coming months, with potential board-level action before year-end.
The plan’s current private markets exposure stands at 18%, though only about 8% is considered active. Roughly 10% of the total portfolio remains in legacy holdings, including illiquid or impaired assets such as Huff Energy. “It’s been reduced from 50% of the portfolio down to 10, but there still is 10% that is… more questionable what the outcome will be,” Wagner noted.
This lingering overhang has not stopped the board from cautiously exploring new allocations. In addition to the private markets pipeline, the board recently approved a multi-asset credit strategy from ITG for its public credit sleeve. Funding is expected later this year.
Trustees and consultants also debated the future of the fund’s $196M “safe reserve,” a cash and short-term bond allocation that currently covers benefit payments through March 2028. Some trustees questioned whether part of this reserve could be more actively deployed.
“We initiated the reserve at some point because the liquidity of the fund was problematic,” one trustee said. “Now that that liquidity has been improved… is [reduction] practical?”
The idea of pairing a reduced reserve with a line of credit or securities lending program was floated as a way to free up capital for longer-term investments. While no decision was reached, the discussion indicated a growing interest in fine-tuning liquidity management to enable incremental deployment.
Private equity GPs should expect ongoing scrutiny of structure and pacing. Consultants stressed the need to maintain liquidity while unwinding legacy assets, and staff noted that asset allocation discussions could be accelerated ahead of the usual three-year cycle to reflect recent changes in market conditions and governance.
“Safe reserve is full: $196M in cash and short-term bonds, compared to a target allocation of $191M… so plenty in the safe reserve right now,” Wagner noted. “We’re looking at maybe the cash allocation coming down a little bit.”
Dakota Tracks $260M in New Pension Mandates Issued in August
Dakota has released the monthly RFP summary for August, tracking nine new searches from six public pensions totaling $260M across equities, private equity, fixed income, and alternatives. Eight of the nine searches remain open for responses, with deadlines ranging from late September to October, including for $100M in total private equity mandates from the Chicago Policemen’s Annuity & Benefit Fund and a separate $30M from the Chicago Teachers’ Pension Fund. Source
Yale Launches $260M New Fund Manager Fellowship for 2026
Yale University’s endowment is now accepting applications for the second year of its Prospect Fellowship program, which will assist five investment management entrepreneurs in launching their first funds. Yale Investment Management plans to provide each selected fellow with up to $2M in working capital to get started, along with a $25M anchor investment at launch of the fund and an additional $25M follow-on commitment. The endowment said it will not take ownership stakes in or revenue shares of fellows’ businesses or funds as part of the program. Source
South Korea’s SEMA Opens RFPs in PE and VC
The Korea Scientists & Engineers Mutual-Aid Association (SEMA) reportedly issued RFPs totaling KRW 310B ($223.7M) for domestic private equity and venture capital mandates. The pension plans to select five managers for the KRW 170B ($122.7M) private equity mandate, including two large firms with at least KRW 4T ($2.9B) in assets, each receiving KRW 50B ($36M). Meanwhile, seven managers will be selected for the KRW 140B ($101M) venture capital search, with three large firms set to receive KRW 30B ($21.7M) each. Proposals are due in September, with due diligence and selections expected by the end of November. Source
Korea Post Launches RFP for Private Equity Mandate
The Korea Post Asset Management System has reportedly initiated a search seeking to commit up to KRW 250B ($180.4M) to domestic blind pool private equity funds targeting buyout and growth equity strategies. The mandate will be allocated across seven small and mid-sized vehicles, with at least half of investments directed to SMEs and 40% to AI-related sectors. The pension will accept proposals until September 22 for institution-only blind pools run by experienced managers with a fund of at least KRW 100B, with evaluations and due diligence scheduled through October and final selections in November. Source
GIC, Brookfield in Talks Over Potential $10B Yes! Communities Deal
Singaporean sovereign wealth fund GIC and global private equity firm Brookfield Asset Management are said to be in talks over a potential change of hands for manufactured housing operator Yes! Communities that could value the portfolio at more than $10B. GIC acquired a 71% stake in Yes! in 2016 in a transaction that valued the company at over $2B. Negotiations are reportedly ongoing between the two parties, with no guarantee of a transaction. Source
CalPERS Revealed as $2B Backer of JP Morgan Junk-Bond ETF
The California Public Employees’ Retirement Systems (CalPERS) is reportedly the anchor investor behind JP Morgan Asset Management’s new actively managed junk-bond ETF, the JPMorgan Active High Yield ETF (JPHY), committing approximately $2B at launch in June. The investment is said to have made JPHY the largest active ETF debut on record, with CalPERS holding nearly 40M shares valued at roughly $2.03B. Source
Mubadala Trims Du Holding in Oversubscribed $858M Sale
Abu Dhabi wealth fund Mubadala has reportedly sold a 7.55% stake in telecom operator Emirates Integrated Telecommunications Company (Du) for approximately $858M, pricing the shares near the bottom of the marketed range and around 6% below the previous close. The fundraise was purportedly oversubscribed by both domestic and international investors, led by long-term and local institutions, with Mubadala retaining just over 2% of the company. Source
Sacramento County Commits $100M Across Infra, Int’l Equities in August
The Sacramento County Employees’ Retirement System reported making two commitments totaling $100M in August, split equally between Manulife Infrastructure Fund III and Acadian Non-U.S. Small Cap Developed Equity strategy. The pension said the Acadian deal reflects a strategy shift and brought its total investment in the mandate to approximately $195M. Source
Dallas Police & Fire Selects ICG as Multi-Asset Credit Manager for $80M Mandate
The Dallas Police & Fire Pension System approved an $80M commitment to ICG Global Total Credit as its new multi-asset credit manager, filling a 4% allocation within the public credit portfolio and concluding an extensive search process conducted by investment staff and Meketa earlier this year. The hire shifts assets from existing high-yield and bank loan mandates as the pension diversifies its credit exposure to target enhanced risk-adjusted returns. Source
North Dakota SIB Invests $60M in Guidepost PE Fund
The North Dakota State Investment Board (SIB) made a $60M commitment to Guidepost Growth Equity IV, a fund focused on growth-stage technology investments. The allocation includes $20M from the pension pool and $40M from the legacy fund. Source
Imperial County ERS Weighs One-Year Extension for HarbourVest Fund
The Imperial County Employees Retirement System (ERS) is considering a recommendation to extend its investment contract with HarbourVest International Private Equity Partners VI-Partnership Fund by one more year through September 30, 2026. The extension would not carry any additional management fees. Source
Future Fund CIO Steps Down for Abu Dhabi Role
Future Fund CIO Ben Samild has departed the Australian sovereign wealth fund after 12 years, reportedly to join the Abu Dhabi Investment Council. Samild was named CIO of the Future Fund in 2023 after serving as deputy CIO and a member of the senior leadership team. The fund has appointed Deputy CIO Hugh Murray to the role in an interim position as it begins a formal recruitment process for a permanent replacement. Sources 1, 2
Ontario Teachers’ Appoints Equities Interim Exec to Permanent Role
Ontario Teachers’ Pension Plan (OTPP) has appointed Dale Burgess as executive managing director for equities, effective immediately, in a formal title to oversee the global equities portfolio after serving in the role on an interim basis since February. Burgess previously led infrastructure and natural resources (INR) globally and in Latin America, and he will continue to oversee the INR team until a successor is named. Source
BNY CIO: OCIOs Must Evolve as Private Markets Go Mainstream
The OCIO model is entering a new phase of growth, according to Chris Vella, CIO at BNY Advisors. As private markets become more accessible to a broader range of investors, Vella argues that scale, flexibility, and rigorous due diligence will determine which providers can deliver differentiated results.
Speaking on the CFA Society New York’s “Compound Insights” podcast, Vella outlined how his firm, which manages about $200B in assets with more than 80 professionals, is positioning itself as an extension of staff for clients across the institutional and intermediary spectrum. The future of the OCIO business, he said, will be defined by modular partnerships rather than all-or-nothing mandates. “If they really need support on the asset allocation side, we can just provide that service. If they really need support and manager research on the traditional side, we can do that,” he noted.
A central theme of Vella’s outlook is the democratization of alternatives. Interval funds, hybrid public-private structures, and 1099-friendly vehicles are pushing minimums lower, allowing investors with as little as $50,000 to gain exposure to private equity, credit, infrastructure, and real assets. BNY is leaning on strategic partnerships with specialist managers to expand this access. For allocators, Vella stressed, the goal is not simply performance but resilience: “It’s about exposure to different parts of the private credit market, private equity, infrastructure, real assets.”
On opportunities, he sees growth and venture equity as under-allocated areas, describing private equity as a potential substitute for US small-cap exposure given its access to innovation in technology and biotech. Private credit, despite crowding, still benefits from banks’ retreat from lending and from improving liquidity structures tailored to wealth management. Special situations and infrastructure, meanwhile, continue to provide diversification benefits.
Manager selection is where the stakes are highest. Vella noted the wide performance dispersion among private market managers, with top-tier funds generating consistent outperformance and bottom-tier managers underperforming persistently. That makes rigorous investment and operational due diligence critical. Compliance history and operational strength are key screens, particularly for firms without SEC registration. Equally important is the ability to secure allocations: long-standing relationships often give established allocators an advantage in accessing oversubscribed funds, while new entrants may find opportunities “difficult or restrictive.”
Liquidity and investor education remain major challenges. Many clients accustomed to daily liquidity may underestimate the implications of quarterly redemption cycles or decade-long lock-ups. “Education is huge and will be so important for the acceptance and the true broadening out of these asset classes,” Vella said. Product innovation is pushing toward daily pricing in some hybrid strategies, but many private equity and special situations funds will remain firmly illiquid.
The likely outcome, he predicted, is a bifurcated market: liquid hybrids for wealth investors on one side, and long-lock structures for ultra-high-net-worth clients and family offices on the other.
Ameriprise Advisors Register RIA in Texas
Financial advisors Nicholas C. Godfrey and Benjamin R. Bigler registered Arwa, d/b/a AspenRidge Wealth Advisors, as an independent RIA in Fort Worth, TX. AspenRidge Wealth was most recently affiliated with Ameriprise Financial Services. Source
Corient Acquires $4.5B CT RIA in Latest Deal
Miami-based wealth advisor Corient – which is backed by a consortium of investors including Bain Capital and whose parent company CI Financial was recently acquired by Mubadala – struck its latest deal with the acquisition of Connecticut-based, $4.5B RIA Northeast Financial Consultants. The transaction marks Corient’s entry into the state. Houlihan Lockey served as the exclusive financial advisor to Northeast Financial. Corient recently acquired European wealth managers Stonehage Fleming and Stanhope Capital Group, adding $214B in assets, along with Boston-based, $3.5B multifamily office Breed’s Hill Capital. Source
MAI Capital Acquires $570M Summit Financial
Cleveland, OH-based MAI Capital Management acquired Summit Financial Advisors, a San Mateo, CA-based wealth advisory with $570M in assets. Summit, founded in 1998 by Rafael Velez, has grown into a boutique advisory firm for emerging affluent and high-net-worth clients. As of June 30, MAI Capital had $35B in total assets, including $31.15B in assets under management and $3.84B in assets under advisement. MAI Capital Management is backed by Galway Holdings, which in turn is supported by Carlyle Group, Oak Hill Capital, and Harvest Partners. Terms of the deal, which closed on September 12, were not disclosed. Advice Dynamics Partners advised Summit Financial. Source
Wellspring Family Office Sells Stake to The Pritzker Organization
Cleveland-based Wellspring Family Office sold an unspecified stake to The Pritzker Organization. According to its most recent Form ADV, Wellspring has $4.2B in regulatory assets under management – $1.4B of which are discretionary – from 144 clients, including 115 high-net-worth individuals and 9 charitable organizations. Source
RayJay Snaps Up $319M Montecito (CA) Team from UBS
Raymond James & Associates has added Montecito, CA-based financial advisor Andrew Wilson from UBS Financial Services, where he managed more than $319M in client assets. Wilson brings over 33 years of industry experience, including 12 years at UBS. He is joined by practice business manager Annalisa Rada-McGee and senior investment portfolio analyst Brian Berry in a team operating as Oak Financial Group of Raymond James. Source
$100M Baird Advisor Joins RayJay in Texas
Southlake, TX-based financial advisor Owen “Fred” Gartrell joined Raymond James’ employee advisor channel Raymond James & Associates. Gartrell arrives from Baird, where he managed $100M in client assets. Source
Prime Capital Investment Adds Advisor in NY
White Plains, NY-based financial advisor Joanna Cecilia-Fleming joined Prime Capital Investment Advisors. The move enhances the Overland Park, KS-based firm’s Northeast presence. Cecilia-Fleming – who was most recently affiliated with Edelman Financial Engines – has over two decades of experience, guiding individuals, families, and business owners. Source
WSFS Financial Makes Leadership Appointments at Wealth Division
WSFS Financial Corp., the parent entity of Bryn Mawr Trust, made several leadership changes, including the hiring of Michael Mendelson as SVP, COO of Bryn Mawr. Mendelson has over two decades of experience at J.P. Morgan Chase, where he held senior leadership roles across wealth and operations. Bryn Mawr also promoted Harrison Gelber to SVP, director of private banking and trust advisory services, and Mark Bradford to SVP, director of wealth planning. Further, Jackie Blue was promoted to SVP, COO of Bryn Mawr Trust Advisors, an investment advisor subsidiary of Bryn Mawr. Source
Alma Bank Partners With Cetera Financial Institutions
New York-based Alma Bank partnered with Cetera's Cetera Financial Institutions to expand the bank’s investment program, Alma Wealth Management. Under the collaboration, Cetera and the bank are introducing a dual-employee program, with recently appointed Alma Wealth Management head Richard Koll leading the transition. Koll joined the company from Osaic, where he was senior VP of client experience at Osaic Institutions. Source
European Online Broker Trade Republic to Offer Clients Private Markets Access
European online broker and savings platform Trade Republic, with €150B ($176B) in assets, has partnered with Apollo and EQT to provide retail investors with access to private markets, with an investment minimum of €1. The firm plans to unveil three new, independent asset classes by the end of 2025. Source
$3.3B Australian Wealth Manager Expanding into Private Equity Investments
Melbourne, Australia-headquartered wealth management firm JFM Securities said it is expanding into private equity investments. The firm manages more than AUD 5B ($3.33B) in assets for over 5,000 clients. Source
EQT Expands Evergreen Platform with Debut PE ELTIF
Swedish private equity group EQT expanded its offering of open-ended funds with the launch of its first investment vehicle under the updated European long-term investment fund (ELTIF) regime.
EQT Nexus ELTIF Private Equity, which will be part of the EQT Nexus evergreen product suite, will expand the group’s evergreen offering to five funds targeting private equity, infrastructure and real estate. Subscription for the fund will begin in November, with third parties, including private banks and wealth platforms, assisting with the distribution.
Peter Beske Nielsen, global head of private wealth and evergreen solutions at EQT, said the fund can serve as a diversification tool for investors, considering the large concentration of many individual investors’ portfolios in the shares, bonds, and mutual funds of public companies. "The ELTIF expands access to private markets for non-professional investors across the EU and EEA, enabling broader diversification beyond traditional public holdings."
The fund will focus on EQT’s private capital strategies, which target opportunities for early-stage, growth, and large-scale buyout investments in the healthcare, technology and services sectors of Europe, North America, and the Asia-Pacific regions.
The European Union amended regulations for the ELTIFs to make the funds more accessible to retail and professional investors. In line with the updated rules, EQT’s debut ELTIF will be offered at a lower minimum investment requirement than traditional private asset structures.
With its new fund, EQT is joining a growing number of investors looking to capitalize on the ELTIF 2.0 regime. Just last week, Blackstone Group unveiled its inaugural ELTIF, jumping on a bandwagon that already includes Schroders Capital, Ares Management, Hamilton Lane, JP Morgan Asset Management, AXA Investment Managers, StepStone Group, BlackRock, and New York Life Investments fund managers Candriam and Kartesia.
EQT’s preparations for a new open-ended fund also comes as fund managers' interest in the private wealth channel continues to grow, in turn driving the explosion in evergreen funds. Peter Aliprantis, head of private wealth Americas at EQT, told the Alt Goes Mainstream podcast last month that evergreens are expected to be the center of more portfolio strategies. "The only way you can really create these structures is you have to have enough origination, size, and scale… to build a fully diversified portfolio,” he said.
Advent Passes $20B Raised to Date for Flagship Buyout Fund
Despite the tough fundraising environment, Advent International has reportedly raised $20B since the beginning of the year for its latest flagship buyout fund, ultimately aiming to raise somewhere in the mid-$20B range at close, which is planned for early next year. The firm is also still considering launching a new vehicle targeting smaller buyouts, for which it would seek to raise approximately $3B. Source
GTCR Launches $1B Continuation Fund for Consumer Cellular
Chicago-based private equity firm GTCR is reportedly planning a $1B single-asset continuation fund dedicated to postpaid mobile virtual network operator Consumer Cellular. Evercore and Raymond James are reportedly advising on the transaction. Source
Crux Capital Closes Inaugural Fund Oversubscribed at $342M
Crux Capital reportedly closed its debut fund with $342M in total capital commitments, with LP pledges hitting the $330M hard cap for external investors. Hedge fund and private equity veteran Wayne Moore, the founder of the Dallas-based firm, said $12M of the total funds were from GP commitments to the strategy. Crux Capital targets majority or significant minority investments in companies in the consumer and commercial services sectors with revenue between $5M and $100M. Source
Irish PE Firm Erisberg’s Second Fund Raises €175M for SME Investments
Irish private equity firm Erisberg secured €175M ($206M) in capital commitments for its second fund, which will target small and medium-sized enterprises in Ireland’s business services sector. The fund received commitments from existing and new investors, including Allied Irish Banks, Ireland Strategic Investment Fund, Goodbody, and Bank of Ireland. Source
Crane Capital Launches $135M VC Fund for India, Singapore, Australia
London-based venture capital firm Crane Capital Partners launched a new fund with investment capacity of $135M reserved for early-stage startups across India, Singapore, and Australia. The fund, which follows the firm’s expanded $450M Europe and Asia-Pacific partnership with MassMutual Ventures, will target seed to Series A funding rounds of startups developing artificial intelligence-based software, infrastructure, security, and deep technology. Source
Scale Investors Raises AUD 26M for Debut VC Fund
Australian female-focused angel investor network Scale Investors reportedly raised AUD 26M ($17.3M) for its debut venture capital fund. Targeting AUD 100M ($66.6M), the fund received commitments from the family of late fashion designer Carla Zampatti, the Minderoo Foundation, and Thickins Family Office, which was co-founded by Joel Thickins, managing partner at the Asia arm of TPG. Source
British Asset Manager ICG’s Second European Infra Fund Raises €3.15B
London-based asset manager ICG reportedly raised €3.15B ($3.70B) for ICG Infrastructure Fund II, marking an oversubscription against the €2B ($2.35B) target for the Europe-focused investment vehicle and double €1.5B ($1.76B) ICG Infrastructure Equity I. Dakota data shows the fund received a $10M commitment from the Santa Barbara County Employees' Retirement System. Source
BRIDGE Housing’s Debut Fund Launches with KeyBank, BMO as Anchor Investors
West Coast-focused nonprofit affordable housing developer BRIDGE Housing launched its inaugural fund with anchor investment commitments totaling $50M from KeyBank and BMO. BRIDGE Housing Impact Fund I is aiming to raise $350M, supporting its plan to invest $1B for the acquisition and development of affordable and workforce housing in major metropolitan areas in the states of California, Oregon, and Washington. Source
Singapore-based GLP Closes Latest China Income Fund
Singapore-based investment manager GLP closed GLP China Income Fund XIV with AUM close to RMB 2B ($280.7M). The firm teamed up with an unnamed global institutional investor in raising the fund, which was seeded with five stabilized income-generating logistics and industrial assets across China. Source
Ares Plans €1.5B Private Credit Continuation Fund
Ares Management is reportedly planning to set up a continuation fund for roughly €1.5B ($1.76B) of legacy European loans from its flagship direct-lending strategy, with the global alternative investment manager tapping Campbell Lutyens to advise. Source
Monroe Capital Offering Private Credit Strategy in ANZ with Bennelong Funds
Chicago-based asset management firm Monroe Capital is launching its private credit strategy in Australia and New Zealand through a partnership with funds distributor Bennelong Funds Management. The companies entered into a memorandum of understanding for the partnership, as Bennelong gears up to launch a local registered vehicle in the coming months. Source
CIFC Asset Management Names Global Head of Marketing, Investor Relations
CIFC Asset Management appointed Eamon Heavey as global head of marketing and investor relations. Previously managing director for credit business development at British alternative investment manager Man Group, Heavey will oversee the alternative credit specialist’s marketing, investor relations, new business, fund creation, and product development strategies. Source
Wraith Group Unveils Marketplace for Private Investments Trading
Wraith Group launched LP Desk, a new marketplace where LPs and GPs can trade private investments with institutional and accredited buyers. The vertically integrated financial advisory and technology platform said the new platform was designed to help address challenges in private markets, including longer execution times and less transparency. Source
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