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FUNDRAISING NEWS | September 17, 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!
CalPERS Advances Shift to TPA, Highlights Private Market Outperformance
After months of internal deliberation, the California Public Employees’ Retirement Systems (CalPERS) is advancing plans to implement a new investment governance model centered on a risk-budgeted reference portfolio, aimed at boosting greater cross-asset agility and long-term returns.
In a proposal discussed at its September 15 board meeting, the $556B pension giant is looking to move away from a traditional strategic asset allocation (SAA) framework and toward a total portfolio approach (TPA), with a simplified 75/25 equity-bond reference portfolio and a 400-basis-point active risk budget delegated to staff.
“This [is not] a drastic revolutionary change. I see this as an evolutionary refinement,” said board chair David Miller, who described the framework as one that would provide “more and better information,” improve transparency, and enable staff to better leverage CalPERS’ size and structure.
CIO Stephen Gilmore said the goal is to generate stronger risk-adjusted returns by optimizing at the total fund level rather than within individual asset class silos. “Every decision we make to deviate from the reference portfolio would be an active decision to take active risk,” he said. The 400-basis-point limit reflects a consolidation of the flexibility already embedded in current asset class ranges, which Gilmore noted can be inconsistent across the portfolio.
The new approach would also streamline CalPERS’ performance evaluation by consolidating 11 current benchmarks into a single reference point and creating clearer lines of accountability. Implementation is planned for July 2026, pending board approval in November.
The proposed shift comes as CalPERS reported strong investment results, driven by outsized performance in private markets. For the fiscal year ending June 30, the fund returned 11.6%, outperforming its benchmark by 171 basis points. Gilmore credited private equity with the largest share of that outperformance, contributing 171 basis points.
Private equity returned 14.3% over one year and 16.6% over five years, with co-investments and customized investment accounts delivering particularly strong results. “The low-fee strategy that CalPERS has adopted has so far paid off for the fund, which is great to see,” said Steve McCourt of Meketa Investment Group, which advises on private markets. Infrastructure returned 7.5% and continues to exceed its benchmark. Private credit returned 12.8% over one year and now totals $21.1B, 81% of which is allocated to direct lending strategies. Real estate performance remained negative over the past three years but is beginning to stabilize.
Alongside the results, CalPERS disclosed an additional $8.3B in private markets commitments it made in the first quarter, including $800M to West Street Climate Credit (Del) with another $200M to a related co-investment vehicle, $700M each to Triangle Investment Opportunities II and Brookfield Strategic Real Estate Partners V, $672M in total to JSC Capital Partners funded in increments throughout the quarter, and $650M to CA Co-Investment Limited Partnership.
Several board members voiced support for the TPA shift but sought clarity around implementation, especially with respect to ESG and labor principles. “Are we comfortable relying on quarterly rebalancing… or would adopting a total portfolio framework allow staff to respond dynamically to protect our funding ratio?” asked director Mullissa Willette.
A final vote is expected in November, with a public stakeholder webinar scheduled for December 4.
Illinois Police Opens $400M Private Equity Search
The Illinois Police Officers Pension Fund has issued an RFP for a $400M private equity mandate, representing 3% of its $13.7B portfolio in the pension’s first major move into the asset class to build up to a 7% allocation over the long term. The search will emphasize secondary investments while allowing for buyout, co-investment, and venture strategies. Requests for information are due October 6, while completed proposals are due November 14, with finalist selections expected in early 2026. Source
Alaska Retirement Commits $175M to Three Funds, Places Six on Watch List
The Alaska Retirement Management Board reported $175M in total commitments it made in May and July, comprising $100M to Fortress Credit Opportunities Fund VI, $59M to Sculptor Real Estate Fund V, and $25M to Great Hill Equity Partners IX. The pension also placed six managers on its watch list – Baillie Gifford, JP Morgan Strategic Property Fund, Man Group Alternative Risk Premia, Comvest, Crestline, and Capital Guardian – citing personnel changes, ownership transitions, or performance issues. Source
UVM Endowment Makes $87M in New Allocations
The University of Vermont (UVM) Endowment disclosed $87M in total commitments across 10 deals, including $33.5M each to American Funds Washington Mutual F3 Fund and Independent Franchise Partners US Equity, as well as private equity commitments of $8M to Arlington Capital Partners VII and $7.5M to Great Hill Equity Partners IX. Smaller allocations were made across a range of US and international equity ETFs, including iShares Core S&P 500, SPDR Portfolio S&P 400 Mid Cap, and several Vanguard funds. Source
LACERA Drops Global Alpha From Equity Mandate
The Los Angeles County Employees’ Retirement Association (LACERA) terminated Global Alpha Capital Management Ltd as a global equity manager, in a decision made by the CIO under board-approved authority. Source
New York Life Taps Deputy CIO to Succeed Retiring Investment Chief
New York Life Insurance Company announced that deputy CIO Craig Sabal will take on the role of CIO from Tony Malloy, who will retire after a 40-year career with the insurer. Sabal joined New York Life in 2020 and has more than 25 years of experience managing insurance portfolios, with prior senior investment roles at Lehman Brothers, Goldman Sachs, and AIG. His appointment will be effective at the beginning of next year. Source
Texas A&M Foundation Appoints Director of Investments
The Texas A&M Foundation has promoted Blake McDonald to director of investments to oversee its private markets program. McDonald joined the foundation in 2017 as an investment analyst and had served as assistant director of investments since September 2022 before taking on his new role. Source
VFMC Names New Senior Portfolio Manager for Strategic Asset Allocation
Melbourne, Australia-based Victorian Funds Management Corporation (VFMC) has promoted Rob Pereira to senior portfolio manager for strategic asset allocation. Pereira has been with VFMC for more than 16 years, most recently serving nearly six years as senior manager of portfolio solutions, and prior to that, as head of investment consulting. He also previously held research and portfolio management roles at Russell Investments, Centuria Capital Group, and BlackRock. Source
Equip Super Promotes Senior Portfolio Manager to Head of Real Assets
Equip Super has appointed senior portfolio manager Manish Utreja as head of its real assets program. Utreja first joined Equip Super in October 2022 from Insignia Financial, where he held roles in the investment committee and headed portfolio management particularly in alternatives. He is based in Melbourne, Australia. Source
Aware Super Elevates Head of Fundamental Equities to Senior Portfolio Manager
Aware Super has appointed Alvin Chan as head of fundamental equities, senior portfolio manager. Chan brings over 20 years of experience in the Australian investment management industry, with a track record spanning equity portfolio management, risk management, and corporate governance. He joined Aware Super in 2022 as a portfolio manager. Source
Australian Super Funds Poised to Expand FX Hedging to AUD 1T
Australia’s pension funds are reportedly expected to double their foreign-exchange hedge books over the next decade to about AUD 1T ($67B) as the cohort increases its exposure to overseas assets, according to Reserve Bank Deputy Governor Andrew Hauser. Hauser added that while small relative to the $100T global forex swaps market, the increase will raise liquidity and collateral management challenges for the super funds. Source
India Opens Door to Multiple Pension Schemes Under NPS
India’s pension regulator has rolled out a multiple scheme framework for non-government sector participants in the National Pension System (NPS), giving funds the ability to offer more than one pension per subscriber. The move is aimed at expanding choice and personalization and will enable pension funds to design tailored strategies for specific investor segments with scope for differentiated risk-return profiles, including equity-heavy options. Effective October 1, the reform is expected to broaden distribution channels and expand the addressable market in India’s $175B pension sector. Sources 1, 2
Family Offices Embrace Direct Investments Despite Global Risks
Family offices are ramping up their commitment to private markets, with a strong tilt toward direct investments in companies, even as geopolitical risks and inflation loom large over the global economy.
Citi Private Bank’s Global Family Office Report 2025 surveyed 346 organizations across 45 countries, capturing a global snapshot of sentiment and allocation trends. The results show widespread optimism about returns and a notable reshaping of investment strategies. Nearly all respondents expect positive portfolio performance this year, and a significant cohort forecasts double-digit gains. This upbeat stance stands in stark contrast to the uncertain backdrop of trade tensions, elevated interest rates, and ongoing geopolitical flashpoints. Despite these risks, family offices are not retreating – they’re deploying capital with conviction.
The standout trend is the continued pivot toward direct private investments. More than 70% of family offices now hold direct positions in private companies, and roughly 40% plan to increase these allocations in 2025. That shift underscores the rising appetite for hands-on exposure and deal-level control as families look beyond traditional fund structures to capture returns, and family offices are increasingly emerging as competitors to funds, leveraging their scale and networks to secure proprietary access.
While risk appetite remains strong, sentiment toward certain asset classes is cooling. The survey shows declining enthusiasm for developed-market equities, bonds, and even private equity through fund vehicles. Instead, optimism is building around hedge funds and emerging-market equities – seen as diversifiers in an era of heightened volatility. This recalibration reflects a pragmatic approach. Families are still willing to lean into risk, but they are seeking uncorrelated strategies and regional diversification to hedge against macroeconomic shocks.
Survey responses also indicate that long-term thematic bets are coming into sharper focus. Artificial intelligence and technology rank high on investment agendas, with many offices viewing these sectors as generational opportunities. Emerging-market exposure is also climbing, reflecting both growth potential and the desire to offset sluggish performance in developed economies.
Despite their bullishness, family offices are not abandoning caution. The report notes that while cash allocations are set to fall, liquidity buffers remain in place. The prevailing posture is “selective risk-on”: families are prepared to take advantage of opportunities but are equally mindful of preserving flexibility should conditions deteriorate.
Veteran Investment Exec Launches RIA in IL
Veteran investment executive Matthew Rice launched Vistamark Investments as an independent RIA based in Hinsdale, IL. Rice previously served as CIO at First Business Bank, Goldstone Financial Group, and for nearly two decades at Fiducient Advisors. He is joined by Sean McEvilly, whose firm Crescent Capital officially merged into Vistamark. Wholly owned by its senior advisors, the firm serves endowments, foundations, outsourced CIO clients, family offices, ultra-high-net-worth families, and retirement plans. Sources 1, 2
Commonwealth Trio Registers RIA in OH
A team of advisors from Commonwealth Financial Network registered EmVision Capital Advisors as an independent RIA based in Aurora, OH. Founding partners Michael Embrescia, James Artale, and Jonathan Opet own the firm through EMV Holdings and parent company M&D Financial. EmVision reportedly oversees about $850M in client assets. Artale told Citywire the firm will operate on a multi-custodial model, working with LPL Financial, Fidelity’s National Financial Services, and Charles Schwab. Sources 1, 2
Creative Planning in Talks to Acquire $238.5B RIA SageView
Overland Park, KS-based Creative Planning is reportedly in advanced talks to acquire Aquiline Capital Partners-backed $238.5B retirement plan manager SageView Advisory Group. A deal is yet to be finalized between the companies. Led by CEO John Longley, Newport Beach, CA-based SageView has 1,700 institutional clients and 5,000 individual and family clients, according to its website. Creative Planning, which manages $370B in client assets, has private equity support from TPG and General Atlantic. Source
Waverly Advisors Closes on $465M Brass Tax Wealth in OH
Birmingham, AL-based RIA Waverly Advisors acquired Brass Tax Wealth Management, a wealth management firm in Blue Ash, OH, with $465M in client assets. Terms of the deal, which closed on September 12, were not disclosed. Waverly Advisors, which now manages $19.9B in AUM, is backed by Wealth Partners Capital Group and HGGC’s Aspire Holdings platform. Source
FL-based Advisory to Merge into $12.5B Mission Wealth
Retter Capital Management, a boutique RIA in Melbourne, FL, founded by Edwin "Eddie" Retter, merged into $12.5B Mission Wealth. Retter will join Mission Wealth as the firm's 55th equity partner. Retter Capital has $50.7M in regulatory assets under management, according to its latest Form ADV. Mission Wealth is backed by Great Hill Partners. Source
$1.25B UBS Team Joins LPL in SC
Greenville, SC-based independent practice Ox Road Capital joined LPL Financial platform LPL Strategic Wealth. The team, led by Jeffrey S. Allen, Steve N. Armaly, Brian A. Blackburn, and Michael S. Lee, was previously affiliated with UBS. The team reported serving approximately $1.25B in advisory, brokerage, and retirement plan assets. Source
$235M NY Duo Joins Uniting Wealth Partners
The $235M, Rochester, NY-based advisor duo of Rick Dougherty and Alecia Dougherty, formerly Naviter Wealth, has joined Uniting Wealth Partners, an RIA succession incubator backed by Wealth Advisor Growth Network. With the move, the duo will be majority owners of their practice while also securing ownership of the holding company. Source
$190M Commonwealth Team Joins RayJay in GA
LaGrange, GA-based True North Wealth Advisors joined Raymond James’ independent advisor channel Raymond James Financial Services. The team, led by Aaron Mabon and Summer Deal, comes from Commonwealth Financial Network, where it managed $190M in client assets. Source
Family Office Pitcairn Names MD of Investment Strategy
Conshohocken, PA-based family office Pitcairn appointed Carlin Calcaterra as managing director of investment strategy. Most recently, Calcaterra was the managing director and co-head of the financial advisor solutions team at Ares Management. Source
BIP Wealth Taps Ex-Georgia Tech Coach as Strategic Growth VP
Atlanta-based $4B RIA BIP Wealth named former Georgia Tech Yellow Jackets baseball team coach Danny Hall as vice president of strategic growth. Hall will work with the firm’s baseball division and with other advisors across the firm to expand new business opportunities. Source
UAE’s Digital Asset Firm M2 Repositions as Wealth Platform
UAE-based digital assets investment platform M2 is repositioning itself to become a dedicated digital asset wealth management platform to provide services to high-net-worth individuals, family offices, institutional investors, and corporate treasuries. Amid rising global demand for digital assets, M2 is aiming to add enhanced custody, yield products, liquidity solutions, and treasury optimization to its offerings. Source
Edward Jones Expands Services for HNW Clients
Edward Jones is stepping up its high-net-worth offerings with four new HNW client-focused offices, expanded advisor training, and broader investment products aimed at portfolio diversification and tax optimization. The firm’s new offerings will include exchange funds; automated managed transitions in the Edward Jones Advisory Solutions unified managed account program; expansion of alternative investments; an increased number of separately managed accounts; and a private donor-advised fund. Source
Advent Eyeing Early 2026 Close for Potentially Record-breaking Fundraise
Advent International is looking to defy challenging conditions in the fundraising market with an early 2026 close of what would be its largest private equity fund, while it also considers launching a new strategy dedicated to middle-market buyouts.
Citing people familiar with the matter, Bloomberg reported that the private equity investor has so far secured $20B for its latest flagship fund, bringing it closer to its mid-$20B target. The firm filed for Advent International GPE XI in June of this year but started gauging interest for the fund in 2024, with hopes of topping the $25B it raised in 2022 for Advent International GPE X. The predecessor fund, which was raised in just six months, closed at its hard cap and remains the firm’s biggest private equity investment vehicle so far.
In its filing with the SEC, Advent indicated that the fundraise for Fund XI is also not intended to surpass a year, with Goldman Sachs & Co. tapped to assist with the marketing.
So far, Fund XI has received commitments totaling $2.09B from the Virginia Retirement System, New Hampshire Retirement System, Alaska Retirement Management Board, Maine Public Employees' Retirement System, University of Houston System Endowment, New Mexico State Investment Council, Oregon Public Employees Retirement Fund, Houston Firefighters' Relief and Retirement Fund, Minnesota State Board of Investments, Massachusetts Pension Reserves Investment Management, Delaware Public Employees' Retirement System, and Washington State Investment Board, according to Dakota data.
Advent targets opportunities in the business and financial services, consumer, healthcare, industrial, and technology sectors. Since its establishment in 1984, the firm has grown its AUM to $100B. Under its flagship strategy, it invests across various geographies, sectors, deal types, and sizes, with a focus on Europe and North America and some exposure in Asia.
Amid the fundraise for Fund XI, Advent is reportedly also considering setting up another buyout fund – with a $3B target – for middle-market transactions. Deliberations are still ongoing regarding the new fund, with final decisions still pending regarding the timing and size of the potential fundraise. The firm is believed to have started pitching its debut mid-market fund to potential investors in April.
Asterion Industrial Partners Closes Third Fund Above Target at €3.4B
European infrastructure-focused investment management firm Asterion Industrial Partners completed the fundraise for its third fund, Asterion Industrial Infra Fund III, with capital commitments reaching €3.4B ($4.02B), marking an oversubscription against a target of €3.2B ($3.78B). Including co-investment vehicles, the fundraise collected €3.65B ($4.31B) in total for middle-market infrastructure investments in Western Europe, with a focus on the telecommunications, energy, utilities, and mobility sectors. The fund received commitments totaling $168.2M from the New York City Employees' Retirement System, Santa Barbara County Employees' Retirement System, and Teachers Retirement System of Louisiana, according to Dakota data. 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
Blackstone Mulls Partial Transfer of 2014 GP Stakes to New Fund
Blackstone reportedly spoke with potential investors regarding a plan to move a portion of the assets of its 2014 GP Stakes fund into a new investment fund to generate long-term returns for investors. Through the potential strip sale, the alternative investment manager will welcome new investors to the fund, which invests in four hedge funds and holds interests in seven private-asset managers, including Leonard Green & Partners and PAG. Source
Alfar Capital Raises CAD 66M at Closing of Sophomore PE Fund
Canadian private equity firm Alfar Capital announced that it secured CAD 66M ($47.9M) in capital commitments at the closing of its second private equity fund, Alfar Capital II. With CAD 20M ($14.5M) from Fonds de solidarité FTQ, the largest development capital network in the Canadian province of Quebec, the fund will support entrepreneurs, with a focus on the manufacturing, information technology, and services sectors. Source
Software Investor Hg Explores Dedicated Secondaries Strategy
Private equity software investor Hg is reportedly considering the establishment of a dedicated secondaries strategy. The London-based firm is believed to be engaged in internal discussions as it mulls the plan amid the continuous expansion of the secondaries market. Source
Prague-based Aspire11 Unveils €500M Pension-backed VC Fund
Prague-based venture capital firm Aspire11 launched an investment fund with €500M ($590.4M) sourced from European pension funds for investments in venture capital investors and growth-stage companies. The fund is led by Pavel Mucha, who was a founding partner of KAYA VC. Source
StanChart’s SC Ventures Plans 2026 Launch of $250M Digital Asset Fund
SC Ventures is planning to launch a venture capital fund in 2026 that will focus on digital assets in the financial services sector. The venture building arm of British banking group Standard Chartered is looking to deploy $250M through the fund, which counts investors from the Middle East as among its backers. Gautam Jain, operating member at SC Ventures, also shared that the firm is planning to launch a $100M fund dedicated to Africa, as well as what would be its inaugural venture debt fund. Source
Scout Ventures Targets $125M For Fund V
Scout Ventures filed with the SEC for Scout Ventures Fund V, indicating a $125M target for the venture capital fund. Fund V follows Scout Ventures Fund IV, which closed in 2024 with $94M used to support hard-to-access founders, with a focus on frontier and dual-use technologies. Source
Silicon Valley, CA-based VC True Ventures Seeks $400M Across Two Funds
True Ventures is aiming to raise $300M for True Ventures IX and $100M for True Ventures Select V, according to separate filings with the SEC. Fund IX follows True Ventures VIII, which closed in 2022 with $885M invested in pre-seed and seed-stage opportunities, while Ventures Select V will follow True Select Fund IV, which raised $375M in 2020. Both funds will support the Silicon Valley, CA-based firm’s focus on early-stage technology startups. Sources 1, 2
Japanese VC Saison Capital Unveils $50M Fund for Blockchain Startups
Saison Capital, the venture capital arm of Japanese consumer credit company Credit Saison, launched $50M venture capital fund Onigiri Capital. The firm, dedicated to blockchain startups targeting payments, stablecoins, tokenization, and related infrastructure, particularly in the markets of India, Southeast Asia, and Latin America. Source
Robinhood to Offer Retail Investors Private Markets Access via New VC Fund
Robinhood Markets filed with the SEC for Robinhood Ventures Fund I, a closed-end fund that will be offered to retail investors. In line with the firm’s mission to democratize finance, the company said the new fund will target a "concentrated portfolio of private companies at the frontiers of their respective industries." Source
Amundi Names Business Development Head for Alts, Real Assets Unit
European asset manager Amundi’s Amundi Alternative and Real Assets unit appointed Adelaide de Casson as head of business development. De Casson will take on the role in addition to his current responsibilities as general secretary, succeeding Nathanaël Benzaken, who departed from the group at the end of July. Prior to joining Amundi, De Casson held multiple positions at Lyxor Asset Management and spent two years as a risk analyst at Deutsche Bank. Source
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