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FUNDRAISING NEWS | September 26, 2025
Tags: Dakota Marketplace
August saw $21B+ in industrial deal flow, driven by consolidation in distribution, industrial gases, and critical infrastructure. From Lowe’s $8.8B acquisition of Foundation Building Materials to Apollo’s $2.3B Kelvion buyout and Amphenol’s $1B Trexon deal, this month’s report covers the most significant transactions shaping the sector.
Download the full August 2025 Industrial Transactions Report Here!
Sonoma County Debates RE Strategy, Rebalances FI Toward Policy
The Sonoma County Employees Retirement Association weighed the challenges of managing its real estate exposure through public and private market vehicles while approving a slate of portfolio rebalancing moves designed to bring asset weights in line with policy targets at its September 24 board meeting.
Addressing the use of public REIT investments as a proxy for private real estate exposure, CIO James Failor said, “We could do it, but our consultant would say they don’t have a strong recommendation to do it because those public REITs are not highly correlated with the private real estate." A board member agreed, adding, “We’ll never be correlated with that because of the valuation process… That’s just a given we have to live with.”
The board considered whether listed REITs or derivatives might serve as a temporary “parking” mechanism for capital, but skepticism prevailed. “They don’t use them because they’re not as liquid,” Failor noted, referring to Parametric’s overlay strategies. “The cost is hard to trade them.” Instead, he emphasized that the fund effectively mimics real assets through a blend of stocks and bonds, a simpler and more efficient approach for short-term allocations.
Meanwhile, the pension reported solid results for August. “Total plan performance in August was strong on both the relative and absolute basis,” investment staff told trustees. “We are up 2.3%, 43 basis points better than our target policy. Overall fixed income was in line with the benchmark and equities outperformed each of their respective benchmarks.” Small caps surged 7% in the month, while international equities saw a boost from Chinese exposures.
The portfolio rebalancing plan, presented alongside the performance review, detailed adjustments aimed at meeting policy targets. Within core fixed income, Reams Core Plus and PIMCO Core Plus are slated for commitments of $6M and $7M, respectively, bringing them back to their target weights of 5% and 3.5%. Guggenheim Bank Loans is set to receive $9M to restore its allocation to 3%, while the broader core fixed income bucket will rise from 11.7% to its 12% policy weight. Additionally, the board heard a presentation from Reams, which reviewed the market outlook and the positioning of the core plus fixed income portfolio managed for the system.
Trustees also noted the shifting regulatory environment. Citing recent headlines, a trustee referenced the “tug of war that’s going on now with respect to private equity being allowed to go in personal 401(k)s,” adding that while the Trump administration had directed the move, the SEC was purportedly pushing back. “They want more disclosures and everything about a number of things,” the trustee said.
Lexington Police and Fire Moves 4% to FI, Updates Int’l Equity Structure
The Lexington Policemen’s and Firefighters’ Pension Plan approved shifting 4% from international equity to fixed income within its strategic asset allocation, following an asset-liability study with Callan. The pension also voted to replace Baillie Gifford and Guardian Capital with ACWI ex-US growth and value managers, and it is set to reevaluate Acadian’s mandate once new managers are hired. Source
PSP Investments, Onex, Ardian Lead Integrated Specialty Coverages Deal From KKR
PSP Investments is co-investing alongside Onex Partners Opportunities Fund, Ardian, and other institutional investors in the acquisition of Integrated Specialty Coverages (ISC) from KKR. ISC’s management team and employees will remain significant shareholders, while KKR will fully exit its stake. The transaction, advised by Perella Weinberg and Willkie Farr & Gallagher LLP, is expected to close later this year subject to customary conditions. Source
Cassa Forense Expands Private Markets Exposure, Surpasses 15% Target
Italian lawyers’ pension Cassa Forense has reportedly increased its private markets allocation to nearly 15% of total assets, surpassing the 13% target set in its 2024-2026 plan. The pension underwrote €735M ($857.7M) in new alternative mandates this year, including €350M ($408.4M) in private equity, and now invests across more than 150 funds with over 70 managers in Italy and abroad. Source
Texas CDRS Commits $25M to Silver Point PC Fund
The Texas County & District Retirement System (CDRS) made a $25M commitment to Silver Point Select Overflow Fund within its distressed debt portfolio, in a deal closed on September 22. Source
SDCERS Extends Aon Contract Through 2027 Ahead of 2026 Competitive Search
San Diego City Employees’ Retirement System (SDCERS) approved a one-year extension of Aon’s contract as general investment consultant, moving the term through May 31, 2027. The extension allows staff to implement asset allocation and structure review changes while preparing a competitive bidding process for a successor consultant, with an RFP expected to launch in August 2026 and finalist presentations scheduled for March 2027. Source
L&G, BP Pension Close £1.6B Buy-in Deal
Legal & General has completed a buy-in of approximately £1.6B ($2.1B) with the BP Pension Fund, marking the first such transaction for the £18B ($24B) scheme. The deal included a gilt-based price lock, with Aon as lead transaction advisor, Linklaters as legal advisor to the trustee, Cardano on covenant advice, Mercer as scheme actuary, Redington on strategic investment, and Macfarlanes and DLA Piper as L&G’s legal advisors. Source
Standard Life Completes £52M Buy-In with Amtico Pension Scheme
Standard Life closed a £52M ($69.4M) full buy-in with the Amtico Company Pension Scheme, in a transaction closed in August. Barnett Waddingham acted as lead transaction advisor to the trustee and Pinsent Masons provided legal support. Source
Cystic Fibrosis Foundation Appoints Brown Advisory Partner as New CIO
The Cystic Fibrosis Foundation has appointed Adela Skenderasi as its new CIO, effective October 13, succeeding Jack Mahler who will retire at yearend. Skendarasi will lead the foundation’s investment team in managing its public and private market portfolios, bringing experience from senior investment roles at Brown Advisory, the International Monetary Fund, and Georgetown University. Source
Ortec Finance: Insurers Signal Rising Risk Appetite, Eye Private Markets
Insurers are preparing to take on greater investment risk in the year ahead as capital levels rise, according to a new report by Ortec Finance. Based on a global survey, 83% of insurers and asset managers expect risk profiles to increase, with private markets – particularly private credit, private equity, and real estate – cited among the most attractive opportunities. The study also found that nearly four out of five firms plan to boost spending on risk management tools such as stress testing and asset-liability modeling, while all respondents expect to increase investment in AI applications. Source
IEQ Sees Secondaries Surge, Evergreens Reshaping Wealth Allocations
Alan Zafran, co-founder and managing partner of IEQ Capital, believes the most significant shifts in private markets for wealthy investors are not the well-worn storylines of alts adoption but the rapid expansion of secondary opportunities and the contested rise of evergreen fund structures.
“We’re in a bull market. When we see bull markets, there tends to be an increase collectively in risk tolerance,” Zafran said on a recent episode of the Allocate Podcast.
He also noted the trend of private companies staying private much longer than they used to. “As a consequence…we’re seeing more and more situations where there are secondary sales of stock of private companies when the valuations on these companies are quite large,” he said.
However, Zafran cautioned that “the disclosures they provide to investors about how they’re actually doing financially are much more limited than when they’re public. And so you really need to be a buyer beware.” He also pointed to the growing use of continuation vehicles as an additional layer of liquidity provision.
Alongside secondaries, Zafran zeroed in on the surge of evergreen and semi-liquid structures. While acknowledging their attractions, he warned against overselling their liquidity. “Although these vehicles talk about offering monthly, or quarterly, or semiannual, or annual liquidity, they're… oftentimes tied to a limited amount of dollars being available at each increment.”
That nuanced view echoes IEQ’s broader positioning as an institutional-quality allocator for ultra-wealthy families. With 30 years of experience as investors, the firm has a broad understanding of many asset classes, deep institutional relationships, and a network that gives it access to exclusive private investment opportunities. It provides family office services for ultra-high net worth individuals and families, with $41.7B in regulatory assets under management as of June 30. The firm evaluates more than 1,000 private market opportunities annually but commits to only 15 to 20, typically half with managers it has already backed.
Zafran stressed the importance of educating advisors to properly communicate both risks and operational realities, from K-1 timing to gating provisions, to clients eager to increase exposure. The combination of expanded secondary liquidity and the promise – but also the pitfalls – of evergreen vehicles, he suggested, will define how wealth managers channel private capital in the years ahead. For GPs looking to diversify their LP base beyond institutions, these structures are becoming central to the conversation, but as Zafran underlined, they come with caveats best suited to sophisticated investors.
Cetera RIA Buys $425M Firm in NC
Cetera Financial Group’s employee-based RIA The Retirement Planning Group acquired Cetera affiliate firm HMC Partners, a Greensboro, NC-based wealth advisory firm with $425M in client assets. The firm’s co-founders John Hardy and Gib McEachran, who joined in the deal, were previously affiliated with Summit Financial Networks, a community within the Cetera Advisor channel. Source
GCEX Buys HNWI-focused Crypto Brokerage and Asset Management Firm
London-based regulated digital prime brokerage GCEX Group acquired specialist crypto brokerage and asset management firm GlobalBlock Europe, which focuses on high-net-worth individuals and has $60M in client assets. With the move, GCEX plans to expand from its over-the-counter offerings, conversion and technology business into a broader digital assets proposition for asset and wealth managers. Terms of the deal were not disclosed. GCEX Group is backed by True Global Ventures. Source
RBC Wealth Lands $1B Advisor from J.P. Morgan
Veteran financial advisor Kevin Carey joined RBC Wealth Management as a financial advisor and managing director. Carey comes from J.P. Morgan, where he reportedly managed $1B in client assets. Source
$1.3B Northwestern Mutual Team Joins LPL in NY
Ballston Lake, NY-based Tennant Financial joined LPL Financial’s broker-dealer and RIA platform. The team, led by Steven Tennant, Jeremy Berry, and Ryan Wade, primarily serves high-net-worth families, corporate executives, business owners, and medical professionals, as well as individuals. Tennant Financial joined LPL from Northwestern Mutual and reported serving $1.3B in advisory, brokerage, and retirement plan assets. Source
$350M Commonwealth Team Joins RayJay in ME
Four financial advisors from Compass Investment Management joined Raymond James’ independent advisor channel Raymond James Financial Services. The group, which includes Gary Bragg, Colby Dionne, Daniel Espenscheid, and Michael Nerney, operates offices in Lewiston and Bangor, ME. The team was previously affiliated with Commonwealth Financial Network and managed $350M in client assets. Source
Osaic Nabs $110M LPL Team in NY
AFC Planning Group, a two-person advisory team in Melville, NY, with $110M in assets under advisement, joined Osaic’s office of supervisory jurisdiction Affiliated Advisors. The team, made up of managing partners Lou Addesso and Frank Fattizzi, was previously affiliated with LPL Financial. Source
Cleveland-based Dollar Bank Expanding Wealth Management with Cetera
Cleveland-based mutual bank Dollar Bank hired financial advisor George Giolekas to support the expansion of its Dollar Investment Services wealth management program across all 28 of its bank locations in Northeast Ohio. Dollar Bank’s wealth management program is a part of Cetera's Cetera Financial Institutions platform. Most recently, Giolekas was a relationship manager at Girard, a Univest Wealth Division. Source
HSBC Names International Wealth Management Head
HSBC appointed Victor Matarranz, formerly Banco Santander’s global CEO of wealth management and insurance, as head of international wealth and premier banking for the Americas and Europe, effective October 1. He will oversee the expansion of HSBC’s wealth operations across the US, Mexico, the Channel Islands and the Isle of Man, with a focus on strengthening services for affluent and international clients. Source
Abu Dhabi Commercial Bank Private Banking, Wealth Head to Departs
Mahmoud Ezzedine, the head of the private banking and wealth management group at Abu Dhabi Commercial Bank, is reportedly stepping down. Ezzedine joined the bank in February 2022. Source
ORIX Targets Leadership in Middle, Lower-Market GP Financing
Private equity managers are facing a historic backlog of portfolio companies stuck in extended hold periods, and that dynamic is fueling demand for new forms of fund-level capital. ORIX USA, with $40B in AUM and $10B of proprietary balance sheet capital, is positioning itself as a go-to partner for middle-market sponsors seeking NAV loans, GP financings, and continuation vehicle structures.
Jed Johnson, head of GP Solutions at ORIX USA, told Dakota Research that the market’s structural imbalance is profound. “If you look at the volume of private equity-backed companies today, it’s about 12,000,” he said. “That represents about 10 years’ worth of M&A volume that would be required based on historical average transaction volume to unlock all those companies.”
The prolonged exit drought has already left its mark. Johnson noted that “over the last three years, exit activity has declined north of 25% versus the prior three-year period,” pushing average hold times for portfolio companies “north of six years versus a historical average of closer to four.” With fewer realizations, managers are increasingly reliant on NAV financings to fund add-on acquisitions and new platforms.
NAV loans, Johnson explained, are typically three- to five-year facilities underwritten at the equity level of each portfolio company. “We are structurally subordinate to the debt at the individual portfolio companies,” he said. “Our source of repayment is the ability of those companies to grow, create value, and be attractive for another buyer.” The product is often cheaper than mezzanine or co-investment equity, making it a compelling alternative for sponsors in a capital-constrained environment.
Importantly, Johnson pushed back on what he sees as a common misconception. “The biggest misconception is that GPs are using NAV financing transactions as a means to drive liquidity to their LPs,” he said. “In fact, they’re predominantly used for add-on acquisitions of portfolio companies or to make new platform investments within a fund.”
Alongside NAV lending, ORIX USA is advancing GP financings as an alternative to GP stakes sales, particularly for firms managing less than $2B in assets. “A GP financing is providing a structured capital solution to a private capital sponsor where we are either looking to the enterprise value of the management company itself or to specific subsets of the value streams that the management company owns,” Johnson explained. Such financings allow GPs to increase their commitments without diluting ownership in their firms.
Although the GP Solutions business launched just two and a half years ago, Johnson and ORIX USA have sizable ambitions. “We’re trying to establish ourselves as the leading solutions provider for GPs in the middle and lower middle market,” he said.
Ridgemont Equity’s AUM Hits $11B as Fund V Closes at Nearly $4B
Ridgemont Equity Partners announced that its AUM surpassed $11B as Ridgemont Equity Partners V closed with capital commitments at the hard cap of $3.98B, marking an oversubscription against the initial target of $2.75B. Fund V, which focuses on middle-market companies in the US, received commitments from more than 100 institutions worldwide, including from the Virginia Retirement System, Los Angeles Fire & Police Pension System, and Teacher Retirement System of Texas, according to Dakota data. Evercore Private Funds Group served as exclusive global placement agent for the fundraise, with Kirkland & Ellis providing legal counsel. Source
Golding Capital’s Article 8 Secondaries Fund Tops €510M at Closing
European independent asset manager Golding Capital Partners completed the fundraise for Golden Secondaries 2022, its second dedicated secondaries fund, with total capital commitments surpassing €510M ($598.8M). The special alternative investment fund, categorized under Article 8 of the European Union Sustainable Finance Disclosure Regulation, invests in resilient and cash-generative industries including services and technology. The fund follows a €280M ($328.7M) predecessor and precedes a similar investment vehicle planned for 2026. Source
Mangrove Equity Partners Targets $250M for Investors IV Fund
Mangrove Equity Partners is aiming to raise $250M for Mangrove Investors IV, which is planned to be on offer for more than a year. The fund follows Mangrove Investors III, which raised $175M at closing in 2019 with oversubscription from investors including university endowments, foundations, and family offices in the US and Europe. The Tampa, FL-based firm invests in non-commodity companies in the US and Canada, with a focus on the lower middle market. Source
Touring Capital Closes $330M Fund Targeting AI-Powered Software Startups
Touring Capital closed its inaugural fund with $330M in total capital commitments earmarked for startups developing artificial intelligence-powered software. With backing from global institutional LPs, family offices, and former founders, the early-stage investor pursues growth opportunities in established and emerging software ecosystems, with 12 completed investments worldwide since its inception in 2023. Source
DFF Ventures Unveils €60M Third Fund After Rebranding
Dutch venture capital firm DFF Ventures launched its third fund with investment capacity of €60M ($70.5M) on the back of its rebranding from Dutch Founders Fund. DFF Ventures III launched with €50M ($58.7M) deployed so far in support of founders worldwide, with a focus on vertical artificial intelligence, re-commerce platforms, and marketplaces. The fund earmarks €250K to €2.5M ($293.6K to $2.9M) for each transaction. Source
India’s ZeroPearl VC Closes Debut Fund
Gurugram, India-based ZeroPearl VC raised INR 1.59B ($18M) at closing of its inaugural fund, receiving commitments for the investment vehicle from startup founders, global funds-of-funds, and family offices. The micro venture capital firm, established by former Titan Capital executive Bipin Shah, intends to invest in 45 startups in pre-seed and seed stages across various sectors through the fund. Source
Tech Investor Type One Ventures Files for Fund III
Type One Ventures filed with the SEC for Type One Fund III, indicating a fundraise not planned to surpass a year. Fund III will follow Type One Ventures II, through which the firm planned to invest $50M in support of space and deep technology startups. Source
Stonepeak Sets $4B Target for Second Asia-focused Infra Fund
Stonepeak Infrastructure Partners is reportedly looking to raise $4B for its second fund dedicated to infrastructure investments in Asia. Stonepeak Asia Infrastructure Fund II will follow Stonepeak Asia Infrastructure Fund, which closed in March 2024 with $3.3B invested in infrastructure assets primarily in the communications, transport and logistics, and energy sectors. A quarter of the targeted amount for Fund II is expected to be secured by the end of September. Source
Blue Owl, QIA Partner on $3B Digital Infrastructure Platform
Blue Owl Capital is planning to launch a digital infrastructure platform that it will co-anchor with Qatar’s sovereign wealth fund, Qatar Investment Authority. The permanent capital platform will be seeded with data center assets worth more than $3B, with growth expected over time. Source
Fiera Capital Partnership Launches CAD 800M Real Assets Investment Strategy
Fiera Capital launched a new real assets investment strategy in collaboration with the Canadian District of the United Brotherhood of Carpenters and Joiners of America. The Canadian Built Opportunities Platform launched with initial commitments above CAD 800M ($574.6M), divided equally between its infrastructure and real estate mandates, focusing on greenfield projects in multi-residential housing and essential public infrastructure. The partnership is looking to grow the platform to more than CAD 1B ($718.4M) over three years. Source
Grays Peak Capital Unveils $500M Private Credit Fund
Grays Peak Capital launched Grays Peak Private Credit II (GPPC GovCon) with a target of $500M. With initial commitments from existing investors in the New York-based global investment firm’s Fund I, the new fund will provide capital to government contractors and mission-control counterparties in support of the government and defense ecosystem in North America. Source
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