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Institutional Allocator News
Minnesota SIB committed $550M across private equity and private credit, allocating $300M to Blackstone Capital Partners Asia III, $100M to Trident X, and $150M to Sixth Street Opportunities Partners VI. LACERS allocated $370M to eight alternative funds, including $100M to Silver Point Specialty Credit Fund III and $50M to TPG Rise Climate II, while also announcing a new key consultant from NEPC. Mass PRIM committed $125M to Tiger Iron Capital Bay State Fund and selected Ares and Beach Point to manage a $1.2B bank loan mandate. Oklahoma Municipal Retirement Fund is targeting $20M in private equity commitments in 2025 to reach a 5% PE allocation goal. CDPQ announced plans to scale back direct private equity investments while maintaining existing GP partnerships.
Wealth Allocator News
Sarver Vrooman Wealth Advisors launched as a $430M RIA under Wells Fargo’s RIA channel, maintaining its Wells Fargo affiliation while registering directly with the SEC. TritonPoint Partners, backed by Dynasty Financial Partners, launched to recruit and support independent advisors, leveraging $1.6B in client assets. LPL Financial recruited $1.15B Townsgate Wealth Management from Wells Fargo, adding a major LA County advisory team to its platform. MassMutual appointed Joe Mallee as head of financial advisors, succeeding John Vaccaro, who is retiring after 20 years at the firm.
Private Fund News
Neuberger Berman closed $1.05B for its second real estate secondary fund, exceeding its $800M target and securing $50M from Houston Police Officers' Pension. Churchill Asset Management raised $750M for its latest CLO fund, backed by Natixis Securities and Morgan Stanley. Ara Partners raised over $500M for its debut infrastructure fund, targeting net-zero investments. Baltic-based INVL Asset Management launched a NAV financing fund, partnering with 17Capital. Mackenzie Northleaf Global Private Equity Fund opened to accredited Canadian investors, generating a 25% annualized return since inception. ResilienceVC closed its first fintech-focused fund, bringing total AUM to $56M with MetLife and Ally Financial among investors. Ohio’s 71/70 Angels Fund, backed by Rev1 Ventures, launched to support seed-stage enterprise software and tech startups.
Other News
SSGA and Apollo Global Management launched the highly anticipated PRIV private credit ETF, seen as a landmark innovation in public-private hybrid investing.
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