TPG's $10B Fundraising Update, and more...

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Institutional Investor News

President Trump signed an executive order opening U.S. defined contribution plans to private markets, potentially giving the $12T 401(k) market access to private equity, real estate, infrastructure, and digital assets. The Department of Labor will review 2021 guidance discouraging such exposure, while the SEC examines accredited investor rules. Industry leaders, including Partners Group and BlackRock, praised the move as leveling the playing field with DB pensions, which often allocate over 10% to alts. The change could spur product innovation, manager education efforts, and new target-date fund structures. Major pensions also reported significant real estate, infrastructure, and PRT transactions in recent days.

Wealth Channel News

July saw an uptick in RIA M&A, with 32 deals totaling $57.1B in AUM, up from 24 deals and $37.7B in June. SEI’s $527M purchase of a 57.5% stake in $37B Stratos Wealth Holdings dominated activity, alongside Focus Partners’ acquisition of $5.6B Bordeaux Wealth Advisors and Beacon Pointe’s six-deal spree. DeVoe & Company data shows private equity-backed consolidators fueling volume, with most acquirers expecting activity to hold or increase through year-end. On the investment side, Constellation Wealth Capital took a minority stake in Merit Financial Advisors, and Maridea Wealth and Soltis Investment Advisors expanded via acquisitions targeting niche client bases.

Private Fund News

TPG anticipates a $10B Q3 first close across its 10th private equity flagship and third healthcare buyout fund, buoyed by strong LP re-ups and a 14% YoY AUM increase to $261B. Fund X has already secured over $860M in commitments from major U.S. pensions. Despite market headwinds, CEO Jon Winkelried expects 2025 fundraising to surpass last year’s totals. In other raises, Accel-KKR closed a $1.9B single-asset continuation fund for isolved, Charter Hall launched a $1.63B vehicle for convenience retail, and LGT Capital Partners targets $1.2B for an Asia-Pacific PE/RE fund of funds. Carlyle AlpInvest also closed a $1.25B second CFO transaction.

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