Apollo eyes market maker role in private credit, and more…
Good Morning. Institutional allocators remain active, with Virginia Retirement committing $1.5B, LA Fire & Police narrowing its fixed income search, and Arizona PSPRS allocating $450M to private equity and credit. Philly Pension committed $55M, while Hollywood Police invested $8M in Taurus Fund III.
In wealth management, Carnegie acquired $1.3B RIA Eagle Ridge, Wealth Enhancement added $618M Capstone Wealth, and Corient picked up $600M Rootstock Advisors. LPL recruited a $345M Arizona team, Osaic expanded in Tampa with $235M Payant Wealth, and Mercer Global Advisors named a new head of client development.
Private markets saw o15 Capital close a $400M debut fund, Cherry Ventures raise $500M for European tech, and Silver Point secure $250M for its CLO equity fund. BlueOrchard’s climate PE fund hit $100M, and Pathway partnered with Proteus to offer RIAs private fund access.
Let’s dive into the latest updates across institutional allocators, wealth managers, private markets, and other news.
Institutional Allocator News
- Virginia Retirement System committed $1.5B across private equity, private credit, real assets, and absolute return, including $200M to Peak Rock Capital IV and $400M to Brevan Howard Opportunistic Program. The pension also liquidated its investments in Nitorum and Orchard Liquid Credit Fund, valued at $87M and $150M, respectively.
- LA Fire & Police narrowed its core fixed income search to Income Research + Management, JP Morgan, and Longfellow Investment Management, with final interviews scheduled for March. The pension also extended Eastern Shore’s small-cap equity management contract through April 2028.
- Arizona PSPRS allocated $200M to Stone Point’s Trident X and $250M to TPG’s Angelo Gordon Asset Based Credit Evergreen Fund, closing both deals in Q4 2024.
- Philly Pension committed $55M to EIV Capital Partners Fund V, following prior investments in the series. The pension also selected Northern Trust as its new custodian bank, replacing State Street and US Bank.
- Hollywood Police Pension System approved an $8M allocation to Taurus Private Markets Fund III, following a similar $8M commitment to Fund II in 2022, which has returned +12.9% as of Q3 2024.
Wealth Allocator News
- Carnegie Investment Counsel expanded in the New York metro area, acquiring $1.3B Stamford, CT-based RIA Eagle Ridge.
- Wealth Enhancement Group partnered with $618M Capstone Wealth, strengthening its Pacific Northwest presence.
- Corient Private Wealth acquired $600M Pittsburgh-area RIA Rootstock Advisors, its third deal since CI Financial’s privatization by Mubadala.
- LPL Financial recruited Scottsdale, AZ-based $345M RIA Jackson/Roskelley Wealth Advisors, continuing its advisor expansion.
- Osaic expanded in Tampa, adding $235M Payant Wealth Management to its W2 employee affiliation channel.
- Mercer Global Advisors appointed former LPL executive Alisa Maute as head of client development, leading a 100+ member team.
Private Fund News
- o15 Capital Partners closed its $400M debut credit fund, o15 Emerging America Credit Opportunities Fund, securing backing from NY State Common Retirement Fund.
- Cherry Ventures raised $500M across two funds, targeting Europe’s next big tech startup.
- Silver Point Capital secured $250M for its BSL CLO equity fund, focusing on broadly syndicated loan investments.
- BlueOrchard hit its $100M target for its second climate insurance private equity fund, which is already 60% deployed.
- Pathway Capital partnered with Proteus to provide RIAs access to its private funds and co-investment deals.
Other News
- Apollo Global Management is in talks to develop a private credit marketplace, aiming to streamline debt syndication and trading.
- M&G Investments is acquiring 70% of Swedish private credit firm P Capital, expanding its European direct lending strategy.
- Former Centerbridge executive Billy Rahm launched Everview Partners, a real asset-focused investment firm, with former executives from Brookfield, Blackstone, and Starwood.
People Moves
Job Changes
Peter Lupoff - Partner, Investments & Partnerships
Firm Left: Lupoff/Stevens Family Office
Firm Joined: Beatrice Advisors
Soledad Acoroni - Head of Global Fixed Income ex-Chile & Portfolio Manager
Firm Left: Union Bancaire Privée
Firm Joined: Bice Inversiones on behalf of BICEVIDA
Calvin Yang - Portfolio Manager II
Firm Left: Washington University in St. Louis Investment Management Company
Firm Joined: DTE Energy
Adam Fisher - Senior DC Investment Consultant
Firm Left: Hymans Robertson
Firm Joined: Isio
Role Changes
- Lucas Cohen promoted to Senior Equity Research Associate - Retail & E-commerce at BMO Capital Markets
- Anett Lundorff promoted to Senior Director, Finance & Operations at Novo Nordisk Foundation
- Brendan Lucier promoted to Senior Vice President at LCG Associates
- Alexander Köster promoted to Managing Director, Investment Office at Kontora Family Office
- Julia Wittenburg promoted to Executive Director, Head of Stewardship at J. Safra Sarasin
- Hamzah Rizvi promoted to Investment Associate at Ontario Teachers' Pension Plan (OTPP)
- Tyler Rico promoted to Associate Portfolio Manager - Private Equity at California State Teachers' Retirement System
- Nicholas Catanese promoted to Senior Investment Officer II - Strategy & Risk Management at Illinois Municipal Retirement Fund
- Elizabeth Govea promoted to Managing Investment Officer II - Private Markets at Illinois Municipal Retirement Fund
- Alison Lonstein, Matt Maleri, and Thomas Cook promoted to Partner at NEPC
- Aaron Chastain promoted to Corporate Solutions Leader at NEPC
Dakota News
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