Austin ERS names fixed income finalists, and more...

Good Morning. Fundraising activity continues to build momentum as PGIM Real Estate and Pathlight Capital forge on in their current fundraising efforts. PGIM Real Estate has secured $147.1M in capital commitments for its third European value-add fund, continuing its acquisitions with hotel developments in Tuscany and Veneto. The $147.1M in capital commitments follows the $1.1B raised for its predecessor in 2021. Meanwhile, Pathlight Capital kicked off fundraising for its latest ABL credit fund, locking in $171.6M in commitments so far, building on the success of its $860.3M raised last year, targeting asset-based lending opportunities across industries.

Institutional Allocators

The Ventura County Employees’ Retirement Association (VCERA) committed $75M to VWH Partners Fund IV, marking its first private credit investment of the year, and heard updates from real estate managers LaSalle Value Partners and PGIM Real Estate. Ohio PERS approved a new asset allocation mix across 12 classes, with private equity and real estate among the key beneficiaries.

Kansas PERS awarded a $1.1B international equity mandate to MFS Investment Management, replacing JP Morgan, while the City of Austin ERS narrowed its core fixed income manager search to three finalists as part of its new hybrid portfolio strategy.

Wealth Allocators

The $1.3B Bruen Wealth Management team in New Jersey joined LPL’s Paradigm Partners from UBS, marking the second major New Jersey recruit for LPL this month. Evelyn Partners announced a strategic pivot to focus exclusively on wealth management, divesting its £10.6B fund solutions business to Thesis, with the deal expected to close in the first half of 2025.

Janney Montgomery Scott elevated Tony Miller to CEO, adding to his current role as president, while Carlyle named Brad McCarthy as head of APAC for its global wealth management division, focusing on high-net-worth access to private market products. Brown Brothers Harriman expanded its wealth planning team, hiring Kristina White in Chicago to support its high-net-worth clients.

Private Funds

Milan-based Vesper Infrastructure Partners surpassed €570M in AUM at the first close of its inaugural "Next Gen" fund targeting €800M. So far, it has used capital for the joint acquisition of medical diagnostic imaging platform RAD-x and biogas and biomethane operator EAG Bioenergy.

Shift4Good closed its debut impact investment fund above target at €220M, with backing from Renault, BNP Paribas, and others. Shift4Good’s clean mobility fund targets companies that pioneer decarbonization of mobility across the rail, road, air and maritime sectors.

Liberty SBF announced the launching of a $100M real estate credit fund targeting mid- to high-teen returns in commercial real estate. And finally, CDIB Capital closed a China-focused buyout fund to target mid-market companies in Asia’s advanced manufacturing sector.

On the Move

Job Changes
Robert Kulczycki - Investment Consultant
Firm Left: LPL
Firm Joined: Fidelity Strategic Advisors

Karen Parkhill - EVP and Chief Financial Officer
Firm Left: Medtronic Corporation
Firm Joined: Hewlett Packard Corporation

Role Changes

  • Paris Watts-Stanfield promoted to Chief Procurement Officer at Alcon Laboratories Corporation

  • Olivia O'Toole promoted to Portfolio Manager & Director of Fixed Income at BSW Wealth Partners

  • Adam Frank promoted to Senior Associate, Junior Capital and Private Equity Solutions at Churchill Asset Management

  • Michael Dachs promoted to Director, Strategy at Fremont Private Holdings, LLC

  • Uliana Plot promoted to Healthcare Analyst EMR Reporting & Analytics atHealthfirst Health Plan Inc

  • Roberto Vitali-Lawn promoted to Sustainable Investment Analyst at Mercer Investment Consulting

  • Kerry Bandow promoted to Head of Defined Contribution Solutions - Senior Consultant at Russell Investments

  • Michael Yeung promoted to Manager, Credit Risk at Russell Investments

  • Emily Platt promoted to Vice President, Advisor Success at Wealthspire Advisors

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