CW Advisors' $800M Double Pickup, and more...
Institutional allocators remain active, with Illinois TRS launching a $200M-$400M fixed income search, Florida SBA committing $1.3B to alternatives, and Oregon Public Employees planning $3B in private equity allocations for 2025. Chicago Metro added a 5% infrastructure allocation, while Plymouth Retirement increased its private equity commitment to $5.5M.
In wealth management, CW Advisors expanded in Boston, acquiring $800M in AUM, while LPL Financial added a $600M team from Osaic.
Private funds saw continued momentum, with Stonehenge Capital closing its 21st renewable energy tax equity fund, Thompson Thrift raising $255.3M for multifamily real estate, and Ariel Re completing the first close of its Lloyd’s of London-focused fund. Meanwhile, Blackstone is preparing a follow-up to its $5.2B Tactical Opportunities Fund, and Conviction Partners secured $230M for its second AI-focused VC fund.
Let’s dive into the latest developments across institutional allocators, wealth managers, private markets, and more!
Institutional Allocator News
- Illinois TRS has launched an RFP for low-duration fixed income managers to handle $200M to $400M, representing 1-3% of its $15B fixed income portfolio. RVK is assisting the $70.4B pension in the search.
- Florida SBA closed $1.3B in Q4 allocations across private equity, real estate, private credit, and real assets. Major commitments include $250M to Thoma Bravo funds, $300M to Landmark 1 in real estate, and $80M to L&B Realty REPIMAC Lender in private credit.
- Oregon Public Employees Retirement Fund set a $3B private equity pacing plan for 2025, focusing on upper-middle-market buyout funds and co-investments making up 20% of the total. Private equity currently represents 26.5% of the pension’s $26.6B portfolio.
- Chicago Metro Water Reclamation District Retirement Fund approved a 5% allocation to infrastructure, issuing an RFP for open- and closed-end fund managers, with proposals due February 21.
- Plymouth (MA) Retirement System increased its private equity allocation to $5.5M for 2025, up from $5M in 2024, with Fiducient Advisors assisting in implementation.
Wealth Allocator News
- CW Advisors expanded its Boston network, acquiring Aspen Wealth Management and Fernwood Investment Management, adding $800M in AUM. The firm now has 14 offices nationwide and $11B in assets.
- LPL Financial continues its recruitment streak, bringing in $600M Charter Oak Wealth Partners from Osaic via the RIA Academy Financial platform. This follows recent Osaic team moves, including Salient Wealth and Llewelyn Financial.
Private Fund News
- Stonehenge Capital completed fundraising for its 21st renewable energy tax equity fund, marking its first multi-project and multi-investor investment tax credit fund.
- Thompson Thrift topped its $230M target, raising $255.3M for its 2025 multifamily real estate fund, with capital allocated to developments in Georgia, Florida, Colorado, Kansas, and Indiana.
- Ariel Re closed the first round of fundraising for its Lloyd’s of London-focused commingled fund, allowing smaller investors to access Syndicate 1910 via its ARCP vehicle.
- Blackstone is preparing to launch a follow-up to its $5.2B Tactical Opportunities Fund IV, alongside a new GP stakes fund and a 10th secondaries fund. Blackstone has also secured assistance from German lender Deutsche Bank for the global distribution of its evergreen private equity fund, Blackstone Private Equity Strategies Fund (BXPE). The fund provides investors with exposure to Blackstone's private equity platform and more than 15 strategies.
- Conviction Partners secured $230M for its AI-focused VC fund, doubling the size of its first fund, as the firm continues investing in early-stage AI and enterprise software startups.
Other News
- A group of private equity veterans from Madison Dearborn Partners officially launched Orchard Investment Partners, a Chicago-based secondary investment firm focused on single-asset continuation vehicles in financial services, healthcare, industrials, and technology.
On the Move
Job Changes
Justin Naylor - Product Manager
Firm Left: Serviam Financial
Firm Joined: Alight Solutions LLC
Will Plyler - Senior Vice President
Firm Left: B Riley Wealth Management
Firm Joined: Wunderlich & Company
Ben Rogers - LDI Solutions Manager
Firm Left: XPS Pensions Group PLC
Firm Joined: Schroders Investment Management
Role Changes
- Nolan Pauker promoted to Partner - Private Credit at Adams Street Partners
- Mark Hourihan promoted to Principal at Adams Street Partners
- Mark McCoy promoted to Senior Principal, AHA Ventures at American Heart Association
- Joe Staely promoted to Senior Associate, Private Market Investments at Asset Consulting Group
- Devan Nathwani promoted to Director, Portfolio Research, BlackRock Investment Institute at BlackRock OCIO Group
- Nicholas Andjel promoted to Partner, Head of UK Private Clients and Charities at Brown Advisory
- Shane Ransom promoted to Portfolio Manager at Brown Advisory
- Phoebe Weatherall promoted to Investment Director at Brown University Investment Office
- Emma Whysall promoted to Pensions Services Manager at Derbyshire Pension Fund
- Samantha Lee and Tim Altman promoted to Senior Director at IEQ Capital LLC
- Lovey Sidhu promoted to Sustainable Investment Specialist at Mercer Investment Consulting
Dakota News
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