EQT shutters US multifamily, and more...

Good morning. Institutional allocators are making significant moves, with New Mexico SIC committing $350M to venture capital and private equity, Frederick County restructuring its US equities portfolio, Vermont PIC considering a $35M farmland investment, and StanCERA allocatiing $25M to Brookfield's real estate fund.

In wealth management, Sequoia Financial is acquiring $3.8B RIA Carlson Capital, Navy Federal's $6.1B advisory arm joined Osaic, Dynasty Financial added a $1.6B Goldman Sachs team, and LPL recruited a $1B team in LA Metro.

Private funds remain active, with EQT nearing closes for infrastructure and Asian PE funds, Blue Sage Capital raising $618M, and Sverica Capital closing a continuation fund. Meanwhile, Bpifrance and JPMorgan are set to launch a gender-focused investment fund.

Institutional Allocator News

The New Mexico State Investment Council (NMSIC) approved $350M in alternative investments, including $100M to Stellex Capital Partners III, $50M to its co-investment feature, and $50M each to Frazier Life Sciences XII and Longshore Capital Fund II. It also allocated $40M to Bessemer Venture Partners India II and up to $30M to 776 Fund III and 776 Arete Fund II. Separately, NMSIC will vote next month on 12 new international public equity managers, expanding its portfolio from 10 to 16 strategies, while terminating six underperforming funds. It also selected Brown Brothers Harriman as its multi-asset credit manager.

Frederick County Employees Retirement Plan is overhauling its US equities strategy, merging large-, mid-, and small-cap allocations under a new 52% US equities umbrella, benchmarked to the Russell 3000 Index. The pension will also move $10M from Loomis Sayles to Baird Aggregate Bond Fund and reallocate $20M within US equities across Neuberger Berman, Stephens Small Cap, and Vanguard Institutional Index.

Vermont Pension Investment Committee (PIC) is considering a $35M allocation to a US core farmland fund to diversify its real assets exposure, aligning with its 2% farmland target. Additionally, Vermont PIC’s 2025 private markets pacing plan includes $130M to private equity, $70M to non-core real estate, and $210M to private credit, which is split between direct lending ($100M) and other private credit strategies ($110M).

Stanislaus County Employees’ Retirement Association (StanCERA) has committed $25M to Brookfield Strategic Real Estate Partners V, reinforcing its value-add real estate portfolio within its 6% sub-target under its 12.5% total real estate policy. StanCERA’s total allocation to value-add real estate now stands at $126M within its $3B portfolio.

Wealth Allocator News

From new territories to personnel, expansion has been a big theme within wealth allocator news in recent reports.

In personnel-related changes, Sequoia Financial Group is acquiring $3.8B RIA Carlson Capital Management, expanding its presence in Minnesota. The deal adds 80 team members, including 30 advisors, with Carlson founders Gregory and Jeffrey Carlson transitioning to senior strategic advisors. In Navy Federal Investment Services, the $6.1B wealth advisory unit of Navy Federal Credit Union, has joined Osaic’s institutional platform, expanding its full-time advisor staff. Hawthorn Wealth Management appointed Gavin Robinson as CIO, bringing experience from Fidelity Investments and JPMorgan. Also, Fiduciary Trust International hired Jason Thomas, formerly of Bank of America Private Bank, as a wealth director in Atlanta.

Other expansion-related wealth allocator news includes, Dynasty Financial Partners' addition of $1.6B Washington, DC-based TritonPoint Wealth, formerly a Goldman Sachs team. TritonPoint operates out of Chevy Chase, MD, Scottsdale, AZ, and San Diego, CA. LPL Financial recruited a $1B team in LA Metro, Salient Wealth Planning, from Osaic, marking LPL’s second major Osaic transition this month, following the $320M Llewelyn Financial Management move. NewEdge Wealth expanded its ultra-high-net-worth advisory team, hiring William DeButts and Jimmy Patrick from Edge Capital Partners to lead offices in Georgia and North Carolina, and the Commonwealth Financial Network is reportedly exploring a minority stake sale, with Goldman Sachs advising on the process.

Private Fund News

In private fund news, a few noteworthy fund launches were reported on by Dakota News, including, Bpifrance’s joint venture with JPMorgan, Baker Tilly's BT Renewable Energy Tax Credit Fund I, and Kairos Investment Management's eleventh value strategy fund.

After filing with the SEC, signaling its upcoming launch, Bpifrance’s joint venture with JPMorgan focuses on women-led private equity strategies. The fund is targeting €150M-€200M and has backing from LVMH, Ardian, BNP Paribas Cardif, and Groupe FDJ. Also announced is Baker Tilly's launch of BT Renewable Energy Tax Credit Fund I, giving businesses and high-net-worth investors access to clean energy tax credits under the Inflation Reduction Act.

Also in new fund launches, Kairos Investment Management filed with the SEC for its eleventh value strategy fund, targeting $100M-$300M, with a $500M hard cap. The firm focuses on value-add multifamily assets in secondary and high-growth markets.

Two fund closes were reported on, including the closing of Blue Sage Capital's fourth fund and the completion of Sverica Capital's continuation fund for Stream Companies. Blue Sage Capital is closing its fourth fund at $618M, exceeding its $400M target and $500M hard cap. The firm targets lower-middle-market businesses in environmental solutions, niche manufacturing, and specialty services, primarily in Texas, the Southwest, and the Midwest. Also, Sverica Capital completed a continuation fund for Stream Companies, backed by RCP Advisors and Churchill Asset Management. The fund allowed existing investors to roll over equity while bringing in new institutional LPs.

Other News

In other news, Bridgeway Capital Management appointed Seema Ackerman, former BlackRock OCIO head, as its new distribution and marketing lead, and Foresight Group acquired London-based impact investor WHEB, doubling its impact investing AUM.

On the Move

Job Changes

Marvin Rodriguez - Client Analyst
Firm Left: AON
Firm Joined: Marquette Associates

Eli Silberstein - Principal - Investment Research
Firm Left: Richter Family Office
Firm Joined: Mercer Investment Consulting

Role Changes

• Will Parducci promoted to Senior Private Markets Investment Associate at Meketa Investment Group
• Mariano Sanfilippo promoted to Senior Associate at Aksia
• Bart Pietras promoted to Vice President, Investment Research at Aksia
• Prakhar Vishwakarma promoted to Vice President, Private Credit Research at Aksia
• Colin Grubensky promoted to Operational Due Diligence Associate at Aksia
• Andrew Shideman promoted to Pan-Alts Associate at Aksia
• Nathan Flanzenbaum promoted to Associate, Client Operations at Aksia
• Marianne Rizkallah, Tiffany Yabsley, Nikolett Marinau, Zaunte Williams, and Kameron Taylor promoted to Investment Research Associate at Aksia
• Seth Peyla promoted to Director at Zoma Capital
• Ryan Williams promoted to Senior Investment Analyst at Utah Retirement System (URS)
• Dana Cremeno promoted to Portfolio Manager at Utah Retirement System (URS)

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