KCERA Commits $95M, Hightower Names New CEO, and TPG Bullish on 2025 Fundraising (newsletter format - summary version)
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Institutional Allocator News
Kern County Employees’ Retirement Association (KCERA) has committed $95M across private equity, private credit, and real estate, with an ambitious $345M target for 2025. The pension invested $30M each into Hudson Bay Real Estate Opportunities, SRE Opportunity Fund V, and OrbiMed Royalty & Credit Opportunities V, alongside $5M in co-investment with Warren Equity Partners.
The University of Alabama System Endowment allocated $80M to real estate, with $20M going to SRE Opportunity Fund V and $60M to Socorro Dynamic Opportunity Fund, while restructuring its equity portfolio by terminating Southeastern Global Equity and reallocating to Northern Trust MSCI ACWI IMI Fund.
Memphis Light, Gas & Water (MLGW) is reviewing GQG Partners, MFS Investment Management, and Northern Trust for a $46M international equity mandate.
Oklahoma Firefighters Pension & Retirement System has committed $20M to Adams Street Co-Investment Fund VI, continuing its private equity co-investment strategy after a $50M investment into Fund V in 2021.
Wealth Allocator News
Hightower Advisors has appointed Larry Restieri as its new CEO, effective March 2025, succeeding Bob Oros. Restieri, previously CEO of Goldman Sachs Ayco, will oversee Hightower’s growth and transformation strategy, which recently included acquiring OCIO firm NEPC.
Raymond James-affiliated Stolper Asset Management and DCH Financial Services have merged to form Wealth Oklahoma, creating a new regional wealth firm based in Tulsa. Stolper AM disclosed $307M in assets under management, while DCH’s AUM was not publicly available.
LPL Financial continues its aggressive recruitment strategy, adding a $300M Ameriprise team in Arizona, known as Southwest Wealth Advisory Group, led by Steve Schulte and Melissa Toler Short.
Cetera Financial Group expanded its credit union partnerships, signing a networking deal with Mainstreet Credit Union in Kansas City, which manages $691M in assets. The agreement strengthens Cetera’s position in the credit union investment space.
Private Fund News
TPG expects a strong 2025 fundraising year, launching new private equity strategies, including a GP-led secondaries fund and a new evergreen PE vehicle for retail investors.
KKR has secured $14B in commitments toward its $20B target for its North America Buyout Fund XIV, with investments from Minnesota State Board, Louisiana State Employees Retirement System, and Washington State Investment Board.
PSG raised $8B across two funds, with $6B going to PSG VI and $2B for PSG Sequel, targeting AI-driven software investments.
Invesco secured $1.4B for its second direct lending fund, focusing on middle-market private loans amid an expected M&A market rebound.
EQT Group launched Nexus Infrastructure, a new evergreen infrastructure strategy providing access to €75B (~$77.7B) in value-add, core, and transition infrastructure investments.
IMB Partners surpassed its $100M target, closing its first institutional fund at $125.5M, focusing on lower middle-market investments in utilities and government contracting.
Other News
Adams Street Partners opened its first Canadian office in Toronto, led by Colin Miller, strengthening institutional investor relationships in the region.
Capricorn Investment Group made a strategic investment in Closed Loop Partners, backing circular economy initiatives through its Sustainable Investors Fund.
Northrim Horizon closed its third flagship fund at $235M, targeting service and software companies in the lower middle market.
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