Oaktree’s latest distressed debt fund notches $16B, and more… (newsletter style & linked)

Good Morning. Institutional allocators remain active, with Maine PERS weighing a $150M+ increase to TPG Angelo Gordon’s Twin Brook, San Jose Police & Fire committing $158M to alts, and Louisiana TRS allocating $100M to private credit while reviewing international equity managers. Monroe County selected Hudson Edge for international equity, and BCI sold its stake in Hayfin Capital while staying invested in its funds.

In wealth management, Gresham and Veris Wealth made leadership moves, Kestra’s Bluespring acquired $560M Reliant Wealth, and Merit expanded in Pennsylvania with a $233M RIA. Emigrant took a minority stake in $2.8B Principle Wealth, LPL added a $630M Corebridge team, and Ameriprise recruited a $130M Sacramento advisor.

Private markets saw Cresset rebrand its private funds as Peakline Partners, Oaktree close a $16B distressed debt fund, and BC Partners target €6B for its next flagship fund. Adamantem secured $221.1M for its climate fund, and Junction Growth raised €115M for sustainable investments.

Let’s dive into the latest updates across institutional allocators, wealth managers, private markets, and people-related news.

Institutional Allocator News

• Maine PERS is considering an additional $150M+ commitment to TPG Angelo Gordon’s Twin Brook, raising its maximum allocation to $350M for future deployment in continuation and co-investment vehicles. As of January 31, Twin Brook represents the pension's largest exposure to co-investments, accounting for $192M in total commitments made across 24 individual co-investments.
• San Jose Police & Fire committed $158M to alts in December across seven funds in private equity, private credit, real estate and venture capital. $58M was allocated to Kayne Anderson Core Real Estate, $28M to Arbour Lane Credit Opportunity Fund IV, and $12M to Lime Rock New Energy II, among others. As of December 31, 2024, San Jose Police & Fire allocated approximately 9.2% of its total portfolio to buyouts against a 10% target.
• Louisiana TRS allocated $100M to Crescent Private Credit Income and is reviewing four international large-cap equity managers, including Artisan Partners and Baillie Gifford within the growth sub-asset class and LSV and MFS for value. The $100M allocation represents a follow-on investment to the private credit manager.
• Monroe County allocated $17.4M to Hudson Edge Trinity Street International Fund and $17.4M to Boyd Watterson for fixed income. As of September 30, 2024, the Michigan-based pension managed approximately $264M in total plan assets.
• BCI sold its majority stake in Hayfin Capital to Arctos Partners, but will remain an investor in Hayfin funds. The transaction comes on the heels of BCI’s announcement that it made a cash offer to take BBGI Global Infrastructure private in a deal that would value the Luxembourg-based infrastructure firm at nearly £1.1B (~$1.3B)

Wealth Allocator News

• Gresham Partners promoted Irene Zhang to investment director, leading due diligence and manager selection. As investment director, Zhang will become a senior member of Gresham's private team and will be responsible for sourcing opportunities, conducting due diligence, and maintaining relationships with external managers.
• Veris Wealth Partners named Jane Swan as chief advisory officer and Roraj Pradhananga as CIO, following the transition of co-founder Michael Lent. As advisory chief, Swan will lead the firm’s advisory committee, services platform, and advisor training, while working alongside the firm’s executive team. Meanwhile, Pradhananga now fully takes on the CIO position after having shared the role with Veris co-founder Michael Lent since 2024.
• Kestra’s Bluespring acquired $560M Reliant Wealth Planning, expanding their presence in Kentucky. The acquisition of the 13-member Reliant team marks Bluespring's first since July 2024.
• Merit Financial Advisors acquired $233M Hershey Wealth, establishing its fifth office in Pennsylvania. The six-member team has over four decades of combined experience in providing wealth tailored financial planning solutions.
• Emigrant Partners took a minority stake in $2.6B Principle Wealth, based in Madison, CT. Founded in 2017, Principle Wealth provides investment advisory services to high-net-worth individuals and their related trusts, estates, retirement plans, and corporations. Emigrant's investment will allow the firm to expand operations.
• Former Truist advisors launched Aria Wealth Partners, an independent RIA in Charlottesville, VA. Financial advisors Paula Gunter and Caroline Borland left Truist Wealth to establish the fee-based RIA. Gunter and Borland have a combined three decades of experience in wealth management.
• LPL Financial recruited $630M Lex Wealth Management from Corebridge, strengthening its New Jersey presence. The Lex brothers have a combined 29 years of industry experience, specializing in the intricacies of the Public School Employees Retirement System (PSERS).
• Ameriprise Financial added $130M Sacramento-area advisor Jeff Impey from LPL Financial. Impey brings over 18 years of financial advisory experience with him to Ameriprise Financial.

Private Fund News

• Cresset rebranded its private funds division as Peakline Partners, which has invested $3.7B across alts. The move sets up the private investments business to stand alone while continuing to serve its existing investor base. Bill Rudnick and Chris Boehm will continue to lead the business as executive managing directors.
• Oaktree Capital closed Oaktree Opportunities Fund XII at $16B, with backing from Virginia Retirement and Connecticut Retirement. Oaktree Opportunities Fund XII opened for subscription in February 2023 as part of Oaktree's global opportunities strategy, aiming to deliver attractive risk-adjusted-returns by capitalizing on public and private opportunities.
• BC Partners is targeting a €6B raise for BC Partners Fund XII, set to launch in Q2 2025. The 12th flagship fund will be opened for subscription in the second quarter of 2025, with a first close targeted by the end of the year. Details on the fundraising have yet to be finalized.
• Adamantem Capital closed its $221.1M Environmental Opportunities Fund, just 18 months after opening sales in June 2023. The firm's first climate impact fund secured commitments from the Clean Energy Finance Corp., the Minderoo Foundation, NGS Super, Manulife, APG, and Carlyle’s Alpinvest unit, with two-thirds of commitments coming from outside of Australia.
• Junction Growth Investors secured €115M at the close of its first fund, an investment vehicle governed under Article 9 of the EU’s Sustainable Financial Disclosure Regulation, which covers financial products targeting sustainable investments. The sustainability-focused fund is hoping to continue its strategy of investing in opportunities in line with the Paris Agreement, focusing on sustainable European investments.

People News

Job Changes

Patrick Burkett - Vice President, Alts Advisory
Firm Left: CAPTRUST Advisors
Firm Joined: Northern Trust

Aubelle De Guzman - Finance Associate
Firm Left: TD Securities
Firm Joined: CIBC Wood Gundy

Jorge Bernal - COO
Firm Left: SageView Advisory Group
Firm Joined: EP Wealth Advisors

Role Changes

• Elizabeth Goldsberry promoted to Chief Risk and Operations Officer at The Kresge Foundation
• Matthew Cole promoted to Assistant VP at Alliant Energy Corporation
• James Griffiths promoted to Deputy Chief Operating Officer & General Counsel at Arizona Christian University Endowment
• Jay Mansur promoted to Vice President and Chief of Staff at Asbury Theological Seminary Endowment
• Adeel Shakir promoted to Director - Senior Investment Advisor at Bank of Singapore
• Matthew Kerwin and Hyo Bae promoted to Associate Investment Director at Brandywine Group Advisors
• Gary Young promoted to City Manager at City of Naples (FL) Police Officers' Retirement System
• Edward Thompson promoted to Senior Investment Manager at Greater Manchester Pension Fund
• Phoebe Stone promoted to Chief Sustainability Officer at LGT Wealth Management
• Lawrence Kochard has stepped down as Co-CIO to a Senior Advisor and Board member at Makena Capital Management
• JJ Garton promoted to Chief Investment Officer at Makena Capital Management

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