Veteran First Republic team launches wealth platform, and more...
Good Morning. Institutional allocators are active, with Fresno County committing $140M, New York State Common allocating $1.5B, and New Jersey DOI deploying nearly $2B across alternatives. Jacksonville Police and Fire is reviewing large-cap equity managers, while Chicago Metro launched an RFP for infrastructure fund managers.
In wealth management, General Catalyst debuted GC Wealth ($2.3B AUM), Ampersand Partners added a $700M Wells Fargo team, and Cetera, Raymond James, and RFG Advisory expanded with new recruits.
Private markets saw FPV Ventures file for its second fund, HPS raise $250M for direct lending, and Lexington launch a $346M co-investment fund, while Mayfair Equity closed its £500M growth fund.
Let’s dive into the latest updates across institutional allocators, wealth managers, private markets, and other news.
Institutional Allocator News
- Fresno County Employees’ Retirement Association (FCERA) committed $140M across five private equity and credit funds, including $40M to Ardian VI Levered and $35M to 400 Capital Distressed Debt. The pension is also targeting $125M for private markets in 2025 and planning a $80M launch for its non-core infrastructure program in 2026.
- New York State Common Retirement Fund (CRF) closed $1.5B in December allocations, with $200M to Summit Partners Co-Invest, $125M to Blackstone COF IV, $100M to Pearl Diver Nautilus Series 2024, and $400M in IPI Partners III real estate.
- Jacksonville Police and Fire Pension Fund is reviewing US large-cap core equity manager candidates, including Aristotle, Jacobs Levy, JPMorgan, Waycross, and Northern Trust, while transitioning $86M from WEDGE Capital’s small-cap fund to its SMID Cap Value strategy.
- New Jersey Division of Investment (DOI) committed nearly $2B across nine funds, including $400M to StepStone’s Real Estate SMA Fund, $400M to Blue Torch SMA with co-investment, and $150M to TCW Direct Lending SMA.
Wealth Allocator News
- General Catalyst launched GC Wealth, a $2.3B independent wealth platform, led by former First Republic executive Dave Breslin and a team of 20+ advisors.
- Ampersand Partners recruited Lang Investment Group, a $700M team from Wells Fargo, marking its third Wells Fargo team acquisition in recent months.
- Cetera Financial Group added Corporate Plans Retirement Strategies, a $250M White Plains, NY-based firm, expanding its wealth management services for business owners and high-net-worth individuals.
- Raymond James recruited Tulsa-based advisor Valerie Zwosta, bringing $110M in client assets and establishing Zwosta Wealth Management of Raymond James.
- RFG Advisory expanded into Colorado and New York, launching TrekNorth Investment Management in Denver and Matterhorn Private Wealth in Rochester and Buffalo.
Private Fund News
- FPV Ventures filed with the SEC for its second fund, following its $457M debut fund in 2022.
- HPS Investment Partners raised $250M for T Direct Lending Holdings, an open-end fund focused on senior debt for middle-market companies.
- Lexington Partners launched an access fund for its sixth co-investment vehicle, raising $346.1M from 495 investors, with Merrill Lynch assisting in marketing.
- Mayfair Equity Partners closed Mayfair Fund III at £500M (~$652.8M), attracting institutional LPs across North America and EMEA.
Other News
- Ares Management appointed Kipp deVeer and Blair Jacobson as co-presidents, while naming Kort Schnabel as the new CEO of Ares Capital, effective April 30.
People Moves
Job Changes
Kurt Lofters - Director of Institutional Relationships
Firm Left: Southeastern Advisory Services, Inc.
Firm Joined: Balentine & Company
Spencer Comeaux - Investment Analyst, Hedge Funds
Firm Left: Texas Permanent School Fund
Firm Joined: Employees' Retirement System of Texas
Lizzie Decarlo - Wealth Advisor
Firm Left: UBS
Firm Joined: Klingman & Associates
Role Changes
- Jay Kraunelis promoted to Vice President at Aspen Grove Capital
- Raphael Max promoted to Economist and CIO at Octo-Trust Family Office
- Seth Meyer promoted to Senior Business Analyst at Acuity, A Mutual Insurance Co
- Konstantin Plotko promoted to Principal at AlpInvest
- Kumar Ghosh promoted to Head of Social Investment at Barrow Cadbury Trust
- Ruben Mutsaers promoted to Senior Director, Investment Strategy, Portfolio Solutions at bfinance
- Giorgio Paone promoted to Associate, Private Markets at bfinance
- Hugo Day promoted to Senior Investment Analyst at Church Commissioners for England
- Jackson Campbell promoted to Investment Associate at Church Pension Group
- Rich Forrest promoted to Associate Director, Head of Investment Strategy at Isio
- Jerry Yang promoted to Senior Research Analyst at Key Bank
- Meg von Schroeter promoted to Private Equity Senior Associate at Neuberger Berman
Dakota News
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