Week of Dakota News at a Glance: Market Insights and Key Investment Moves

Welcome to this week’s Dakota News Recap, where we bring you the latest updates on institutional and wealth allocator commitments, private fund activity, and other significant deals. This edition highlights major capital allocations, fundraises, and strategic moves shaping the investment landscape. Stay informed and ahead of the market with our streamlined insights into the most critical industry developments.

Institutional Allocators

• Kern County allocated $95M across private equity, credit, and real estate, including $30M each to Hudson Bay Real Estate Opportunities, SRE Opportunity Fund V, and OrbiMed Royalty & Credit Opportunities V, plus a $5M co-investment in Project TreeCo – Warren Equity Partners. Plans for $345M in 2025 target private credit ($175M), private equity ($85M), and real assets ($85M).
• UA System Endowment committed $80M to real estate, including $20M in follow-on investment to SRE Opportunity Fund V and $60M to Socorro Dynamic Opportunity Fund. Reallocated from Southeastern Global Equity to Northern Trust MSCI ACWI IMI Fund, aligning with a passive investment strategy.
• Memphis LG&W is evaluating three managers—GQG Partners, MFS Investment Management, and Northern Trust—to replace underperforming JO Hambro in a $46M international equity mandate.
• Oklahoma Firefighters approved a $20M follow-on commitment to Adams Street’s Co-Investment Fund VI, building on a prior $50M investment in Fund V.
• Maine PERS considers increasing Twin Brook allocation to $350M, exceeding its typical $200M limit due to strong performance. Twin Brook is the largest exposure in co-investments at $192M across 24 transactions.
• San Jose Police & Fire committed $158M across seven funds in real estate, private credit, venture capital, and private equity, with new relationships established with IPI Partners, Kayne Anderson, and Friends & Family Capital.
• Louisiana TRS allocated $100M to Crescent Capital’s private credit fund and is reviewing four international large-cap equity managers: Artisan Partners, Baillie Gifford, LSV Asset Management, and MFS Institutional Advisors.

Wealth Allocators

• Goldman Ayco CEO Larry Restieri will take over as Hightower CEO in March 2025, succeeding Bob Oros.
• Stolper AM and DCH Financial merged to form Wealth Oklahoma, focusing on Tulsa-based clients.
• LPL recruited a $300M Arizona team from Ameriprise, bringing in Steve Schulte and Melissa Toler Short under Southwest Wealth Advisory Group.
• Cetera partnered with Mainstreet Credit Union, expanding its presence to 56,000 members and $691M in assets.

Private Funds

• TPG raised $30B in 2024, expects strong 2025 fundraising, launching a new GP-led secondaries fund, an evergreen private equity vehicle, and multiple flagship funds.
• KKR secured $14B for its latest North America buyout fund, targeting $20B, with commitments from Minnesota SBI, Louisiana State Employees Retirement System, and Washington State Investment Board.
• PSG raised $8B across two growth equity funds, with PSG VI securing $6B for next-gen software and PSG Sequel closing at $2B for continuation investments.
• Invesco closed its second direct lending fund at $1.4B, focusing on senior secured loans in the middle-market M&A space.
• EQT launched Nexus Infrastructure, offering investors exposure to €75B in infrastructure investments.

Other Notable Deals & Developments

• Adams Street expanded into Canada, opening a Toronto office led by investor relations principal Colin Miller.
• Capricorn Investment Group backed Closed Loop Partners, joining investors like JS Capital and Schusterman Family Investments.
• BCI exited its stake in Hayfin Capital, selling to Arctos Partners but retaining investments in key Hayfin funds.
• Cresset rebranded its private funds business to Peakline Partners, creating an independent investment entity.
• Oaktree Capital closed a $16B distressed debt fund, focusing on opportunistic credit, rescue financing, and distressed investments.
• BC Partners plans a €6B raise for its 12th flagship fund, opening in Q2 2025 with a first close by year-end.
• Adamantem closed a $221M Environmental Opportunities Fund, investing in sustainable packaging, EV charging, and energy-efficient solutions.
• Junction Growth Investors raised €115M for an Article 9 sustainable investment fund aligned with the Paris Agreement.

This recap highlights the latest investment trends, fundraises, and M&A activities, providing a streamlined update for investment sales professionals. Stay ahead of industry moves with our weekly breakdown!

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