Analysis of private markets across private equity, credit and infrastructure, focussing on capital allocation, product strategy and investor demand.
Arizona State Retirement System has awarded BNP Paribas Asset Management Alts a further $600 million mandate for its significant risk transfer strategy, taking its total commitment to $1 billion. The deal highlights growing institutional demand for private-market credit strategies linked to bank balance-sheet risk transfer. Arizona State Retirement System (ASRS) has awarded BNP Paribas Asset…
Victory Capital is to acquire First Eagle Investments for approximately $7 billion, creating a global asset manager with around $571 billion in total client assets. The deal will see Victory pay approximately $4.4 billion in cash and $2 billion in newly issued shares, while assuming $575 million of First Eagle debt. The transaction is expected…
KKR has closed its fifth global infrastructure fund with $19.2bn of commitments, making it the largest infrastructure vehicle in the firm’s history. The Core+ strategy targets critical infrastructure across North America and Western Europe, underlining continued institutional demand for long-duration private assets despite a more selective fundraising environment. KKR has closed its latest global infrastructure…
Institutional appetite for private infrastructure is accelerating, with energy transition and AI-driven demand helping push the asset class towards a new fundraising record. Private infrastructure fundraising surged by more than 60% in 2025 to $211bn, taking global infrastructure assets under management to $1.6trn, according to Boston Consulting Group. Infrastructure now represents around 10% of global…
ELTIF 2.0 is beginning to reshape how private-market strategies reach European wealth investors, with a rapidly expanding fund universe and growing emphasis on evergreen and semi-liquid structures. But the next stage of growth will depend less on regulation and more on distribution, operational infrastructure and investors’ understanding of liquidity risk. Europe’s ELTIF market is entering…
T. Rowe Price and Goldman Sachs Asset Management have launched an interval fund combining private equity, private credit, real assets and infrastructure. The vehicle marks another step towards bringing institutional-style private markets exposure into wealth and retirement portfolios through a single, professionally managed structure. T. Rowe Price and Goldman Sachs Asset Management have launched a…
Carlyle AlpInvest has reached the hard cap for its second dedicated single-asset continuation vehicle fund, underscoring growing institutional demand for GP-led secondary transactions. The fundraising reflects the continued evolution of the private equity secondary market as investors seek liquidity while retaining exposure to high-quality assets. Carlyle AlpInvest has completed the final close of AlpInvest Atom…
BlackRock has integrated Preqin Benchmarks and Indices into its Aladdin investment platform, giving institutional investors access to standardised private market performance data within their portfolio management workflows. The move represents another step towards bringing private assets onto the same technology infrastructure used for public markets. BlackRock has expanded the capabilities of its Aladdin investment platform…
Munich Private Equity has launched its second European Long-Term Investment Fund (ELTIF), underscoring growing momentum behind the revised ELTIF 2.0 regime as asset managers seek to broaden retail access to private equity investments. The European market for private assets continues to evolve following the introduction of the revised ELTIF framework, with Munich Private Equity unveiling…
BNY says the operational infrastructure supporting private assets must change as wealth managers increase allocations, highlighting how technology is becoming the key enabler of convergence between public and private markets. The traditional divide between public and private markets is beginning to blur as financial institutions overhaul the technology and operating models needed to support growing…