Private markets news roundup: SEI, AssetMark, Ardian, Brookfield, Tikehau, KKR, HarbourVest, AMG, WisdomTree, more

𝗟𝗣𝘀 𝗦𝗲𝗲𝗸 𝗗𝗶𝗿𝗲𝗰𝘁 𝗗𝗲𝗮𝗹𝘀 𝗮𝗻𝗱 𝗟𝗼𝘄𝗲𝗿 𝗙𝗲𝗲𝘀 𝗯𝘆 𝗧𝗮𝗸𝗶𝗻𝗴 𝗮𝗻 𝗔𝗰𝘁𝗶𝘃𝗲 𝗥𝗼𝗹𝗲 Limited Partners (LPs), traditionally "blind pool" investors in private equity, are increasingly seeking a more active role in portfolio management to boost returns, access liquidity, and lower fees. As distributions from Private Equity (PE) funds have slowed, LPs are moving beyond simply selecting managers and are pursuing greater direct involvement. Continuation funds and co-investment vehicles primarily facilitate the shift. Continuation funds allow LPs to renew commitments to specific portfolio assets under new terms or exit the investment. PitchBook data shows this market is growing, with 246 such funds launched in 2024. Co-investments offer LPs another direct avenue, appealing broadly due to their low- or no-fee structures that bypass the typical 2% management fee and 20% carried interest of traditional funds. This reduced cost is a significant incentive, reflecting that LPs are looking for more cost-effective ways to deploy capital. Furthermore, smaller and mid-sized LPs, who often struggle to gain access to the largest, most concentrated funds, are working with independent sponsors on a deal-by-deal basis, allowing for greater discretion. However, this increased direct involvement requires LPs to build specialized investment capabilities and expertise. While the appetite for direct deal exposure is high, obtaining fee-free co-investment opportunities often still depends on having an active primary relationship and being a substantial investor in the original fund. The trend indicates LPs are seeking more specificity and control over their PE returns. https://lnkd.in/eaK2xksA 

Vanguard has launched a suite of five model portfolios in partnership with Lonsec Investment Solutions to offer active-passive solutions for financial advisers. https://lnkd.in/e37YBdHJ

The PENSION REAL ESTATE ASSOCIATION (PREA) explores trends and deal structures in GP-level investments, delving into how investment sponsors and capital providers are navigating evolving governance, alignment and capital strategies. This in-depth piece covers the life cycle of investment sponsors, the evolution from deal-by-deal to mature fund managers, and frameworks for decision-making in GP partnerships. Baylor Miller Daggmill, CFA, Jennifer Wenzel and George Z. https://lnkd.in/eYZAnqUp #GPStakes #GPStake #GPSeeding GP Stakes insights straight to your email: https://lnkd.in/e2ws9VPa

“The Truth About Flexi Cap Funds Nobody Talks About” A few years ago, I thought “Flexi Cap” funds were the smartest invention in mutual funds. Managers can move between large, mid, and small caps depending on the market — sounds like perfect flexibility, right? But the more I studied them, the more I realized something uncomfortable… That flexibility is more of a marketing pitch than a reality. Let me explain. Most Flexi Cap managers rarely rotate between segments. Even though they “can”, they usually don’t — because 70% of their portfolio quietly stays in large caps to keep returns “stable.” Why? Because in mutual fund world, career risk is bigger than market risk. No manager wants to be the one who underperformed peers just because he took bold small-cap bets. So they play safe. They hug benchmarks, tweak a few weights, and call it “dynamic allocation.” Meanwhile, you — the investor — think you’ve bought something flexible. And here’s the wild part most people never hear about: At large fund houses, internal politics often dictates allocation. If their mid-cap fund already holds XYZ stocks, the Flexi Cap fund won’t — not because it’s wrong, but to avoid cannibalizing another fund’s performance. Your returns silently suffer for organizational optics. Add to that: * Cash calls (5–10%) sitting idle in volatile phases. * Massive AUM that kills agility. * Internal limits on how much small-cap exposure a “Flexi” fund can take. Put it all together, and the truth hits you — Most Flexi Cap funds are large-cap funds wearing designer labels. Real flexibility? It exists only when the fund is small, managed by a bold thinker, and not obsessed with short-term rankings. So next time you pick a Flexi Cap fund, don’t look at 3-year returns. Look at how often the manager actually moves between market caps. If small + mid exposure barely changes, your “flexibility” is just a PowerPoint word. Flexi Cap funds aren’t bad. They’re just not what they’re sold as. They’re stability tools — not alpha generators. And once you know that truth, you’ll stop expecting Ferrari performance from a car that was built to drive safely. 💡Bottom line: Don’t buy the “Flexi” story. Track the behavior, not the brochure.

A big week of news in private markets as 401(k)s are top of mind for alternative asset managers and some of the industry's biggest firms continue to grow bigger via acquisition, as Goldman Sachs did with its acquisition of Industry Ventures and Brookfield did with acquiring the remaining stake in Oaktree Capital Management, L.P. ➡️ Blackstone is building out a team to focus on creating products for the defined contribution market, with Heather von Zuben leading the unit's efforts and Tom Nides steering the unit as chairman (The Wall Street Journal's Miriam Gottfried). ➡️ Apollo Global Management, Inc.'s Neil Mehta says that it's time to rethink public and private asset allocation (Citywire's Eva Thomas). ➡️ Blue Owl Capital builds out its defined contribution efforts with the hire of Greg Porteous from State Street (Citywire's Tania Mitra). ➡️ Wellington Management boosts its evergreen fund capabilities with the hire of Bow River Capital executive Michael Trihy, CFA, CAIA (Citywire's Selin Bucak). ➡️ Goldman Sachs acquires $7B AUM Industry Ventures for up to $965M to boost its venture and growth investing across funds, co-investments, and secondaries (Bloomberg's Todd Gillespie). ➡️ Brookfield acquires the remaining stake in Oaktree Capital Management, L.P. for $3B, valuing Oaktree at $11.5B (Bloomberg's Dinesh Nair and Charlie Wells). ➡️ EQT Group says it is on track to deliver 30 exits this year and fundraising for BPEA’s IX is in line with plan and interest in its European real estate fund, healthcare growth fund, and evergreen core infrastructure fund are progressing well (The Wall Street Journal's Dominic Chopping). ➡️ Ardian closes on a record $20B for its European-focused infrastructure fund (Bloomberg's Swetha Gopinath and Claudia Cohen). And much more in the latest Alt Goes Mainstream Weekly News Roundup ... Stay up to speed on the latest industry news across: 🏦 Wealth Management 🌲 Evergreen Funds 💸 Private Equity 💳 Private Credit 🏠 Real Estate 🥈 Secondaries 🛠️ Infrastructure 🥩 GP Stakes 🔬 Private Markets Research Contact me if you'd like to share news articles: michael@theagmcollective.com Subscribe to get every post: https://lnkd.in/eJMPbWJW https://lnkd.in/eu8Yrz8G

A big week of news in private markets as 401(k)s are top of mind for alternative asset managers and some of the industry's biggest firms continue to grow bigger via acquisition, as Goldman Sachs did with its acquisition of Industry Ventures and Brookfield did with acquiring the remaining stake in Oaktree Capital Management, L.P. ➡️ Blackstone is building out a team to focus on creating products for the defined contribution market, with Heather von Zuben leading the unit's efforts and Tom Nides steering the unit as chairman (The Wall Street Journal's Miriam Gottfried). ➡️ Apollo Global Management, Inc.'s Neil Mehta says that it's time to rethink public and private asset allocation (Citywire's Eva Thomas). ➡️ Blue Owl Capital builds out its defined contribution efforts with the hire of Greg Porteous from State Street (Citywire's Tania Mitra). ➡️ Wellington Management boosts its evergreen fund capabilities with the hire of Bow River Capital executive Michael Trihy, CFA, CAIA (Citywire's Selin Bucak). ➡️ Goldman Sachs acquires $7B AUM Industry Ventures for up to $965M to boost its venture and growth investing across funds, co-investments, and secondaries (Bloomberg's Todd Gillespie). ➡️ Brookfield acquires the remaining stake in Oaktree Capital Management, L.P. for $3B, valuing Oaktree at $11.5B (Bloomberg's Dinesh Nair and Charlie Wells). ➡️ EQT Group says it is on track to deliver 30 exits this year and fundraising for BPEA’s IX is in line with plan and interest in its European real estate fund, healthcare growth fund, and evergreen core infrastructure fund are progressing well (The Wall Street Journal's Dominic Chopping). ➡️ Ardian closes on a record $20B for its European-focused infrastructure fund (Bloomberg's Swetha Gopinath and Claudia Cohen). And much more in the latest Alt Goes Mainstream Weekly News Roundup ... Stay up to speed on the latest industry news across: 🏦 Wealth Management 🌲 Evergreen Funds 💸 Private Equity 💳 Private Credit 🏠 Real Estate 🥈 Secondaries 🛠️ Infrastructure 🥩 GP Stakes 🔬 Private Markets Research Contact me if you'd like to share news articles: michael@theagmcollective.com Subscribe to get every post: https://lnkd.in/eRDMhdFv https://lnkd.in/edmE5MVq

The Future of Wealth Management: Thoughts from a Young Professional   ETFs are a favorite among young investors – they’re cheap, simple, and transparent. But is a passive equity strategy really a strategy?   A fully passive portfolio often overlooks key opportunities: diversification across asset classes like structured solutions, private markets, real estate, and alternatives. These assets provide decorrelation, stability, inflation protection, and unique return sources (with potential tax benefits). Ignoring them means leaving value on the table.   At the same time, I’m cautious about traditional “alpha hunting” through stock picking. Many active equity funds fail to outperform after fees, and high costs can quietly erode returns. So, the debate shouldn’t be “active vs. passive” – it should focus on where active management truly adds value.   In my view, the future of wealth management lies in:   1. Strategic asset allocation: Balancing equities, bonds, and alternatives. 2. Tactical flexibility: Adapting to market shifts with purpose, not reaction. 3. and most important - Holistic advice: A trusted partner who walks the journey with you through life’s different stages – aligning investments with tax planning, inheritance, liquidity and risk management, and even philanthropic goals. True wealth management reflects your values, not just your portfolio.   At Vontobel, we believe active thinking is crucial in times of change. Beyond generating alpha across asset classes, we stand by our clients during volatility, ensuring portfolios remain aligned with long-term goals. For us, being active means managing alongside our clients – not just their money – and supporting them in building and preserving wealth across generations.   Bottom line: For long-term investors – especially younger ones – the goal isn’t to be passive, but purposeful. ETFs are a great tool, but they’re just one piece of the puzzle.

Evergreen funds are exploding. Back in March, I wrote a blog on evergreen funds - what they are, how they differ from traditional fund structures, their benefits, etc. Check it out here --> https://lnkd.in/eDAwKYje Fast forward just six months, and I feel like there is a new evergreen fund launching every day. Not only in private credit (where these vehicles are popular for their steady income generation), but in a wide range of alternative asset classes. At dakota, our data and news teams have been closely tracking this evolution. And just in September, we saw a wave of major evergreen launches that really tell the story: Blackstone Infrastructure Strategies ELTIF – expanding access to long-term infrastructure assets for eligible investors across Europe and Asia. EQT Group Nexus ELTIF – bringing private equity exposure to individual investors to the same aforementioned audience. Adams Street Partners Private Equity Navigator (ASPEN) – a perpetual fund offering diversified exposure to over 1,000 underlying companies with quarterly liquidity. Hamilton Lane Global Private Secondary Fund – an evergreen vehicle focused on global secondaries, providing faster deployment and liquidity. Lincoln Financial / Partners Group Royalty Fund – a first-of-its-kind evergreen strategy investing across royalty streams in sectors like pharma, media, and the energy transition. Managers are truly finding ways to meet long-term investor demand with structures built for flexibility and broad access. Do evergreen structures represent the future of private markets? Or will the growth taper? Will a lot of these funds struggle to meet liquidity demands? #evergreen #privatemarkets #alternatives #wealth

This recent article from Buyouts Insider explores how the dynamic between GPs and LPs has evolved over the past decade, from the traditional fund partnerships to a model where institutional investors such as sovereign wealth funds, pension funds, insurance companies, and prominent family offices are now taking stakes in alternatives asset managers directly or by investing through GP Stakes funds. The piece highlights how the GP Stakes strategy has matured into a distinct and compelling approach to private markets, enabling investors to access minority equity positions in leading alternative asset managers and gain exposure not only to their underlying funds but also to the economics of the management firms themselves (e.g., management fees and carried interest). The article also features relevant insights from industry experts, including Michael Rees, Co-President and Head of Blue Owl Capital’s GP Strategic Capital platform (formerly Dyal), the pioneer firm in this space. Rees highlights Blue Owl’s total addressable market of ~$700 billion across the top 250 GPs, as well as the diverse liquidity mechanisms the firm has developed to generate distributions for its LPs within the strategy. #PrivateEquity #AlternativeInvestments #GPStakes #InstitutionalInvesting #InvestmentTrends Read the full article here: https://lnkd.in/eBDnaWV6

As LPs pursue deeper alignment with managers, co-investments and GP stakes are gaining momentum. Charles Korchinski, Director at Eaton Partners and head of our GP stakes business, spoke with Chief Investment Officer about the trend, stating: “This is a way for investors to get exposure to highly profitable businesses that are growing at a pretty rapid clip.” Charles also discusses how insurers are increasingly using GP stakes to enhance alignment and facilitate scaled commitments -- especially in credit and private credit strategies. Read the full story here: https://lnkd.in/e3Rw_jzx #GPstakes #privatemarkets #LPs #privatecredit #credit