Re-engaging private markets: The $2.1B Dallas Police & Fire Pension System plans new commitments in buyouts, secondaries, and private credit later this year as it continues unwinding legacy holdings.

Current exposure: Private markets make up 18% of the portfolio, with only 8% active; roughly 10% remains in legacy, illiquid, or impaired holdings like Huff Energy.

New strategies: The board approved an $80M multi-asset credit mandate with ITG for the public credit sleeve, expected to fund later this year.

Liquidity considerations: Trustees are reviewing the $196M “safe reserve” and exploring options to deploy some capital more actively, potentially paired with lines of credit or securities lending.

Implications for PE managers: Ongoing scrutiny of fund structure, pacing, and liquidity is expected, with asset allocation discussions potentially accelerated to reflect evolving market conditions.

Yes! Communities talks: Singapore’s GIC and Brookfield are reportedly in discussions for a potential $10B sale of manufactured housing operator Yes! Communities. GIC initially acquired a 71% stake in 2016 for over $2B; no deal is guaranteed.

CalPERS backs junk-bond ETF: The California Public Employees’ Retirement System committed ~$2B as anchor investor in JP Morgan’s new actively managed high-yield ETF (JPHY), marking the largest active ETF debut on record.

Mubadala trims Du stake: Abu Dhabi’s Mubadala sold a 7.55% stake in Emirates Integrated Telecommunications Company (Du) for $858M, retaining just over 2% post-sale. The offering was oversubscribed by global and domestic investors.

Pension commitments:

Future Fund CIO Transition: Ben Samild steps down as CIO of Australia’s Future Fund after 12 years to join the Abu Dhabi Investment Council; Deputy CIO Hugh Murray assumes the role on an interim basis during the search for a permanent replacement.

Ontario Teachers’ Equities Leadership: Dale Burgess is named executive managing director for equities at OTPP, moving from an interim role to permanent, while continuing oversight of the infrastructure and natural resources team until a successor is appointed.

Broader Access: Alternatives are being democratized through interval funds, hybrids, and low-minimum vehicles, opening private markets to investors starting at $50K.

Key Opportunities: Growth equity, venture, private equity (as small-cap substitute), and private credit stand out, with special situations and infrastructure adding diversification.

Challenges Ahead: Success will hinge on rigorous due diligence, investor education, and liquidity management in a bifurcated market of liquid hybrids vs. illiquid UHNW strategies.

Nicholas C. Godfrey and Benjamin R. Bigler register Arwa, d/b/a AspenRidge Wealth Advisors, as an independent RIA in Fort Worth, TX, following affiliation with Ameriprise Financial Services.

Corient acquires $4.5B Connecticut-based RIA Northeast Financial Consultants, marking entry into the state; Corient recently added European wealth managers Stonehage Fleming and Stanhope Capital Group ($214B AUM) and Boston-based Breed’s Hill Capital ($3.5B).

MAI Capital acquires $570M Summit Financial Advisors (San Mateo, CA), enhancing its $35B total asset base.

Wellspring Family Office sells an unspecified stake to The Pritzker Organization; Wellspring manages $4.2B for 144 clients, including high-net-worth individuals and charities.

Raymond James adds $319M Montecito, CA team from UBS and $100M Texas advisor from Baird, strengthening its employee advisor channel.

Prime Capital Investment hires Joanna Cecilia-Fleming in NY, expanding Northeast presence.

WSFS Financial promotes and hires senior leadership across Bryn Mawr Trust and Bryn Mawr Trust Advisors.

Alma Bank partners with Cetera to expand Alma Wealth Management through a dual-employee program.

Trade Republic partners with Apollo and EQT to offer retail investors private market access with a €1 minimum.

JFM Securities in Australia expands into private equity, managing AUD 5B ($3.33B) for 5,000+ clients.

New Fund Launch: Swedish private equity firm EQT introduced its first European Long-Term Investment Fund (ELTIF) under the updated ELTIF 2.0 regime, part of its EQT Nexus evergreen suite. The fund will focus on private equity, infrastructure, and real estate investments across Europe, North America, and the Asia-Pacific regions.

Broader Access for Investors: The debut ELTIF is designed to expand access to private markets for non-professional investors, with a lower minimum investment than traditional private asset structures. Distribution will be supported by private banks and wealth platforms starting in November.

Strategic Rationale: EQT sees the ELTIF as a diversification tool for investors heavily concentrated in public equities, bonds, and mutual funds. The launch reflects growing interest in private wealth channels and the rising importance of evergreen fund structures in portfolio strategies.

Industry Trend: EQT joins peers including Blackstone, Schroders, Ares, Hamilton Lane, JP Morgan, AXA, StepStone, BlackRock, and New York Life in adopting the ELTIF framework, highlighting a broader push to make private markets more accessible and liquid for a wider range of investors.

Advent International: Has raised $20B for its flagship buyout fund YTD, aiming for a mid-$20B close next year; also considering a ~$3B vehicle for smaller buyouts.

GTCR: Launching a $1B single-asset continuation fund for Consumer Cellular, with Evercore and Raymond James advising.

Crux Capital: Closed inaugural fund at $342M (oversubscribed, $330M hard cap), targeting consumer and commercial services companies with $5M–$100M revenue.

Erisbeg: Irish PE firm raised €175M ($206M) for its second fund, focusing on SMEs in Ireland’s business services sector; investors include Allied Irish Banks, ISIF, Goodbody, and Bank of Ireland.

Crane Capital Partners: Launched a $135M VC fund for early-stage startups in India, Singapore, and Australia, focusing on AI software, infrastructure, security, and deep tech; follows a $450M Europe & APAC partnership with MassMutual Ventures.

Scale Investors: Raised AUD 26M ($17.3M) for its debut VC fund, targeting female-focused angel investments; notable backers include the family of designer Carla Zampatti, Minderoo Foundation, and Thickins Family Office.

Ares Management: Planning a €1.5B ($1.76B) continuation fund for legacy European loans from its direct-lending strategy, with Campbell Lutyens advising.

Monroe Capital: Launching a private credit strategy in Australia and New Zealand via partnership with Bennelong Funds Management; a local registered vehicle is expected soon.

ICG Infrastructure Fund II: London-based ICG raised €3.15B ($3.70B) for its Europe-focused fund, oversubscribing its €2B target; Santa Barbara County ERS committed $10M.

BRIDGE Housing Impact Fund I: West Coast affordable housing developer launched debut fund with $50M anchor commitments from KeyBank and BMO, targeting $350M to invest $1B in housing across CA, OR, and WA.

GLP China Income Fund XIV: Singapore-based GLP closed latest China income fund with nearly RMB 2B ($280.7M), seeded with five stabilized logistics and industrial assets in China.