UK and US asset management trends

New credit fund launched in EMEA, Asia Pacific & Latin America. Invests in private & public asset-based credit in North America & Europe. AB CarVal Global Credit Opportunities fund generated +4.57% YTD & +7.4% since inception in 2024 February. https://lnkd.in/gA4ZnyJC

While many areas of private markets are facing turbulence, secondaries are proving their resilience. According to the 2025 Secondaries Investor 50 (by Private Equity International & Secondaries Investor), the top 50 secondaries firms collectively raised a record-breaking $522.5 billion between 2020 and 2024. That marks a roughly 10.3% increase from last year’s total of $473.8 billion, which itself was an 8.8% increase on the year prior. Leading the pack? Ardian, which pulled in an eye-watering $57.3 billion, thanks in part to the historic $30 billion close of ASF IX. Executive President Mark Benedetti summed it up well: "That $30 billion fund is a reflection of the fact that all the deals have gotten bigger... Could there be a $10 billion deal next? Yeah, why not?" Curious who else made the list? Here's the list: 👇 Top 50 Secondaries Managers of 2025 👇 1 Ardian $57 bn 2 Blackstone $38 bn  3 HarbourVest Partners $37 bn 4 Lexington Partners $36 bn 5 Goldman Sachs Asset Management $35 bn 6 StepStone Group $31 bn 7 The Carlyle Group (Carlyle AlpInvest) $26 bn 8 Pantheon $22 bn 9 LGT Capital Partners $21 bn 10 ICG $20 bn 11 Coller Capital $18 bn 12 Partners Group $16 bn 13 Dawson Partners $15.8 bn 14 Neuberger Berman Private Markets $13 bn 15 Hamilton Lane $12 bn 16 Ares Management $9 bn 17 CVC Capital Partners $8 bn 18 Future Standard $7 bn 19 BlackRock $5.5 bn 20 Banner Ridge Partners, LP $5.218 bn 21 Committed Advisors SAS $5 bn 22 Brookfield Asset Management $4.8 bn 23 Pomona Capital $4.3 bn 24 AltamarCAM Partners $4.2 bn 25 TPG $4.2 bn 26 Stafford Capital Partners $3.9 bn 27 Kline Hill Partners $3.6 bn 28 Madison International Realty $3.4 bn 29 Industry Ventures $3.3 bn 30 Morgan Stanley Investment Management $3.1 bn 31 Five Arrows $3.1 bn 32 HSBC Asset Management $3 bn 33 AXA Investment Managers IM Prime $3 bn 34 Eurazeo $2.9 bn 35 CBRE Investment Management $2.8 bn 36 Northleaf Capital Partners $2.7 bn 37 Accel-KKR $2.2 bn 38 Churchill Asset Management $2.1 bn 39 Hollyport Capital $2.1 bn 40 LSV Advisors $2.1 bn 41 CF Private Equity $1.9 bn 42 Aberdeen $1.9 bn 43 Capital Dynamics $1.8 bn 44 Leonard Green & Partners $1.6 bn 45 Top Tier Capital Partners $1.6 bn 46 Patria Investments $1.6 bn 47 Ping An Insurance Overseas Holdings $1.6 bn 48 Adams Street Partners $1.5 bn 49 BEX Capital $1.5 bn  50 Willowridge Partners $1.5 bn Link to the full report in comments.

Launch of CapitaLand REIT sign of further opening-up A pedestrian passes the Shanghai Stock Exchange in Pudong New Area. WANG GANG/FOR CHINA DAILY China took another step toward further opening its capital market to international investors as its first foreign-invested consumer real estate investment trust (REIT) made a solid debut on the Shanghai Stock Exchange recently. Analysts said the listing marks a key milestone in the internationalization and diversification of China's REIT market and offers a model for deeper foreign participation under the country's ongoing capital market reforms. CapitaLand Investment Ltd, a Singapore-based property asset manager, listed CapitaLand Commercial C-REIT on the SSE last week. It has raised 2.29 billion yuan ($321.65 million) by issuing 400 million IPO units at 5.718 yuan per unit, exceeding the initial estimate of 2.14 billion yuan by 7 percent. "This can be seen as one of the achievements of the opening-up of China's financial market," said Yang Haiping, a researcher at the Shanghai-based SIFL Institute. "More importantly, having a foreign institution serve as the operator and issuer of consumer infrastructure REITs in China could be an improvement measure aimed at enhancing the operational efficiency of underlying assets." Yang said the introduction of foreign asset managers could help lift the overall performance and yield of China's publicly offered REITs, adding that the market is entering a new phase of transformation from a financing vehicle to an asset management platform. "This transformation will accelerate as REITs benchmark against international standards for infrastructure operations, enhance efficiency and combine financial securitization with professional asset management," he said. As of now, the SSE has seen 51 REIT projects successfully launched, raising a total of 134.39 billion yuan, said the bourse. Looking ahead, it will actively advance the opening-up of the capital market and promote the continuous optimization of the REIT market ecosystem. Wang Peng, a researcher at the Beijing Academy of Social Sciences, said the core value of REITs lies in professional operations rather than mere scale expansion, and China's economic restructuring requires revitalizing existing assets. "REITs serve as a tool for the securitization of asset management capabilities, shifting capital from land appreciation arbitrage toward cash flow value creation," Wang said. Still, Wang highlighted structural challenges such as the lack of professional third-party institutions, insufficient regulatory application in valuation and information disclosure, and limited market depth. He called for improving governance by introducing independent directors and third-party evaluation mechanisms, expanding asset coverage to livelihood-related and emerging sectors, and strengthening investor protections through digital disclosure and compensation systems. Echoing similar views, Bai Wenxi, vice-

BNP Paribas Asset Management has secured EUR 805m for its Agility 2 Co-Investment Fund, with a final close expected in May 2026, according to co-heads of private equity Damien Fournier and Lionel Gomez. Notably, the latest close saw support from BNP Paribas' wealth division, as well as institutional LPs in Central and Eastern Europe. The fund is also now open to non-professionals with a EUR 100K entry point. More below (free to read without paywall): https://lnkd.in/gSFVPAce

Damien Fournier and I are pleased to announce that BNP Paribas Asset Management has secured EUR 805m for the third close of its Agility 2 Co-Investment Fund, bringing us to the middle of the target range of EUR 700m-EUR 900m, only 10 months after the fund's first closing. This great news was announced at the occasion of the IPEM event.     The fund, which aims to provide investors with access to a diversified portfolio of private equity co-investments, with a focus on mid-cap companies across Europe, has already deployed over EUR 300m across 22 co-investments alongside 18 General Partners.   Kudos to all BNP Paribas Asset Management and BNP Paribas Wealth Management teams involved and to the whole investment team Anabel Campos Alemany Baptistin Briu Charles Santens Delphine Lajoinie Geraud Manhes, CFA Jade Taieb Luca Pilotto Nicolas Destang Nicolas Velter Paul Henry Pauline Van Hove Samuel Abitbol Sara Nysten Read more in this article : https://lnkd.in/ednNAv_D Kezia Kho

Lionel Gomez and I are pleased to announce that BNP Paribas Asset Management has secured EUR 805m for the third close of its Agility 2 Co-Investment Fund, bringing us to the middle of our target range of EUR 700m-EUR 900m only 10 months after the Fund first closing. This great news was announced at the occasion of the @IPEM event.    The fund, which aims to provide investors with access to a diversified portfolio of private equity co-investments, with a focus on mid-cap companies across Europe has already deployed over EUR 300m across 22 co-investments alongside 18 General Partners.   Kudos to all BNP Paribas Asset Management and Wealth Management teams involved and to the whole investment team Anabel Campos Alemany Baptistin Briu Charles Santens Delphine Lajoinie Geraud Manhes, CFA Jade Taieb Luca Pilotto Nicolas Destang Nicolas Velter Paul Henry Pauline Van Hove Samuel Abitbol Sara Nysten   Read more in this article from Kezia Kho  https://lnkd.in/en8JT6px

Retail investors have historically been restricted to investing in publicly available equity and fixed income securities. Private companies offer a broader array of investment opportunities and different risk-return profiles. The number of global private equity and venture capital backed private companies is 28 times higher than the number of companies in the MSCI All Country World Investable Market Index.   Our recent global report presents an interesting emerging theme on “Semi-liquid funds: A US$4 trillion opportunity for traditional and alternative investment managers”. Semi-liquid funds have the potential to become a preferred vehicle for democratizing alternative assets, catering to retail investors who may seek exposure to private asset classes. Globally, the number of semi-liquid funds has almost doubled from 238 in 2020 to 455 in 2024, while their AUM has almost tripled from US$126 billion to US$349 billion over the same period; and is expected to reach US$4.1 trillion in AUM by 2030. It is estimated that retail investors will likely contribute more than 40% of this total AUM.   Can alternative and private investing for retail investors continue to gain traction in India too? The building blocks seem to be falling into place - In India, GPs are increasingly beginning to focus on domestic LPs as a pool of capital. Emergence of family offices has seen a significant increase - likely 300+ (and counting) family offices now operate in India, up ~ 10x over the past decade. First generation entrepreneurs (of successful start-ups) being able to have successfully monetised their businesses (through IPOs, fund raises), has led to emergence of a meaningful domestic pool of capital, especially for co-invest situations for PE funds; and are in many cases setting up structured family offices. Indian retail investors are gradually coming up the curve with understanding of the nuances of PE/VC. Domestic LP money is probably at an inflection point in India (just like how the mutual fund industry in India was perhaps 10 years ago). Will the ecosystem mature in India as we are seeing in the West....   To know more, click here https://lnkd.in/gDaBBNUS Dwight Hooper Satoshi Sekine Sam Padgett Vivek Gupta Ritesh Mangla Akil Master Jayakrishnan Pillai Rohit Berry Deepak Mowdhgalya  

'The long-term nature of private market investments, even versus publicly listed shares or bonds, should mean investors can demand a higher level of return over the very long term' https://lnkd.in/ecqFrMsh

💠 From Capital Export to Structural Sovereignty As the founder building a multi-layered ecosystem from Dubai and Zurich, I see the Gulf’s transformation not as growth but as a redesign of global financial gravity. A twelve trillion dollar shift is underway. Sovereign funds, family offices, and private capital are no longer allocators; they are becoming architects of capital intelligence, fusing liquidity, regulation, and technology into one cognitive system. When Goldman Sachs secures a wealth license in Riyadh, when Piper Sandler builds in Abu Dhabi, when J.P. Morgan and BNY Mellon establish headquarters, it signals more than expansion it signals realignment. The Middle East is no longer a destination for capital. It is becoming a generator of structural sovereignty, comparable to New York post-Bretton Woods or Singapore in the early 2000s. At elegant hoopoe, we operate precisely at this intersection where health, AI, and capital merge into a living, intelligent ecosystem redefining value creation itself. ⚕️⚕️⚕️ #SovereignCapital #MiddleEast #AbuDhabi #Riyadh #GlobalFinance #eleganthoopoe #AIinFinance #WealthIntelligence #CapitalReformation