April 2025

Looking back at March and markets offered a preview of the turbulence and confusion we have seen extend into April. Volatility picked up significantly, driven by rising trade tensions and what were then only tariff threats from the US. In this unsettled environment, the HFRI Fund Weighted Composite Index fell 1.1%, with equity-focused managers particularly hard-hit.

It is a toss-up figuring out what has been the most used or overused word this past week, and uncertainty is likely at the top of the list. So to move away from the market action, let us examine a seemingly niche SEC discussion in recent weeks that may clear the air a bit and ease some burden on how issuers can verify accredited investors.

In the last several years, individual investors have increasingly embraced semi-liquid evergreen funds to access private markets investments for their portfolios. These funds tend to offer some of the same benefits as drawdown funds, namely diversification and attractive returns, but with lower investment minimums and periodic liquidity.

Over the past decade, democratisation of private assets, or retailisation, has been an important subject of discussion in the asset management industry. EU policy makers agree that it is essential to unlock the EU savings channel to raise funds back into the economy, and the EU and UK set out to create vehicles through ELTIF and LTAF.

Private markets, once the domain of institutional investors and 10-year closed-end commitments, have opened to a broader audience of private wealth. Key to this transformation has been the rise of semi-liquid evergreen fund structures, perpetual private market funds with periodic liquidity windows.

Retailization, the application of retail principles to industries beyond traditional retail, is reshaping global business models. The demand for seamless, intuitive and highly personalized customer experiences is pushing companies in finance, healthcare, automotive and real estate to rethink how they engage with their customers.

EQT Group closed its sixth infrastructure fund, EQT Infrastructure VI, at its EUR 21.5 billion hard cap, marking one of the most significant infrastructure fundraises to date and 35% larger than the previous vehicle. Around 50% has already been committed, with the fund deploying capital across 12 investments globally.

Smaller Swedish PE house Pophouse Entertainment, focused on music and entertainment investment and co-founded by Björn Ulvaeus of ABBA and EQT founder Conni Jonsson, closed its debut fund with over EUR 1.2 billion raised. The artist-centric strategy focuses on acquiring and integrating publishing, recording and name, image and likeness rights.

While fundraising is undoubtedly hard work, it is far from impossible, as demonstrated by London-based Oakley Capital and its sixth flagship private equity fund, Oakley Capital Fund VI, which secured EUR 4.5 billion in only six months. The fund continues the strategy of backing founder-led, mid-market businesses across Europe.

San Francisco-based software-focused private equity firm Turn/River Capital announced the final close of its sixth fund at $2.5 billion in total commitments, 85% larger than its predecessor. The oversubscribed fund exceeded its initial target of $2 billion, reflecting strong demand from existing and new limited partners.

Falfurrias Capital Partners closed its sixth fund at $1.4 billion, surpassing its target and marking a sharp increase from its previous $850 million raise in 2021. The Charlotte-based private equity firm now manages $1.8 billion in active funds and focuses on software, fintech, business services and food sectors.

Blackstone announced the final close of its latest European real estate fund, Blackstone Real Estate Partners Europe VII, securing EUR 9.8 billion in capital commitments, making it the largest European real estate drawdown fund ever raised based on third-party commitments. The fund is focused on value-add opportunities across Europe.

ICG closed its fifth GP-led secondaries fund, ICG Strategic Equity Fund V, with $11 billion in commitments, well above its $6 billion target and more than double the size of its predecessor. In parallel, ICG raised EUR 3 billion for its latest flagship credit vehicle, ICG Mid-Market Fund II.

Pantheon announced the final close of its Pantheon Secondary Opportunities Fund II and related vehicles, securing $1.1 billion in commitments, nearly double the size of its $624 million predecessor in 2021. Focused on the GP-led secondaries market, the fund targets high-quality managers and continuation vehicles.

DWS and Deutsche Bank announced a partnership to expand private credit opportunities by combining the origination expertise of Deutsche Bank with the EUR 110 billion alternatives platform of DWS. Through the arrangement, DWS gains preferred access to asset-based finance and direct lending originated by the bank.

With institutional partnerships in vogue, Emirates NBD partnered with BlackRock to launch a dedicated private credit and alternative investment platform tailored to the growing wealth market of the UAE. The initiative will provide high-net-worth and affluent clients access to private credit, infrastructure and real estate.

Warburg Pincus LLC signed a Memorandum of Understanding with Hassana Investment Company, one of the largest pension fund managers in the world, overseeing approximately $300 billion in assets. The strategic partnership aims to explore investment opportunities in Saudi Arabia, aligning with Vision 2030 objectives.

Boston Celtics, one of the most iconic and successful franchises of the NBA, agreed to be sold for a record $6.1 billion in a landmark deal that underscores the surging value of professional sports teams. The transaction includes a group of investors led by private equity giant Sixth Street.

Millennium Management committed $4 billion to two high-profile allocations. On 25 March the firm allocated at least $2 billion to Pleasant Lake Partners, a long/short equity fund. Earlier in the month Millennium seeded Lane42 Investment Partners with a $2 billion capital commitment and a minority equity stake.

Despite growing competition from global financial hubs like London, Singapore and Hong Kong, New York remains the undisputed centre of billion-dollar hedge funds, home to 164 firms. According to data from With Intelligence, London ranks second, roughly half the size of New York.

The art of succession planning is critical in ensuring the long-term stability and success of an investment firm. In the past month, Business Insider has highlighted the pivotal roles Alan Howard and Chris Rokos continue to play in their respective firms, underscoring how key figures in the hedge fund industry maintain influence and control.

BlackRock CEO Larry Fink released his annual Chairman's Letter to Investors on 31 March 2025, emphasising the importance of democratising access to private markets. He highlighted the potential of tokenisation to enable fractional ownership, and proposed a shift from the conventional 60/40 split to a 50/30/20 model that includes private assets.

Following the Asset Management and Alternatives portfolio letter, the FCA on 5 March 2025 published its multi-firm review of private market valuation practices, alongside a press release asserting that the growth of private markets requires a continued focus on valuations. The review identified some sound practice, but also room for improvement.

On 25 March 2025 the FCA launched a new five-year strategy for 2025 to 2030, to deepen trust, rebalance risk, support growth and improve lives. The strategy aligns with a broader government aspiration for regulators and regulation to support UK growth, and notes particular opportunities and challenges in the run-up to 2030.

Once the longest established single manager hedge fund in Europe, Odey Asset Management is presently winding down and no longer conducts regulated activities. On 17 March 2025 the FCA specified the action it would take against Crispin Odey, namely to fine him GBP 1.8 million and ban him from the UK financial services industry for a lack of integrity.

The Securities and Exchange Commission updated its Marketing Rule FAQs, providing new guidance for investment advisers on the application of the Marketing Rule. The update introduced two new responses to questions addressing the presentation in advertisements of extracted performance and certain other portfolio characteristics, such as geographic returns.

The Division of Corporation Finance of the SEC recently issued an interpretive letter providing additional insight into what constitutes reasonable steps to verify the accredited investor status of an investor under Rule 506(c) of Regulation D. The letter speaks to some of the uncertainty that had previously deterred widespread use of the rule.