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The Virginia Retirement System made $1.325 billion in commitments and mandates across private equity, asset-based credit, public equities and growth companies, according to materials from its Oct. 15 board meeting. The largest single award was a $400 million mandate to J.P. Morgan Hybrid Growth, which invests in both public and private growth companies. It sits …

Asset managers are working to sell private equity and private credit to everyday investors, and many of those investors want in. But a new Deloitte survey suggests the people most eager to buy these products often don’t understand how they work, and the way they invest may not fit them. Deloitte surveyed 1,049 U.S. retail …

55ip, a fintech platform and a subsidiary of JP Morgan Asset Management, is expanding its unified managed account offering for RIA channels.  The platform’s UMA offerings include model portfolios with separately managed accounts from JP Morgan Asset Management and BlackRock.   The firm expects more asset managers to be added later this year.  The offering, 55ip …

Wellesley Hills Financial, a digital investment bank, which serves the lower- to upper-middle market, has launched an advisory practice.  The unit, named WHF Fintech & Payments Institute, provides services to fintech, payments, and B2B software companies.  The Institute team includes senior advisor O.B. Rawls, founding team lead Mark Bishopp, founder and managing member Adam Hark, …

KKR has agreed to sell Infinity Transportation to funds managed by Ares Management at an enterprise value of approximately $2.9 billion, transferring a major North American railcar leasing platform to Ares’ infrastructure and insurance investment businesses. The buyers are Ares Infrastructure Equity and Ares Insurance Solutions funds. Atlanta-based Infinity owns and manages approximately 50,000 railcars …

Tradeweb Markets Inc. has agreed to buy Trumid Holdings, an electronic credit trading marketplace, for about $1.97 billion. The price includes $1.75 billion for the business and about $220 million for tax assets. Tradeweb will pay about $1.89 billion in cash, mostly from cash on hand, and $82 million in equity. Trumid will move Tradeweb …

Executive Summary The bond market delivered a warning last week: Concern about an artificial intelligence debt bust can outweigh inflation anxiety, at least temporarily. Investors sought safety in U.S. Treasurys as AI-linked credit sold off, pushing government yields lower despite stronger-than-expected inflation readings. The move revived an argument that an AI credit unwind could become …

Wholesale prices surged in September as energy costs spiked, posting the largest monthly increase in more than four years, the Bureau of Labor Statistics reported. The Producer Price Index for final demand rose a seasonally adjusted 1.3% in September, following increases of 0.5% in August and 0.2% in July. It was the biggest monthly gain …

The largest wealth transfer in history is creating a divide inside family offices. Newer offices run by younger generations are more willing to take risks and are investing in private markets differently than established ones. Meanwhile, the bigger challenge for many families is no longer returns but deciding who makes the investment decisions. BlackRock surveyed …

Two financial advisors formerly affiliated with J.P. Morgan have launched a registered investment advisory firm, Latigo Peak Partners.  Palm Beach Gardens, FL-based firm Latigo Peak, founded by Phil Scott and Jim Atwood, manages roughly $18.6 billion in total client assets and includes a team of 48 financial professionals.  The firm provides wealth and estate planning, …

KKR has agreed to sell Infinity Transportation to funds managed by Ares Management at an enterprise value of approximately $2.9 billion, transferring a major North American railcar leasing platform to Ares’ infrastructure and insurance investment businesses. The buyers are Ares Infrastructure Equity and Ares Insurance Solutions funds. Atlanta-based Infinity owns and manages approximately 50,000 railcars …

Construction companies facing labor shortages, tight margins and more complex projects are spending heavily on artificial intelligence. A new survey from consulting firm BRG suggests the money is producing measurable savings, even as many firms are still working out where AI fits and how to measure its returns. The report, “AI in Construction: Measurable Results, …

The largest wealth transfer in history is creating a divide inside family offices. Newer offices run by younger generations are more willing to take risks and are investing in private markets differently than established ones. Meanwhile, the bigger challenge for many families is no longer returns but deciding who makes the investment decisions. BlackRock surveyed …

Construction companies facing labor shortages, tight margins and more complex projects are spending heavily on artificial intelligence. A new survey from consulting firm BRG suggests the money is producing measurable savings, even as many firms are still working out where AI fits and how to measure its returns. The report, “AI in Construction: Measurable Results, …

Wealth management firms are continuing to explore how their clients can leverage initial public offerings and how artificial intelligence-related technology will change the advisor-client relationship.   Scott Victoria, President of TradePMR, discusses opportunities ahead for RIAs and how AI plays a role in the evolving wealth space.  Robinhood acquired TradePMR last year.  The following responses have …

Tether and London-based Fasanara Capital have launched StableFund, an evergreen private credit vehicle backed by $400 million in sponsor co-investment and designed to raise as much as $3 billion from outside institutional investors. The fund will invest in short-duration, asset-backed credit opportunities sourced through Fasanara’s global fintech lending network. Its strategy will focus on financing …

The Virginia Retirement System made $1.325 billion in commitments and mandates across private equity, asset-based credit, public equities and growth companies, according to materials from its Oct. 15 board meeting. The largest single award was a $400 million mandate to J.P. Morgan Hybrid Growth, which invests in both public and private growth companies. It sits …