- GP stakes start attracting individual investors “Private wealth investors are developing a taste for GP stakes.” (Private Equity International)
- JPMorgan’s ETF head poached by Goldman Sachs “The head of JPMorgan’s rapidly growing exchange traded funds business, Bryon Lake, is leaving the firm after steering the manager’s active ETF offerings to record heights. Lake is to take up a position with Goldman Sachs Asset Management, where Mike Crinieri, global head of ETFs, left earlier this year, according to a source close to Goldman.” (Financial Times)
- Bill Gross Warns Investors to Steer Clear of Bond Funds “Without question, bond-fund managers wish to sell bond funds, just as those who invest otherwise hope to market their offerings. My take, however, is more charitable than Gross’: People see what they wish to see.” (Morningstar)
- Grayscale Bitcoin ETF Records First Inflows after $1.6 Billion Losses in 4-Months “On May 3, GBTC recorded a net inflow of $63 million, according to Official data from the investment fund. This marked the first positive net flow for the fund since its conversion to an ETF in January, when 11 new spot Bitcoin ETFs were launched in the U.S.” (FX Empire)
- Apollo Raised $40 Billion in First Quarter, Eyes New Debt Vehicle for Individuals “Apollo Global Management’s profit rose amid robust demand for its private-debt offerings, a segment in which the New York firm plans to expand its offerings.” (WSJ Pro Private Equity)
- Why GP stakes and secondaries units are integrating “Blackstone’s move to combine its GP stakes and secondaries business raises questions on how players in both markets should address potential conflicts of interests.” (Secondaries Investor)
- Calamos launches first ETF from planned suite seeking 100% downside protection “Calamos Investments on May 1 launched the first ETF from its planned suite of 12 structured protection ETFs, products designed to provide investors with 100% downside protection and equity upside up to pre-determined caps over one-year outcome periods.” (Pensions & Investments)
- Janus Henderson Lifts Out Private Markets Team “The transaction is structured as an acquisition of NBK Capital Partners, or NBKCP, a newly established entity in the Abu Dhabi Global Markets for advising and managing alternative investment funds, according to a press release.” (FundFire)
- Exchanges play a vital role in driving ETF liquidity “Near-perfect liquidity in trading—low costs; narrow bid-ask spreads; tight alignment between market price and NAV; and instant, seamless execution—is the holy grail that all players in the ETF ecosystem strive for.” (Vanguard)
- Banks Sell Loans to Private Credit in Balance Sheet Twist “The Barclays-Blackstone deal got little attention at the time but may have marked a new chapter in the evolution of the lending industry since the global financial crisis. As capital rules have gotten tougher, banks have had to exit certain businesses or else cede market share to non-bank rivals.” (Bloomberg)
- Bluerock to Acquire Minority Stake in Townsend; Partnership to Expand Townsend’s Distribution to U.S. Private Wealth Channel “Townsend is a provider of global real estate and real asset investment advisory services, and offers complementary investment management, advisory, and capital solutions via primary funds, secondaries, co-investments and direct investments. Advising clients with real assets in excess of $218 billion, Townsend is an adviser to global public and private pension plans, insurers, sovereign wealth funds, endowments and foundations.” (The DI Wire)
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