Apollo interval fund portfolio manager Spencer Propper resigns
He leaves the portfolio manager role Sept. 30 and remains an Apollo partner through March 2027, with no successor named in the fund's disclosure.
September 29
The Sponsors Desk 2 stories this week · 20 total
EQT's wealth push is a wrapper bet
Hamilton Lane's survey of 390 advisors gives sponsors the demand curve they will spend against; the shelf decides which vehicles absorb it.
StratCap ends its sale review and keeps the redemption queue in-house
With no buyer to inherit the obligation, the standalone sponsor now owns the liquidity risk its own review had put in play.
Invesco's NAV REIT raise climbed 71% as per-share value held flat
The wealth channel keeps buying NAV real estate, but Invesco is still paying — in bonus shares, fee cuts and a discounted tender — to keep the subscriptions coming.
Blackstone puts dealmakers over the BREIT franchise
Katie Keenan, BREIT's chief executive, now reports to two co-heads chosen from operations and acquisitions, and the monthly return advisors track fell to 0.6% in August.
Ares buys shelf space with yield; PSP funds the growth
Both nontraded REITs raised payouts the same day the industrial fund brought in a 49% partner for a $2.4 billion logistics venture — distribution rates are a cost of shelf space, and this quarter the queue made them cheap.
Starwood's $1 billion JV keeps the buildings and raises the cash
The joint venture is the fourth instrument in the redemption playbook, and the mark it creates is the one advisors will read.
BlackRock Private Credit Fund names new CEO and president after multi-role departure
The wealth channel's redemption-facing seat changes hands at the credit end of the semi-liquid shelf, where fundraising is hardest.
Partners Group moves Layton to CIO as redemptions bite
The Swiss manager is putting its most senior investor in charge of the assets just as evergreen redemptions test the firm.
XA's Evanston fund is an interval conversion in waiting
The $91 million tender-offer fund would convert to a daily-NAV interval structure by 2027, giving XA a hedge fund anchor when credit and real estate crowd the shelf.
Origin's interval fund puts $159.7 million to work in six weeks
Three bridge-loan closings in 45 days turn $5,000 wealth-channel minimums into institutional-size multifamily credit.
Pender Fund Proxy Moves Management to American Beacon
A governance reset that keeps portfolio management in place — and a vote that will show whether shareholders accept the split.
JLL Income Property Trust pays $137M for Indiana warehouse
The nontraded REIT's industrial allocation is now its biggest, at 38% of the portfolio.
Crescent BDC's Hall adds president title as Barrios exits
The nontraded BDC consolidates leadership in Eric Hall as its net assets approach $549 million and a fresh $3 billion offering runs.
Apollo's daily-pricing push reshapes the semi-liquid pitch
Daily marks would change how advisers read private credit, without changing the redemption queue that defines the wrapper.
PCAP taps Norinchukin Bank for $292.5M, cuts revolver cost
The nontraded BDC locks in a 2038 maturity at SOFR plus 1.58% while expanding its Scotiabank revolver.
Evanston Multi-Alpha converts to interval fund under XA Investments
The $100 million hedge fund program moves to XA Investments and onto a daily-NAV interval structure, bringing the semi-liquid model to an institutional strategy.
Apollo pushes daily pricing for private credit funds
A daily NAV on assets that don't trade is the next adviser-access test for the semi-liquid wrapper.
JLL Income Property Trust adds $137M Indiana warehouse
A $137 million industrial purchase in Whitestown, Ind., pushes the daily-NAV nontraded REIT's industrial holdings to the top of its portfolio.
Apollo sets $150B wealth target, semi-liquid funds at core
Apollo anticipates the global wealth channel could represent half of its annual third-party fundraising by 2029, with semi-liquid strategies central to the plan.