The Carve-Out | CalPERS ups PE exposure, Advent seals Reckitt's deal, EQT's strong H1
Private Equity Wire®
Private Equity Wire provides highly relevant and actionable information for GPs, service providers, and LPs.
This week in private equity
💪 Private markets remain a favourite among UHNW and HNW investors, with most citing stronger returns over public options as the key driver, according to Connection Capital LLP .
⬆️ CalPERS , the largest US public pension fund, plans to boost its private equity allocation after delivering its best return since 2019 – an 11.6% gain.
💸 In private credit, ongoing shifts in global trade sparked by Trump’s tariff policies are creating structural opportunities for investors, according to Moody's Corporation ’s.
🌏 Meanwhile, Apollo Global Management, Inc. will manage the Singapore government's $1bn Private Credit Growth Fund which offers non-dilutive financing to local companies.
🫧 On dealmaking: Advent International is to acquire a majority stake in Reckitt’s Essential Home division in a $4.8bn deal – one of the largest consumer transactions of the year.
🎤 And what happens when companies stay private longer? Schroders Capital ’s Benjamin Alt answers that and more in our latest Alternative Views.
The Week in Numbers
📈 32% – EQT Group ’s performance for the first half of 2025, driven by rebounding exit activity and solid fund performance across the board.
🗝️ 401(k) – The $12.4tn retirement market at the centre of Trump’s proposed executive order, which could open the door to private equity investments.
⛽ $25bn – The amount Blackstone is set to invest in co-located data centre and natural gas projects in Pennsylvania, in a large-scale infrastructure push.
🪑9 – The number of operating partners Ama Capital has added to its team, bringing an array of experience from Mubadala to the BBC .
Latest Private Equity Wire® research
Our LP Special: Understanding a new generation of private markets investors report is now live. To receive a copy, please visit here.
The Bottom Line…
'Private markets aren't for everyone' – a statement that is being reinforced, but not in the conventional sense, as the industry charges towards democratisation.
Historically the equation was simple, people or institutions without millions to spare – and lock up for more than half a decade – couldn't access private funds. But the ticket size has been dropping rapidly down the wealth chain, targeting the pockets of high-net-worth individuals and families worldwide. Now, it's looking like the average retail investor will be accessing these investments through their pension plans.
But private markets still aren't for everyone. We're launching a special report on hybrid funds next week, and a key theme emerging from our research is that education is critical – to ensure those coming to private investments do so with a long-term mindset, no matter how liquid the fund structure. Dipping in and out of private markets is pointless, and could cause losses. These asset classes occupy a very particular position in portfolios.
With wealth advisors using their discretion to keep high-net-worth individuals patient, a much wider awareness net will need to be cast once the 401k floodgates open.
Aftab Bose, Head of Content, Private Equity Wire®
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3wEQT's H1 is looking super strong, almost as strong as my desire for more coffee after reading this! 😉 CalPERS boosting PE exposure is also quite the power move. Excited to see what happens next! #PrivateEquity #FinanceNews #CoffeeNeeded