Alternatives Watch

PGIM will have a new president and CEO next year with the appointment of Jacques Chappuis becoming effective on May 1, 2025, officials announced today. Chappuis, formerly co-head of Morgan Stanley Investment Management, will succeed David Hunt, who will retire on July 31, 2025 after 13 years with the PGIM. Reporting to Andrew Sullivan, head of International Business and Global Investment Management for Prudential Financial, Chappuis is charged with leading the firm’s growth across both public and private markets. https://lnkd.in/g4TZ6k5R

The Kern County Employees' Retirement Association (KCERA) added three new private market funds, according to recent disclosures. https://lnkd.in/gkC32_GY

The Carlyle Group again reported strong performance as total assets under management reached $447 billion in Q3, up 3% from the previous quarter and 17% year-over-year, driven by appreciation and inflows. More details below! https://lnkd.in/gpuDX4rx

If Joe Biden could be seen as successful in the eyes of hedge fund traders, it may boil down to the fact that the industry has hit a new historical record of $4.5 trillion in assets as he gets ready to make his exit from the Oval Office — far surpassing the $3.5 trillion high during the Donald Trump administration. In the story below are even more interesting stats to consider following this morning's news of Trump winning. https://lnkd.in/gYe4Bu-U

Allianz Global Investors has created a joint venture with AlTi Tiedemann Global to create a private markets offering for ultra high-net-worth wealth clients. https://lnkd.in/gz5HynBX

Private markets are expanding across all credit sectors—from commercial mortgage-backed securities to senior loans—as traditional lending contracts. Even the largest alternative investment firms are capitalizing on this shift. #privatemarkets #privatecapital #alternativeinvestments #alts #privatecredit #directlending #ABF Oaktree Capital Management, L.P. McDermott Will & Emery Easterly EAB Risk Solutions

Nuveen Private Capital (NPC) has named Katherine Elmore-Jones as partner and head of Private Equity Business Development in Europe. https://lnkd.in/gDCpTKDi

Our ranking is in ascending order, with the most popular story at the end of this post. Spoiler alert: a recent personnel move at the Teacher Retirement System of Texas took the top spot, but the ranking reflects the wide breadth of the alternative assets industry as our readers showed interest in topics including fund closings, reinsurance, the converge of alts and retail platforms, earnings, acquisitions and the companies providing the industry's tech stack. https://lnkd.in/gsdyBEKE

The global alternative asset manager signed a memorandum of understanding with Saudi Arabia's Public Investment Fund (PIF) to establish a new $2 billion private equity platform, while separately agreeing to acquire minority stakes worth $2.3 billion in four U.K. offshore wind farms operated by Ørsted. https://lnkd.in/ge3D3xpp

Boston-based Berkshire Partners has raised $7.8 billion for its largest fund since its inception in 1986, officials announced today. https://lnkd.in/gEPuxPrp