March 2025

In this edition, we unpack the past month’s biggest moves in alternative investments and take a closer look at Real Assets.

In the news, Oaktree closed a record $16bn distressed debt fund. PSG raised $8bn for AI-driven software investments, while Blackstone secured $5.6bn for clean energy projects. Thoma Bravo launched a €1.8bn European software fund, and Invesco closed a $1.4bn direct lending fund. Balyasny Asset Management L.P. entered venture capital with $350m, KKR is closing on $20bn for N American fund, and JPMorganChase expanded private credit to $60bn. Apollo acquired Bridge Investment Group for $1.5bn, while Blackstone and Hamilton Lane grew their alternative asset strategies. And hedge funds increased exposure to crypto ETFs, betting on Bitcoin’s rise.

Featured Articles:

• Real assets in institutional portfolios – Kurt Jovy (Universal Investment Group)

• Investing in organic farmland – Christopher Zuehlsdorff (Iroquois Valley Farmland REIT)

• Sustainable forestry trade-offs – Charlie Sichel (FLS Group AG (Forestry Linked Securities)

• Commodity talent wars & shifts – Philip Muir (EM Commodities)

• Data-driven commodity pricing – Florence Broderick (General Index)

• New ways to invest in renewables – Mortimer Menzel (Augusta & Co)

• Renewable natural gas: market poised for growth – Jack Velasquez (Marex)

In Letter from America, Prosek Partners’ Mark Kollar discusses the growing momentum to allow private equity in defined contribution plans like 401(k)s.

We wrap-up with our regulatory review from RQC Group, where the team break out the FCA’s Asset Management and Alternatives – Supervisory Strategy letter, published on 25 February, and in the US, examines the latest developments in the Corporate Transparency Act saga.