September 2025
In market news, the scale of activity among big names continues to climb. Carlyle closed its $20bn secondaries fund, while Coller raised $6.8bn for credit and Stone Point secured $11.5bn for its flagship vehicle - all underscoring investor appetite for larger platforms. Haveli marked a $4.5bn debut, BlueFive raised $2bn, and Ning Jin launched Avantyr. Apollo’s $5bn sports fund reflects growing interest in niche strategies, while Abu Dhabi’s Lunate taking a stake in Brevan Howard highlights sovereign wealth’s deepening influence. From Millennium’s $1bn commodities bet to CalPERS increasing its alternatives allocation, momentum across the asset class shows little sign of slowing.
In Opinion, Ovata Capital’s James Burdett argues that, despite the rhetoric of “financial democracy,” retail investors remain structurally disadvantaged. He points to skewed odds, high fees, and limited tools that consistently leave individuals underperforming professional markets — even as brokers and platforms profit handsomely.
Rise of the UAE
Salmaan Jaffery, DIFC Authority — outlines Dubai’s growing position in private markets, supported by its regional wealth and developed financial eco-system.
Nick Smith, Highbrook Capital Consultants — reflects on ADGM’s first decade, transformed into a thriving funds centre anchored by sovereign wealth and now expanding to meet growing demand.
Emmanuel Givanakis, ADGM FSRA — highlights the jurisdiction’s appeal for hedge funds, citing progressive regulation, sustainable finance initiatives and a maturing funds ecosystem.
Owen McLennan & Anna Terrizzi, Dentons — examine how DIFC and ADGM are shaping private credit regimes, each with distinct regulatory approaches to an asset class in high demand.
Mazen Najjar, Marex — points to the realities of hedge fund launches in the Gulf, where credibility, structure and relationships matter as much as perfomance.
Alex Gemici, Greenstone — stresses the UAE’s growing importance for global fund managers seeking alternative pools of capital as traditional mar-kets tighten.
Christine Cairns, PwC — explores the deepening UAE-UK wealth corridors, fuelled by migration, regulation and cross-border investment flows.
Richard Aldridge, Black Swan Group — notes how private credit growth is reshaping the regional talent map, driving demand for specialised skills across DIFC and ADGM.
In Letter from America, Prosek Partners’ Mark Kollar examines Washington’s push to broaden access to alternatives via retirement plans, a potential game-changer for the $12tn market. While advocates highlight diversification and higher returns, critics flag liquidity, fees and opacity as key risks. The debate underscores both the momentum behind private markets and the regulatory scrutiny that will shape their integration into mainstream savings.
Regulation-wise, RQC Group reviews the FCA’s sharpened focus on culture and accountability, extending non-financial misconduct rules to hedge funds and consulting on streamlining SMCR. Enforcement remains active, with Market Watch 82 and fines against Sigma and H2O. In the US, FinCEN has delayed new AML rules, while the SEC intensifies oversight of fees, conflicts and fiduciary breaches.