The Deals & PE Desk 10 stories this week · 80 total

The investment is Merchant's largest outside the United States and is earmarked for Ironbark's expansion in wealth management, AI, technology and operations.

Harrison Street, which reports more than $110 billion in assets under management, agrees to buy from Antin Infrastructure Partners a district energy platform serving more than 700 customers across 12 cities.

Five vehicles registered on Sept. 28 report no sales; D. Boral's Nscale series placed $2.5 million of a $3 million offering.

Five vehicles naming companies reported roughly $8.5 million of subscriptions on the same filing date that six established managers registered pools with nothing sold.

Franklin Templeton announced a deal and Fidelity listed a fund launch the same day; the log carries no dollar figure for either.

The Chicago brokerage, majority-owned by Hellman & Friedman, manages more than $38 billion in its wealth division and valued itself at $29 billion in May 2025.

A 22,000-advisor contract bought the front end of the client relationship while the week's other wealth deals bought the money sitting behind it.

A $25 billion platform negotiation, a $10 billion Microsoft venture, and two small Brown Advisory filings describe the same trade: pooled capital buying compute, with the wealth channel arriving before anyone has seen the markdowns.

Blackstone, CVC and Eldridge opened commingled funds to zero on the same tape where a single-asset Anduril series reported $42.9 million and four Axcelus insurance accounts took $17.6 million.

The September 21 deals named their parties — Amazon, eight corporates, Japan Airlines — but none named a price per tonne, which is what would turn commitments into a market.

Corebridge and Aegon put $341.2 million into property on one day, both through servicers rather than banks.

Blackstone and Apollo are negotiating the facility while the power contracts and data-center shells that would sit behind it get signed.

A $111 billion RIA repriced its balance sheet in the bank loan market, and the margin it saved is now the spread every rival acquirer has to match.

Four Sept. 17 filings registered with no offering amount and nothing sold, while the rail on the other side of the same business moved on two fronts.

Apex pairs FusionIQ's cloud wealth platform with its clearing rail, aiming the bundle at banks and credit unions before a custodian gets assigned.

A $100 million opportunistic raise at a 560% step-up says the challenger's real asset is the recruiting window, and that window closes the day LPL ships.

Blackstone, Apollo and Anthropic are talking about a $35 billion facility, while the week's data-center and power deals show the physical layer being bought first.

The 9.9% stake is the filing; a decade of exclusive wealth-channel distribution is the purchase, and Amundi's own flow line will grade the price.

The allocation desk matters more to the custodian's shelf than the syndicate credit does to the income statement—the fill rate will prove it.

A $250 million check from Dave Duffield and a $15 million round anchored to 170 custodian connections say the rail is now the scarce asset in wealth technology.

The Series E values Ridgeline at $1.425 billion, and the number underneath it — $750 billion of committed platform assets — is a pipeline its two named clients do not fill.

A $100 million pre-money valuation for an AI portfolio platform is a bet that the 170 custodian connections, more than the model, are what advisors pay for.

Creative Planning's RVK deal buys a seat over $4.3 trillion it will never own, and AlphaCore's family office purchase shows why that seat now carries the multiple.

Two same-day Form Ds put an adviser share class inside a venture fund and a buyout fund at launch, and a wealth manager’s 2027 sleeves show the packaging logic spreading.

The AI portfolio platform's Series A barely outgrew its seed, and the advisory firms on the cap table are why it priced at $100 million.

Seven priced closings summed to just under $1.76 billion, and the only wealth transaction with a number on it came to $22 million.

The tool that drafts the plan decides where the account lands, and Vanguard now owns the moment in between.

A $5 billion compute negotiation puts a federal balance sheet on the demand side of the buildout, and leaves the week's only wealth transaction looking like a different market entirely.

Luminary's $22 million round puts Rockefeller, BNY and Focus on the cap table of the software that decides where a client's assets go at death.

The estate document is becoming software, and the firms positioned to distribute or displace that layer are paying to own a piece of it.

The workshop is the price of admission to a client relationship that starts before the first pro check arrives.

Duke and Oregon partnerships trade financial-literacy workshops for access to athletes who want advice and rarely have it.

The September 4 Form D batch split private funds into empty flagships and fully subscribed series, and the smallest sold line carries the clearest read.

BNP Paribas AM's €1.2 billion junior-debt close and same-week power, fiber and cooling deals show where the AI trade is heading.

BOPG's two royalty feeders and Chicago Pacific Founders' fourth healthcare real estate fund landed in the same Sept. 4 Form D batch, while Cyanhill's $60 million venture fund logged zero sales.

A $176 million cooling deal anchors a 48-hour run in which AI capital moved one layer below the chip, into power and the financing of computing.