Family Office & RIA Weekly Roundup

Take a Lap Around the Industry

• Volatility Spurs Institutions to Beef Up Their Tactical ETF Use (Bloomberg)
• Consumers Have a Debt Problem: Not Enough of the Right Kind (WSJ)
• Fed Cuts Rates by Half Percentage Point (WSJ)
  
• BlackRock, Microsoft Aim to Raise $30 Billion for AI Investments (Bloomberg)
  

Insight Partners is nearing the close of a $10 billion fund, signaling a cautious revival in the venture capital (VC) market after a steep downturn since 2022. Although the new fund is half the size of Insight’s original $20 billion target, it reflects growing confidence among larger VC firms as they navigate an environment still lacking IPOs. This trend follows other major firms like Andreessen Horowitz and General Catalyst, which have collectively raised billions in recent months. Despite challenges, including limited exit opportunities, a recent uptick in acquisitions—like Mastercard’s $2.65 billion purchase of Recorded Future—has provided some liquidity relief. Additionally, Insight has employed creative strategies, such as a private equity-style continuation fund, to manage cash flow and return capital to investors. While tech investment has cautiously rebounded, no one expects a return to the frenetic activity seen in 2021.

"New investment has definitely picked up, but no one expects it to go back to 2021 levels, and no one wants it to.”

Insight Partners

Private Funding Pulse Check

• Manchester-based clinical-stage biopharmaceutical company, F2G, has secured $100M in funding with backing from Merifin Capital Family Office
• Backed by James Simons' family office, Euclidean Capital, Nura Bio, a clinical-stage biopharmaceutical company focused on developing neuroprotective small molecule therapies, has secured $68M in funding
• DailyObjects, India's largest seller of smartphone cases and designer tech accessories, raised over $10M in a recent funding round led by 360 One Ventures
• Backed by Witt Stephen's family office, Stephens Group, Ledgebrook, an InsurTech company based in Boston has raised $17M in Series B funding 
  Source: FINTRX Data

M&A Activity Tracker 🚨

• EP Wealth Advisors completed its fourth RIA acquisition of the year by acquiring Atlanta-based CornerCap Investment Counsel, which manages $1.1 billion in assets
• The acquisition expands EP Wealth's geographic presence in the Southeast, aligning with their goal to become a nationwide RIA offering local, boutique advisory services
• CornerCap CEO, Cannon Carr, will now serve as a regional director and partner with EP, while several other key executives, including co-founder Tom Quinn, will remain in senior roles
• EP Wealth has made 33 acquisitions since receiving backing from Wealth Partners Capital Group in 2017, with recent deals including RIAs in Utah, California, and Texas
  (Citywire)

Hong Kong is actively courting wealthy Middle Eastern investors as part of its strategy to bolster its reputation as a global wealth management hub. Amid an outflow of foreign capital during the pandemic, the city is now focusing on attracting ultra-wealthy clans and family offices from the Gulf. Recent events, such as a forum hosted by the Hong Kong Jockey Club Charities Trust featuring members of the Saudi and Abu Dhabi royal families, highlight Hong Kong’s commitment to building stronger ties with the Middle East. The region offers a new source of capital for Hong Kong, which is striving to regain its footing after losing some of its status as the gateway to China. While there have been a few missteps, Hong Kong’s efforts—backed by improving air travel links and increased focus on accommodating Gulf investors—reflect its ambition to reestablish itself as a global financial hub in the post-pandemic era.

"China, Hong Kong and the Middle East are at an all-time high in terms of geopolitical relations.”

Patrick Tsang 

Private Market Investments Gain Traction as Firms Seek Retail Exposure

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