AGM Alts & Wealth Weekly News Roundup | 3.20.26

Key Takeaways

• AGM launches community, advisory board, and RIA field trip.
• HNW households now hold 40% of US investable assets.
• EBITDA multiples for $10bn+ RIAs rose to 21x.
• Goldman invests $42.5M in GeoWealth, expanding TAMP capabilities.
• Blackstone raises over $12B for Asia PE fund.

Summary

The AGM Collective announced the launch of its AGM Community, an advisory board of RIA executives, and its first RIA field trip in New York for May 19‑20. Across the private‑markets landscape, asset managers are pivoting toward high‑net‑worth (HNW) households, now controlling 40% of U.S. investable assets, while valuation multiples for $10bn‑plus RIAs rose to 21x. Major firms are deepening platform capabilities: iCapital acquired Hexure for annuity processing, Goldman Sachs took a $42.5 million minority stake in GeoWealth, and Blackstone closed a $12 billion Asia‑focused PE fund. These moves signal intensified focus on integrated wealth‑management solutions and robust fundraising in alternative assets.

Pulse Analysis

Private‑market firms are accelerating integration with wealth‑management channels as high‑net‑worth individuals dominate the addressable market. Cerulli’s data showing HNW households control 40% of U.S. assets has prompted asset managers to deepen RIA partnerships, a trend reflected in rising EBITDA multiples for large advisory firms. This valuation premium rewards organic growth and specialized services, encouraging advisors to adopt technology and niche product offerings to capture affluent client demand.

Platform consolidation is another hallmark of the current cycle. iCapital’s acquisition of Hexure adds end‑to‑end annuity processing, while Goldman Sachs’ $42.5 million stake in GeoWealth bolsters its turnkey asset‑management platform for RIAs. These moves enhance distribution efficiency and enable customized portfolio construction, positioning firms to meet sophisticated client expectations and to compete with emerging fintech solutions.

Fundraising momentum remains strong despite broader market volatility. Blackstone’s $12 billion close of its Asia‑focused buyout fund, Partners Group’s $1 billion India‑focused vehicle, and Triton’s €5.5 billion flagship raise illustrate sustained investor appetite for private‑equity exposure. Simultaneously, infrastructure investors like ICE are building data ecosystems for private credit, aiming to improve transparency and pricing. Collectively, these developments suggest a resilient private‑markets ecosystem that is increasingly data‑driven, client‑centric, and globally diversified.