US asset management company's big deal — capital concentration signal captured by relational risk Today (2026-03-23) major M&A and investment news from US asset management companies and hedge funds are analyzed from the perspective of relational risk.
Today's key news
BlackRock, EQT, CalPERS consortium acquires AES for $33 billion
Source: ESG Today | 2026.3.2
2. Sovereign wealth funds bypass private equity funds and double direct deals
Source: ai-cio.com | 2026.1.27
3. JPMorgan acquires Apple Card from Goldman Sachs
Source: Banking Exchange | 2026.1.14
4. Revival of $1 trillion in PE buyouts — Reshaping the North American market landscape
Source: FinancialContent | 2026.3.18
5. Vanguard vs. Fidelity 2026 — Minimizing ETF market share gap
Source: WSJ | 2026.1.13
Relational risk perspective analysis
Signs of capital concentration
A common pattern seen in the news collected today is the network concentration mechanism where a small number of capital absorbs larger assets.
BlackRock-EQT-CalPERS' acquisition of AES is not a simple M&A. The fact that a public pension (CalPERS) and a private PE (EQT) have formed a consortium with the GIP division of the world's largest asset management company (BlackRock) shows that the boundaries between public funds and private capital are blurring.
Sovereign wealth funds’ shift toward direct deals is a sign of disintermediation, cutting out private equity funds. This means that dissatisfaction with the PE fee structure has passed the critical point, and is in the same context as the expansion of direct investment in Korea's NPS.
What relational risk captures
Financial statements are records after the game is over. The real risks are first signaled by changes in executive networks, CB investor behavior, and governance structures.
RaymondsRisk·RaymondsIndex tracks the networks of 3,109 Korean listed companies and 49,446 executives in real time.
#relationalrisk #raymondsrisk #raymondsindex #konnectai
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