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Murphy is among a slew of executives who left Credit Suisse in the wake of the bank’s acquisition by UBS at the direction of the Swiss government in March.

The system was unable to finalize the decision at an earlier meeting.

The fund is co-led by Apollo S3, Blackstone Strategic Partners and Five Arrows.

“What happens if one of the managers decides to lay off 10% of staff of one of their investments? Can you imagine the headlines and pressure on us to step in and prevent that from happening,” said one board member.

KKR Ascendant Fund is likely one of several new adjacencies the firm has created to capture deal flow in niche and smaller spaces no longer suitable to its ever-growing flagship strategy.

One extra step from GPs on the fundraising trail might prove a giant leap into Asia’s growing private wealth market.

The Alaska Permanent Fund has made $195m in commitments across seven different private equity vehicles.

The US pension fund reached the final round of their considerations on 6 April and unveiled a new commitment.

GP stakes giant Petershill Partners has released its latest annual results. Plus: Eurazeo and Rhône Group are parting ways following the former's CEO change; and a Permira veteran has joined Asia's Hillhouse. Here’s today's brief, for our valued subscribers only.

Consultant Wilshire projects an expected 10-year return of 9.9% for private equity.