The world’s largest alternative asset manager attracted the funds from RBC clients through a marketing push aimed at wealthy Canadian investors, Bloomberg reported, citing a source and a filing. The windfall brings the total assets in the fund, known as BXPE, to about US$8.5 billion. (Bloomberg)

Talking point: Institutions have traditionally been the biggest investors in private equity, but investments by individuals are on the rise. The latter are on track to more than double the value of private equity assets over the next six years to reach nearly US$12 trillion, according to data provider Preqin. RBC has been in talks with money managers about how to get its clients to invest more in private markets. Blackstone’s global head of private wealth Joan Solotar told Bloomberg that Canada has an “under penetration” of individuals investing in private markets. In response to growing interest, J.P. Morgan Asset Management launched its own private equity fund for wealthy Canadian investors in November.