Hamilton Lane closes first venture access fund, and more...

Good Morning. Institutional allocators remain active, with Houston Police targeting $555M in 2025 alts and committing $15M to NB RESOF II, while Texas CDRS allocated $200M across private equity and credit. Kentucky Teachers committed $50M to a core fixed income fund, Dallas ERF reduced its Ariel allocation and dropped WAMCO, and Canadian pension BCI bid £1B+ to take infrastructure firm BBGI private.

In wealth management, Commonfund OCIO named a new CIO, Cambridge appointed a head of investment products, and Alp Ercil is shutting his $3B hedge fund to launch a family office.

Private funds saw Hamilton Lane close its $615.3M venture fund, Hitachi target $400M for its fourth CVC fund, and Kindred Ventures seek $200M for its next VC fund. SWEN Capital closed a €112M mezzanine debt fund, and Allianz and BNP invested in Natixis’ second sustainable land fund.

Let’s dive into the latest updates across institutional allocators, wealth managers, and private markets.

Institutional Allocator News

• Houston Police plans to allocate $555M in 2025 across private equity, credit, and real estate. The pension also added $15M to Neuberger Berman’s RESOF II, bringing its total commitment to $50M. HPOPS also disclosed the 2025 potential pacing targets for its alternative investments portfolio as staff recommended a $360M allocation to private equity, $105M to real estate, and $90M – or $45M split between two funds – to private credit.
• Texas CDRS committed $50M to Pamlico Capital Fund VI and $150M to Arbour Lane - TX, a follow-on to its $175M investment in Arbour Lane’s Credit Opportunity Fund IV.
• Kentucky Teachers allocated $50M to Galliard Capital Management’s Core Fixed Income Fund, increasing its $3.5B fixed income exposure towards a 15% target.
• Dallas ERF cut its Ariel Global Fund allocation from $94M to $40M, and terminated Western Asset Management, reallocating $200M to Northern Trust Aggregate Bond Index.
• Canadian pension BCI made a £1B+ bid to take infrastructure firm BBGI Global Infrastructure private, a deal expected to close in Q3 2025.
• Commonfund OCIO appointed former Tulane Endowment deputy CIO Julia Mord as its new CIO, overseeing the development and management of diversified global investment program implemented across multiple nonprofit investment portfolios.

Wealth Allocator News

• Cambridge hired Harison Sidhu as first VP of investment products and research, leading the growth and development of the firm's research offering across product lines and portfolio strategy and due diligence.
• Alp Ercil is closing his $3B hedge fund Asia Research and Capital Management to establish a family office. Following last year's $1B return from its Fund IV, ARCM plans to distribute an additional $3B to investors as it liquidates its remaining assets.  The firm will reportedly transition to a family office structure, retaining a smaller team to manage partner capital.

Private Fund News

• Hamilton Lane closed its first globally distributed venture fund, securing $615.3M at final close, surpassing its $500M target. Hamilton Lane Venture Access Fund I opened May 2023.
• Hitachi launched HV Fund IV, aiming to raise its largest managed corporate venture capital (CVC) fund under the management of its CVC arm, Hitachi Ventures. HV Fund IV has a target of $400M and will be established on April 1, focusing on innovative startups with cutting-edge technologies like data centers, distributed energy, and industrial AI.
• Kindred Ventures filed for its fourth flagship fund (Kindred Ventures IV), aiming to raise $200M. The technology-focused VC firm targets opportunities in startups' earliest rounds of financing, particularly pre-seed and seed-stage stages.
• SWEN Capital closed its third vintage mezzanine debt fund, SWEN Mezz Flex 3, valuing €112M at final close. Launched at the end of 2022, the fund focused on SMEs in health, technology, and industrials.
• Natixis' second sustainable land fund, Mirova Sustainable Land Fund 2 (MSLF2) had its first close with capital commitments from Allianz's French Arm, BNP Paribas Cardif, and Abeille Assurances, among others. Launched in 2024 as a blended finance vehicle that utilizes capital from both public and private sectors, the fund aims to decarbonize agricultural and forestry value chains.

People Moves

Job Changes

Mehreen Nadir - Senior Vice President, Client Strategist
Firm Left: Majid Al Futtaim Family Office (Majid Al Futtaim Trust)
Firm Joined: BNY Mellon Wealth Management

Abraham Garcia - Wealth Advisor
Firm Left: Schwab Branch, Roseville
Firm Joined: Capital Planning Advisors

Ali Naqvi - Managing Director, Real Assets
Firm Left: University of King's College Endowment
Firm Joined: CPP Investments

Michael Serra - Senior Retirement Investment Analyst
Firm Left: Centurion Group, a Marsh McLennan Agency LLC Company
Firm Joined: Wilmington Trust

Role Changes

• Hameer Vaid promoted to Managing Director, Real Estate Investment Strategy at Alvarez & Marsal Family Office
• Trevor Nargis promoted to Manager of Investment Operations at Annex Wealth Management
• Maire-Kate McGlynn promoted to Vice President - Hedge Fund Research at Cliffwater
• Sol Enenmoh promoted to AI Regional Lead at HSBC Holdings
• Desmond Tam promoted to Senior Associate at Investcorp Tages
• David Schnell promoted to Head of Diversified Portfolios, Investment Trusts at JANA Investment Advisers
• Emily Corzel promoted to Managing Director at Jefferies Prime Brokerage
• Lewis Brody promoted to Investment Specialist - Multi-asset Portfolio at State of Michigan Investment Board
• Megan Witman promoted to Senior Investment Analyst - Head of International Equity at Monticello Associates
• Vincent Rustill promoted to Investment Associate at Cambridge University Endowment Fund
• Chris Harvey promoted to Director, Philanthropy at University of Melbourne Endowment
• Dan Barner promoted to Senior Investment Analyst at Windmark Investment Partners
• Pat Paoli promoted to Director at Windmark Investment Partners

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