Tis the Season ... for Pacing

Good Morning. The holidays may be past but pacing season continues, as Connecticut Retirement said it plans to invest $6.75B across infrastructure and natural resources, real estate, private credit, and private equity this year, while Rhode Island State Pension is targeting $505M across private equity, private credit, and real estate. Connecticut also disclosed $900M in recent commitments to funds managed by Levin Leichtman, Strategic Value Partners, Basis Investment Group, and GCM Grosvenor, and Rhode Island invested $55M in Antares' third senior loan fund and $27M in a CBRE-managed, core-plus real estate vehicle.

Institutional Allocators

  • Boston Retirement System decided to retain Segall Bryant & Hamill as its international small cap equity manager and named three finalists for its private infrastructure search, while Santa Barbara County said it plans to kick off searches for discretionary private equity and private real return consultants.
  • The San Antonio Fire & Police Pension Fund made a $25M allocation to Towsend's fourth real estate fund, and the Oklahoma Firefighters Pension & Retirement System approved a $15M commitment to Humphreys Capital's Humphrey Fund V.

Wealth Allocators

Private Funds

  • Third time was the charm for tech investor Francisco Partners, whose oversubscribed third opportunistic credit fund raised $3.3B, a hefty $1B above target and a healthy increase from the $2.2B raised by its 2021 vintage predecessor.
  • Frontenac may count 13 as a lucky number, after it hit the $900M hard cap on the thirteenth generation of its flagship fund targeting growth buyouts in the middle market.
  • Fellow Chicago-based manager GCM Grosvenor raised $800M for the first fund of its Elevate strategy, which aims to seed small, emerging, and diverse private equity managers. It received significant backing from CalPERS, which committed $500M.
  • Moving from emerging managers to emerging markets, Allianz Global Investors had a busy day, closing its €450M Emerging Markets Climate Action Fund in partnership with the European Investment Bank while also serving as lead, alongside StepStone Group, in backing a $400M private debt vehicle from Guggenheim Investments.
  • Finally, in the VC world, San Francisco’s SV Angel raised $330M for its sophomore growth fund that targets Series B and later investments in tech startups.

On the Move

Job Changes

Brook Cox - Vice President, Retirement Plan Consultant
Firm Left: Fidelity Strategic Advisors
Firm Joined: OneDigital Investment Advisors

Bhavna Khurana - Senior Portfolio Manager
Firm Left: InterOcean Capital
Firm Joined: Focus Partners Wealth

Role Changes

  • Joyce Zhang promoted to Managing Director, Investments at Wallace Foundation
  • Anthony Tang promoted to Director - Head of Public Markets at Toronto Transit Commission Pension Plan (TTCPP)
  • Ashleigh O'Brien promoted to Managing Director at CornerStone Partners
  • Skylar Kate Beaver promoted to Director of Development at Lawrenceville School Endowment
  • Harley Hudson promoted to Equity and Options Trader at Osaic
  • Katharina Lindmeier promoted to Head of Sustainability Strategy at National Employment Savings Trust
  • Salvador Martin promoted to Investment Analyst - Private Markets at Colorado Fire and Police Pension Association
  • Grace Olson promoted to Senior Associate, Private Equity at Thrivent Financial for Lutherans
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