Alameda County Eyes New Equity Managers, Tightens Alts Oversight

Alameda County Employees' Retirement Association is launching a formal search for one or more managers to run a global core equity mandate representing 20% of its public equity portfolio, with the $15B pension planning to issue an RFI to fewer than 20 firms by end of June and fund the mandate in early 2027. The prospective universe spans both quantitative and fundamental strategies, including active extension, with consultant NEPC recommending at least two managers. ACERA's investment committee also tightened oversight of its private markets portfolio, which remains underweight across nearly every alternative asset class despite outperforming its benchmarks, with private equity at 7.2% against an 11% target and real estate at 5.82% versus 8.2%. A pending natural resources re-up with an existing oil and gas manager is expected before the full board at the July 1 meeting.

Among other allocator developments, NEST committed £200M to IFM Investors' NextGen Infrastructure Credit strategy as part of a broader plan to grow its private markets allocation from approximately 18% to 30% and deploy £5B through IFM by 2030; the Chicago Metropolitan Water Reclamation District Retirement Fund ratified a commitment of up to $40M to Brookfield Super-Core Infrastructure; and the Medford Contributory Retirement System narrowed an international equity search to three finalists: MFS, PanAgora, and Wellington.

On the fundraising side, Warren Equity Partners is expected to close its fifth flagship fund at roughly $2.8B, double the $1.4B raised for its predecessor. Also in the pipeline, Trinity Hunt Partners filed with the SEC for its eighth flagship vehicle targeting $1B, a 43% step-up from the predecessor that closed at its $700M hard cap in February 2024. And in European venture, Merantix Capital closed its €103M AI Fund, more than three times the size of its predecessor, targeting early-stage AI startups across Europe.

In other news, Blackstone capped redemptions from its $79B Blackstone Private Credit Fund at 5% of shares outstanding after investors sought to withdraw 10% of shares in the Q2 tender offer– a shift from Q1, when the firm raised its cap to 7.9% to fulfill all requests. Separately, London-based Hg intends to increase its combined ownership in HgCapital Trust – which gives investors access to some of Europe's largest privately held technology companies – from approximately 6% to over 15% through on-market share purchases, citing the trust's 26% discount to net asset value.

Read on for all the day’s fundraising news headlines.

Barings closed over $19B for a single direct lending strategy. Antares finalized $8.5B more. Both in the same month.

Private credit isn't competing for LP allocations — it's becoming a core sleeve alongside public fixed income.

The shift is structural. Insurance, institutional, and wealth channels are all moving in the same direction, at scale.

Dakota's May 2026 Private Markets Review tracked 1,419 transactions totaling $194.5B in disclosed value — with private credit leading fundraising headlines by a wide margin.

Download the report →

Return to Table of Contents

Return to Table of Contents

Return to Table of Contents

Return to Table of Contents