Alaska Permanent Cuts Private Markets Targets; IMRF Approves $430M in New Commitments

Alaska Permanent moved to formalize a shift in its private markets posture, with its board unanimously approving a reduced target allocation for fiscal year 2027 that trims private equity, real estate, and private income each by 1 percentage point while redirecting 2 points to public equities. CIO Marcus Frampton cited the erosion of PE's return premium as a central driver. The $90B sovereign wealth fund's annual PE commitment pace holds at $1.5B for FY2026, but roughly 80–85% is directed toward re-ups. Separately, the fund is initiating a benchmarking review of its Cambridge-based PE benchmark, which currently excludes energy despite the fund holding roughly 5% of its PE portfolio in the sector.

Among other US allocators, Illinois Municipal Retirement Fund approved up to $430M across five funds – including up to $125M each to JPMorgan and Macquarie infrastructure vehicles and re-ups with Left Lane Capital, Manulife Comvest, and Turning Rock – and separately approved the full redemption of its approximately $100M mandate with Brown Capital Management. Elsewhere, Oregon Public Employees Retirement Fund committed $150M to Arctos Sports Partners Fund III, a re-up matching its 2023 commitment; Teachers' Retirement System of Oklahoma is moving to shift its US equity portfolio to 100% passive management; and New York State Insurance Fund awarded five-year fixed income mandates across four categories, selecting PGIM and JPMorgan for high yield, Voya and BlackRock for bank loans, Octagon Credit Investors for CLOs, and Neuberger Berman as multi-strategy manager.

On the GP fundraising side, EQT set a €21B target for EQT Infrastructure VII, with a hard cap to be determined later; the vehicle's strategy is expected to be materially in line with its predecessor, which closed at €21.5B in March 2025. Goldman Sachs held a first close of West Street Infrastructure Partners V at $3B, reaching roughly 75% of the fund's $4B target in under six months; and SMBC Nikko Securities is reportedly considering launching a mezzanine fund targeting approximately $627M, working with One Investment Management as a partner; a first close is expected at the earliest by year-end.

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

The US public pension system spans 800+ plans. But 24 of them — just 2.9% — control nearly 60% of all assets.

Everything meaningful in private markets flows from that concentration.

And yet most managers still treat the universe as if it's flat. Wrong consultant. Wrong contact. Wrong tier.

Dakota's definitive US public pension report maps all of it — allocation behavior, consultant gatekeepers, CIO transitions, and $309B in recent commitments — across the full $9T system.

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