Baylor CIO Says Private Credit Doesn't Pay for Its Risk; JAY-Z-Backed MarcyPen Targets $1B

Baylor University's roughly $2.6B endowment holds zero exposure to private credit, with CIO Dave Morehead saying during a Dakota Live! podcast panel that the asset class doesn't compensate investors for the risk taken. Brockenbrough, a multi-client OCIO managing about $1.5B for roughly a dozen endowments and foundations, has independently reached the same conclusion, citing weak capital-multiple economics over a typical seven-year fund life. Separately, Neuberger Berman senior portfolio manager Michael Holmberg pointed to stress signals building across the space, noting payment-in-kind notes now make up roughly 12% of a typical private credit vehicle's holdings.

On the allocator side, Anne Arundel County Retirement and Pension System is weighing $130M in commitments across private equity, credit and infrastructure as part of its 2026 pacing plan, while Oklahoma Police Pension and Retirement System approved $75M in new private equity commitments following a review by its investment consultant.

In GP fundraising, MarcyPen Capital Partners – the firm formed through the merger of Shawn "JAY-Z" Carter-backed Marcy Venture Partners and Pendulum Opportunities – is targeting $1B for its third opportunities fund, four times the size of its predecessor; PAG reportedly plans to raise a new Asia buyout fund of around $4B; and Jefferies Credit Partners is seeking roughly €1B for a private credit secondaries fund structured as a continuation vehicle.

In leadership news, Building Service 32BJ Funds, the $13B umbrella fund serving SEIU 32BJ members, named Antonio Rodriguez as its inaugural CIO, promoting him from director of investments. Rodriguez said he plans to raise the fund's infrastructure allocation to 12% from 9% over the next year.

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

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