Governance shift: Moving from a traditional SAA to a total portfolio approach (TPA) with a simplified 75/25 equity-bond reference portfolio and a 400 bps active risk budget.

Goal: Stronger risk-adjusted returns through cross-asset agility, transparency, and streamlined performance evaluation (11 benchmarks → 1 reference portfolio). Target implementation: July 2026, pending November board approval.

Performance: FY ending June 30 delivered 11.6% total return, beating benchmark by 171 bps.

New commitments (Q1): $8.3B in private markets, including allocations to West Street Climate Credit, Triangle Investment Opportunities II, Brookfield Strategic RE Partners V, JSC Capital Partners, and CA Co-Investment LP.

Next steps: Final vote in November; stakeholder webinar on Dec 4.

Illinois Police Launches $400M PE Search
Illinois Police Officers Pension Fund is seeking managers for a $400M private equity mandate—its first big step into the asset class. The search prioritizes secondaries but allows for buyouts, co-investments, and venture. RFIs due Oct 6; proposals due Nov 14; finalists expected in 2026.

Alaska Retirement Commits $175M, Flags Six Managers
Alaska Retirement Management Board made $175M in commitments: $100M to Fortress Credit VI, $59M to Sculptor Real Estate V, and $25M to Great Hill Equity IX. Six managers—including Baillie Gifford and JP Morgan Strategic Property Fund—were placed on the watch list for performance and organizational changes.

UVM Endowment Allocates $87M Across 10 Deals
The University of Vermont committed $87M, with $33.5M each to American Funds Washington Mutual F3 and Independent Franchise Partners US Equity. PE allocations included $8M to Arlington Capital VII and $7.5M to Great Hill IX, alongside smaller ETF allocations.

LACERA Drops Global Alpha
Los Angeles County Employees’ Retirement Association terminated Global Alpha Capital Management from its global equity mandate, citing a CIO-led decision under board authority.

New York Life → Deputy CIO Craig Sabal to succeed retiring CIO Tony Malloy (effective early 2026).

Texas A&M Foundation → Blake McDonald promoted to director of investments, overseeing private markets.

VFMC (Australia) → Rob Pereira elevated to senior portfolio manager, strategic asset allocation.

Equip Super (Australia) → Manish Utreja named head of real assets.

Aware Super (Australia) → Alvin Chan promoted to head of fundamental equities, senior PM.

Australia → Super funds expected to double FX hedge books to AUD 1T over the next decade as offshore allocations rise, per RBA Deputy Governor Andrew Hauser. Liquidity and collateral challenges flagged.

India → Regulator introduces multiple scheme framework under NPS, allowing subscribers more than one pension. Effective Oct. 1, the move expands choice, personalization, and market reach in India’s $175B pension sector.

Optimism Amid Uncertainty → Despite geopolitical risks, inflation, and elevated rates, nearly all surveyed family offices expect positive returns in 2025, with many forecasting double-digit gains (Citi Private Bank Global Family Office Report 2025, 346 respondents across 45 countries).

Direct Investment Surge → Over 70% of family offices now hold direct stakes in private companies, and ~40% plan to increase allocations this year—favoring deal-level control over traditional fund structures. Families are increasingly competing with private equity funds for proprietary opportunities.

Shifting Allocations → Cooling sentiment toward developed-market equities, bonds, and PE funds. Rising interest in hedge funds and emerging-market equities as diversification plays amid global volatility.

Thematic Focus → Strong tilt toward AI, technology, and emerging markets as generational opportunities. Cash allocations are set to decline, but liquidity buffers remain—a “selective risk-on” stance balancing growth and caution.

Vistamark Investments (IL) → Matthew Rice (ex-CIO at Fiducient, First Business Bank, Goldstone) launches new RIA in Hinsdale, IL.

EmVision Capital Advisors (OH) → Commonwealth trio Michael Embrescia, James Artale, Jonathan Opet form Aurora-based RIA.

Creative Planning + SageView (Pending) → Talks underway for Creative Planning ($370B AUM) to acquire SageView Advisory ($238.5B AUA, backed by Aquiline). Would add 1,700 institutional & 5,000 individual clients.

Waverly Advisors (AL) → Acquired Brass Tax Wealth (OH) with $465M AUM; Waverly now manages $19.9B.

Mission Wealth (CA) → Retter Capital (FL) merges in ($50.7M AUM). Founder Eddie Retter becomes 55th equity partner at $12.5B Mission Wealth.

Ox Road Capital (SC) → $1.25B UBS team joins LPL Strategic Wealth in Greenville, led by Jeffrey Allen, Steve Armaly, Brian Blackburn, and Michael Lee.

Uniting Wealth Partners (NY) → $235M duo Rick & Alecia Dougherty (ex-Naviter) join RIA incubator, gaining majority ownership.

True North Wealth Advisors (GA) → $190M Commonwealth team led by Aaron Mabon & Summer Deal moves to Raymond James Financial Services.

Alongside Fund XI, Advent is exploring a $3B middle-market buyout vehicle, signaling continued expansion across deal sizes and sectors including business services, healthcare, consumer, industrial, and technology.

With a $100B AUM platform spanning Europe, North America, and select Asia exposure, Advent leverages scale and sector diversification to compete in today’s challenging fundraising environment.

Blackstone Eyes Partial Transfer of 2014 GP Stakes – The firm is discussing moving a portion of its 2014 GP Stakes fund into a new vehicle, opening the door for new investors; the fund holds interests in four hedge funds and seven private-asset managers, including Leonard Green & Partners and PAG.

Alfar Capital Closes $48M PE Fund II – Canadian firm raised CAD 66M ($47.9M) for its second fund, including CAD 20M ($14.5M) from Fonds de solidarité FTQ; focuses on manufacturing, IT, and services sectors.

Hg Considers Dedicated Secondaries Strategy – London-based software-focused PE investor is exploring a separate secondaries fund amid growth in the secondary market.

Aspire11 Launches €500M VC Fund – Prague VC firm raises €500M from European pensions for growth-stage investments.

SC Ventures Eyes $250M Digital Asset Fund – Standard Chartered’s venture arm plans 2026 fund; also exploring $100M Africa fund and inaugural venture debt vehicle.

Scout Ventures Targets $125M Fund V – SEC filing indicates Fund V to back frontier and dual-use tech startups.

True Ventures Seeks $400M Across Two Funds – $300M for Fund IX, $100M for Select V, focusing on early-stage tech.

Saison Capital Launches $50M Blockchain Fund – Japan-based VC fund Onigiri Capital backs blockchain startups in India, SE Asia, and Latin America.

Robinhood Offers Retail VC Access – Robinhood Ventures Fund I to let retail investors access private companies.

Asterion Industrial Partners Closes €3.4B Fund III – Oversubscribed fund targets Western European middle-market infrastructure in telecom, energy, utilities, and mobility.

Total Raise Hits €3.65B with Co-Investments – Includes $168.2M from NYC, Santa Barbara, and Louisiana public pension systems.