CalPERS Resets Playing Field, NY CRF Deploys $850M
CalPERS used its March 16 and 17 investment committee meetings to put more detail around the total portfolio approach it will implement in July, a governance change that replaces asset class targets with a single reference portfolio and a 400 basis point active risk limit. Private equity remains a return-enhancing tool for the $606B pension, but it will now compete for capital against the full opportunity set rather than benefiting from asset class-specific allocation guardrails.
Allocator activity was busy elsewhere. Michigan SIB disclosed $1.56B of fourth-quarter commitments spanning asset-backed finance, hybrid, private equity, venture, infrastructure, and opportunistic strategies, while New York State Common Retirement Fund put $850M to work in January across Apollo, Leonard Green, and Kennedy Lewis vehicles, all with existing managers. Kentucky Teachers TRS also approved $480M across real estate, secondaries, digital, sustainable real assets, private equity, and public market mandates.
On the GP side, Arabian Dyar and Al Rajhi Capital launched the Haramain Projects Fund with $1.2B of initial capital and potential phased expansion to $5.3B for developments near the holy mosques in Mecca and Madinah. Silvercourt Capital Partners, meanwhile, closed its oversubscribed second fund on €135M, with commitments from family offices, endowments, and institutional investors for opportunistic European credit.
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Where Private Markets Fundraising Is Actually Happening
Private markets fundraising remains concentrated at the top.
Many of the largest managers continue to dominate capital formation, launching multi-billion-dollar successor funds while also expanding into adjacent strategies like secondaries, GP stakes, and thematic vehicles. At the same time, emerging managers and middle-market firms are still bringing new funds to market across buyout, credit, infrastructure, and venture.
Dakota’s latest research report breaks down new private fund launches and notable closes from February 2026, highlighting where capital is flowing across the private markets landscape.
The report tracks Form D activity, major fundraising milestones, and emerging strategy trends — giving allocators, fundraisers, and advisors a quick, signal-driven view of the market.