CalPERS Touts 17% PE Return
CalSTRS Anchors Nuveen Infra Credit Fund
CalPERS reported a preliminary total fund return of 14.8% for fiscal year 2025-2026 – its strongest since 2014 excluding the pandemic rebound – lifting funded status to 85% from 79% a year earlier. CIO Stephen Gilmore credited private equity, which returned 17%, along with strong contributions from private debt and infrastructure, while CEO Marcie Frost reiterated the pension's opposition to California SB 1319, which would expand public disclosure requirements on private fund performance and holdings.
In other allocator news, KBIZ, the Korea Federation of SMEs, opened a tender for up to 10 asset managers to run a domestic alternatives mandate of as much as KRW 300B ($199M), targeting a 7% IRR over a five-year period, with selections expected by the end of September. Elsewhere, Nuveen and CalSTRS launched a $2B strategic partnership, with CalSTRS anchoring a new sustainable infrastructure sleeve within Nuveen's Energy & Power Infrastructure Credit Fund II (EPIC II), part of Nuveen's broader Energy Infrastructure Credit business.
Additional fundraising updates included Wafra closing Constellation Generation V at $2B, above its $1.5B target; and Elevation Capital closing its ninth India-focused fund at $500M, backing seed and Series A startups building on top of existing AI models.
In people news, GHO Capital Partners hired Olav König as head of investor relations from HarbourVest Partners, where he built the firm's EMEA IR function; MPM BioImpact named Chasen Richter head of fund investor relations and strategic finance, joining from Flagship Pioneering; and at Mercer Super, Court Haas will become interim CEO effective August 13, succeeding Claire Ross; a search for a permanent CEO is underway
Read on for all the day’s fundraising news headlines.
| Investments & Searches |
June’s Private Markets Recap: $50B for AI, $60B M&A Deal, and Record PE Closes
Dakota tracked $296.5bn in private capital transactions in June, up sharply from May on the back of MGX's ~$50bn AI infrastructure raise and SpaceX's $60.0bn acquisition of Anysphere. Clearlake, Blackstone, Crescent, and Ares all closed flagship funds well above target.
Get the full breakdown in this month's Private Markets Review.
| Private Fund Updates |
Private Equity
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Private Credit
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