CCCERA Adds Russell Growth Sleeve; Diffusion ONE Closes $1.25B Venture Fund

CCCERA Adds Russell Growth Sleeve

Diffusion ONE Closes $1.25B Venture Fund

The Contra Costa County Employees’ Retirement Association board took up a resolution to carve a 3% Russell 1000 Growth index allocation out of its Russell 1000 index target, cutting the latter to 7% within a 71% overall growth target, following recommendations from consultant Meketa to address unintended style tilts in the $14.17B fund’s public equity portfolio. The new targets, set to take effect November 1, also call for 73% long-term growth exposure, and staff are separately working to identify a growth-oriented emerging markets manager to balance the value bias of the fund’s PIMCO/RAE allocation.

Among other US allocators, the Alameda County Employees’ Retirement Association is considering a re-up of up to $100M in Clayton, Dubilier & Rice Fund XIII, which is targeting $26B, while pushing finalist presentations in its global core equity manager search from the fourth quarter into the first quarter of 2027 after a shortlisted strategy hard-closed during scoring. And in Washington state, the Spokane Employees’ Retirement System committed $3M to Ardian Secondaries Fund IX Infrastructure and $2.5M to the ITE Diversified Transportation Asset Fund, part of an ongoing pacing push to close the gap to its 30% alternatives target.

On the GP fundraising side, San Francisco venture firm Diffusion ONE disclosed a $1.25B raise from 113 investors, about 57% above its original $800M target, as co-founders Victor Lazarte and Kristian Fredrickson continue deploying into AI names; Gramercy Funds Management’s emerging-markets credit vehicle, Gramercy Capital Solutions Fund IV, has drawn $886.7M from 23 investors, already surpassing its predecessor’s $760M close; and Harrison Street Asset Management has raised roughly $1.1B toward a $3B target for its tenth opportunistic real estate fund, Harrison Street Real Estate Partners X.

In people news, Aksia hired Javier Dyer as a managing director in its private credit group from EnTrust Global; Australian Retirement Trust promoted David Wang to portfolio manager in private equity in Sydney; and QBE Insurance promoted Shanjee Rathinam to head of portfolio management and execution after nearly 12 years at the insurer.