CPP Commits $4.4B Across 16 Funds; Dallas Cuts Equity Target

CPP Investments reported net assets of $622B as of the end of its first quarter of fiscal 2027, in what the fund called its strongest quarterly performance in more than a decade on a 7.5% net return. The pension committed approximately $4.4B across 16 external fund relationships during the quarter, spanning private equity, credit, venture capital, and real estate, including $1B in financing to Blackstone Private Credit Fund and $500M to Apollo Investment Fund XI.

In other allocator activity, Dallas Police & Fire Pension System's investment advisory committee landed on a new strategic asset allocation that would cut the fund's public equity target to 49% from 58%, raise private equity to 11%, and lift infrastructure and real assets to 6%, pushing total private markets exposure to 25% of the $2.35B fund from 18% currently. In Europe, ERAFP awarded nine private equity and infrastructure mandates across four lots totaling a combined €1.6B target, with Access Capital Partners and Ardian named active managers for European private equity and Amundi and BlackRock splitting an OECD infrastructure lot.

Separately, Kansas State University Foundation CIO Paul Chai said on a recent podcast that the $1.2B endowment has been a net buyer in the private secondary market over the past two years, capitalizing on forced sales by larger institutions driven by the endowment tax and governance-related pressures rather than investment performance.

On the GP fundraising side, Partners Group closed a $1B open-ended private credit mandate with an unnamed institutional investor in Asia, investing in senior and junior direct lending across Asia-Pacific – one of more than five mandates the firm has closed with Asian institutions over the past year, including raising approximately $5.1B from more than 35 South Korean institutions. Elsewhere, Blackbird, Australia's largest venture capital firm, closed its sixth fund at more than $70M.

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

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