CRPTF Approves Five Fund Commitments; Ohio SERS Warns on PE Backlog

Connecticut Retirement Plans and Trust Funds approved five fund commitments totaling about $1.2B, spanning private equity, private credit, and real estate – all with existing managers. The largest single commitment was $300M to Welsh, Carson, Anderson & Stowe's WCAS XV, a North America-focused middle market buyout fund, matched by $300M to Sixth Street Partners' special situations evergreen vehicle. On the real estate side, the pension approved $250M to Artemis Real Estate Partners and $150M to Clarion Partners' core industrial open-end fund. 

In other allocator activity, Kansas Public Employees Retirement System approved $420M in new commitments at its March meeting, committing $135M each to TowerBrook Investors VII and Quad-C Partners XI in private equity, and $150M to Heitman's open-end core real estate fund. KPERS separately placed Payden & Rygel and T. Rowe Price on probation following personnel changes affecting investment professionals on those accounts.

Elsewhere, Ohio School Employees Retirement System CIO Farouki Majeed warned that the private equity exit logjam is grounds for reducing forward return expectations, citing roughly 32,000 unsold companies worth $3.8T and buyout holding periods now averaging around seven years. Ohio SERS allocates roughly 12% to private equity, and Majeed said the pension's own cash flow remains positive, attributing that to a focus on mid-market managers emphasizing earnings growth over multiple expansion. On private credit, the pension has held its target at 5% and slowed deployment despite pressure to increase. Majeed projected the pension's ten-year forward return at about 6%, against a historical 9.4%. 

On the GP fundraising side, Henderson Park is reportedly targeting a first close on a new €2B European real estate fund, its third flagship vehicle; and GSR Ventures is reportedly seeking to raise $350M for a new China-focused fund, using its existing stake in RedNote – valued by the firm at approximately $50B – as a draw for prospective investors.

In people news, Sara Chandler was named head of private markets and funds alpha at SWIB, adding the investment leadership role to her existing position as chief of staff and strategy; and Maryland SRPS appointed Marlene Timberlake D'Adamo – who joins from CalPERS – as managing director of a newly created division, EDGE, consolidating oversight of the pension's emerging manager program.

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

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