Dallas P&F Plans $80M-$90M Annual PE Pacing; Spectrum Raises $2.5B

Dallas P&F Plans $80M-$90M PE Pacing

Spectrum Raises $2.5B

Dallas Police and Fire Pension System is planning $80M-$90M in annual private equity commitments as its target rises to 11% from 6% in January 2027, and trustees backed a proposal to delegate individual commitments of up to $35M to the executive director to speed up approvals. The board also approved up to $25M to GTCR Fund XV, which is raising $15B, though staff expects the commitment to come in closer to $10M.

Among other allocators, Maine Public Employees Retirement System plans to recalibrate its interim private equity and private credit targets in December. Trustees also approved up to $50M to AE Industrial Partners Fund IV, a lower middle market buyout fund, and up to $50M to a related vehicle. Separately, the Rhode Island State Pension is considering divesting $193M from Manteio and allocating $200M to iSAM Vector in its trend-following portfolio, a swap its consultant supports.

On the GP fundraising side, Spectrum Equity closed Spectrum Equity Fund XI at $2.5B, the largest fund in the Boston-based firm’s history. Aphias Capital Fund I closed with just over $1.05B, exceeding its $900M target and hard cap for North American healthcare services control investments. Australian venture firm Square Peg Capital raised more than $1B across Square Peg Fund 6 and Square Peg Opportunities Fund 3, its largest raise to date.

In leadership developments, Cedars-Sinai named Michael Buchman as CIO of its roughly $8B portfolio, effective Dec. 1. He joins from Conrad N. Hilton Foundation, where he led the investment function for the past decade. HESTA appointed Briar Dowsett to the newly created role of general manager, property, and Daniel Tait as general manager, investment and financial risk.