Edelman Smithfield CEO Sees GPs Misreading Wealth Channel; STRS Ohio Shifts $1.2B to Fixed Income

Edelman Smithfield CEO Sees GPs Misreading Wealth Channel

GPs pushing evergreen vehicles into the wealth channel are misreading that audience by carrying over institutional fundraising habits, Edelman Smithfield global CEO Lex Suvanto said on a recent podcast. Edelman Smithfield's 2026 Global Limited Partner Survey found just 30% of LPs consider GPs very effective at demonstrating differentiation from peers, down 17 percentage points from 2025 – an opening, Suvanto said, for smaller managers with a distinctive message.

On the allocator side, State Teachers Retirement System of Ohio rebalanced its portfolio during fiscal 2026, adding $1.2B to fixed income while cutting $1.1B from domestic equity and $579M from international equity; total assets ended the year up $9.5B, with a 14.2% net return. Elsewhere, Abu Dhabi Investment Council reportedly committed approximately $1B to Singapore-based hedge fund manager Dymon Asia Capital, as it weighs building total hedge fund exposure to as much as $15B; and University of Houston System Endowment approved $42M in private markets commitments, including to funds from Clayton, Dubilier & Rice and Khosla Ventures.

In GP fundraising, BlackSun Private Equity has reportedly raised $1B for its debut vehicle, Blacksun Mega Fund I, targeting $7B to invest across sports, media, entertainment and technology; and Nuveen Green Capital has raised $1.02B toward a $1.2B target for Nuveen CPACE Lending Fund IV, its fourth C-PACE lending vintage, following a $785M close for Fund III last year.

In people news, Siri Kalvig resigned as CEO of Nysnø Climate Investments, the Norwegian state's climate-focused investment vehicle; a successor search is underway. And PRP Real Assets hired Liat Cherkes-Bishko, from Turner Impact Capital, as managing director and head of capital formation.