Fresno County Flags $275M Infra Gap; Florida SBA Commits $5.3B

Fresno County Flags $275M Infra Gap

Florida SBA Commits $5.3B

The Fresno County Employees' Retirement Association is moving to rebalance its $8.33B portfolio after a review by staff and consultant NEPC flagged a 330-basis-point infrastructure underweight – a roughly $275M gap versus policy target – with an updated pacing plan due for discussion in February. The pension is also preparing to interview two to three new private equity managers before year-end.

In other allocator activity, the Florida State Board of Administration committed approximately $5.3B across 32 new externally managed investments spanning credit, fixed income, private equity, real estate, and strategic strategies, led by $1B to Dodge & Cox's core fixed income strategy and $800M to JPMorgan's Two Seventy St. Marks Credit Partners. Separately, UC Investments anchored the launch of the State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF with a $2.5B investment, modeled on its Blue and Gold Endowment Pool.

On the GP fundraising side, CVC Secondary Partners closed Secondary Opportunities Fund VI at $10B, exceeding a $7B target to become the firm's largest secondaries vehicle to date. Elsewhere, Netley Capital disclosed approximately $1.2B in committed capital following the extended-hard-cap close of its debut tertiaries fund; and Saudi AI firm Humain is reportedly planning to raise $2.5B for a fund targeting data center capacity in Saudi Arabia, to be managed by BSF Capital.

In leadership developments, Claus Stampe will step down as CIO of PensionDanmark at the end of January after more than 23 years, with no successor yet named. And in other people news, Seven2 promoted Aida Benlamine to head of investor relations, capital formation, and corporate development, succeeding Guillaume Cousseran.