Global Equity Under Review at Mississippi PERS

Mississippi's Public Employees' Retirement System reported fiscal-year-to-date returns of 7.56% through March with an estimated rebound to 13.88% through April 20 as equity markets recovered, even as its investment committee flagged a potential manager change in its global equity portfolio. Harding Loevner, which manages $1.1B of the fund's global equity allocation, has underperformed its benchmark over three years and is currently under review, according to CIO Charles Nielsen. The $37.2B pension is also building two new asset class sleeves: a 2% infrastructure allocation that remains unfunded, and a 2% private credit sleeve with $207M so far deployed across Blue Owl and Grosvenor.

On the GP fundraising side, EQT disclosed timelines for two flagship vehicles. Preparations are underway for a summertime launch of EQT Infrastructure VII, following EQT Infrastructure VI's €21.5B close in 2025. The firm also said its eleventh flagship private equity fund, EQT XI, is targeting a first close in mid-2026 with a €23B target and €24B hard cap, which would make it the firm's largest vehicle to date.

Brookfield Asset Management is expected to hold a $20B initial close for Brookfield Infrastructure Fund VI in the third quarter, according to Infrastructure Investor. The fund's predecessor closed in 2023 after raising $30B. Azalea, a subsidiary of Singapore-based Seviora and an indirect portfolio of Temasek, also disclosed plans to launch an evergreen private equity fund focused on secondaries later this year.

In senior leadership developments, Anne-Marie Fink, CIO and managing director of private markets at the State of Wisconsin Investment Board, retired on April 17 after six years overseeing the pension's private equity, real estate, hedge funds, private credit, and venture portfolios. No successor has been announced.

Read on for all the day's headlines.

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