Goldman Lifts Alts Target to $150B; KCERA Eyes Private Credit

Goldman Lifts Alts Target to $150B

KCERA Eyes Private Credit

Goldman Sachs raised its full-year alternatives fundraising target to roughly $150B after raising $37B in third-party alts capital in the third quarter, bringing its nine-month total to $122B. CEO David Solomon announced the new target on the firm’s earnings call. BlackRock took in $14B in gross private markets capital in the quarter, bringing its trailing 12-month total to $68B, with infrastructure leading at $8B. Executives said they expect fundraising to strengthen in the fourth quarter.

On the allocator side, Kern County Employees’ Retirement Association has two more private credit mandates under diligence as it works to close its largest gap to target, with private credit at 6.5% against an 8% target. Staff hope to close both by year-end. Separately, the Shrewsbury Contributory Retirement System voted to move about $38M from three active domestic equity mandates into the PRIT domestic equity sleeve, a switch the system said will reduce management and custodial fees.

On the GP fundraising side, Audax Private Equity is reportedly targeting $6.25B for Audax Private Equity Fund VIII, roughly 19% above the $5.25B hard cap of its predecessor. Hg raised about €1B ($1.12B) for the first close of Orion 1, its debut GP-led secondaries fund, which has a €1.75B target. Mason Wells Buyout Fund VI closed at $833.3M from 68 investors, the Milwaukee-based firm’s largest fund to date, and London-based secondaries firm Clipway is seeking $1.5B for a debut infrastructure secondaries fund, months after closing its first flagship at $6.4B.

In senior leadership developments, the Teacher Retirement System of Texas opened its search for a CIO as Jase Auby prepares to retire January 31 after more than 17 years at the pension; applications close October 31. And at UTIMCO, Adam Harrison was promoted to director of real assets after joining the Austin-based manager as a real estate intern in 2016.