Illinois Police Pension Maps 7-Year Path to 7% PE; Virginia Retirement Commits $1.3B

Illinois Police Maps 7-Year Path to 7% PE

Virginia Retirement Commits $1.3B

The Illinois Police Officers’ Pension Investment Fund (IPOPIF) adopted strategic asset allocation revisions that keep its private markets target at 20%, while laying out – but not formally approving – a seven-year glide path toward that goal. The board also approved a $250M commitment to TA Realty Value-Add Fund XIV, its first value-add real estate allocation. CIO Kent Custer’s glide path would raise private equity from 0% to 7% by 2032 and private credit from 3% to 5% by 2028. Consultant Cerity Partners’ Scott Whalen said he holds “high conviction in private credit” but is “less highly convicted in private equity,” citing strong public equity returns and a lack of exits.

Elsewhere, Arizona Public Safety Personnel Retirement System is weighing additional capital for diversifying strategies – including insurance-linked investments, catastrophe bonds and life settlements – as it kicks off a broader asset allocation review due to conclude by early 2027. CIO Mark Steed said staff see little need to shift other targets, while chair Harry Papp said he expects private equity to lead consultant NEPC’s next capital market outlook, even as the $28B trust remains underweight both private equity and private credit.

Among other allocators, Virginia Retirement System committed $1.33B across six managers between September 3 and October 1, including $400M to JP Morgan Hybrid Growth, $300M to Castlelake Asset-Based Private Credit IV, and $200M to buyout fund Audax PE VIII, with private equity sitting just below its 15% policy target at the $136.1B system.

In GP fundraising, Maverick Silicon has raised just over $1.06B from 153 investors for its second semiconductor- and AI-infrastructure-focused fund, more than tripling the $258.9M its debut vehicle started with; Blackstone disclosed an $8.7B hard-cap final close for Blackstone Energy Transition Partners V, more than 50% larger than its predecessor; and Industry Ventures, acquired by Goldman Sachs earlier this year, has collected $1.34B from 428 investors for its eleventh secondary fund.