March 5, 2026
Illinois TRS Backs Blue Owl, Greenbriar, Quantum in $981M Commitment Round
The Teachers’ Retirement System of the State of Illinois disclosed roughly $981M in commitments spanning private equity, real assets, and diversifying strategies, including $200M allocations to Blue Owl Real Estate Fund VII and Winton Trend Fund Limited. Additional commitments included $150M each to Greenbriar Equity Fund VII and CFM Institutional Systematic Trends Fund. Separately, the pension also made several public markets allocations and awarded Ninety One a $400M mandate to manage an active global equity portfolio.
Other allocator activity included $130M in approvals from the Nebraska Investment Council across private equity and real estate strategies, with commitments to Wheelock Street Real Estate Fund VIII, Oceansound Partners Fund III, and Francisco Partners vehicles. The council also reviewed several real estate reallocations and proposed redemptions across existing funds as it adjusts portfolio exposures. Meanwhile, the Los Angeles Fire & Police Pension System selected Acadian Asset Management to run a $225M international small-cap equity mandate, and the BNL/BNP Paribas Italia Group Pension Fund launched searches for evergreen private equity and private debt vehicles totaling about €25M.
On the GP side, Join Capital is targeting €235M for its third early-stage deep tech vehicle investing across defense, dual-use, and space technologies in Europe, with the European Investment Fund committing €50M as an anchor investor. CapMan is also preparing to launch CapMan Nordic Infrastructure III with a €750M target, roughly double the size of its prior fund, focused on small- to mid-cap infrastructure assets across the Nordic region.
Elsewhere, former One Rock Capital Partners and Gores Group executives launchedTorch Key Asset Management with backing from GCM Grosvenor to pursue middle-market control buyouts, MoDOT & Patrol Employees’ Retirement System appointed Tyler Luebbert as senior investment officer, and Bain and StepStone reported growing use of continuation vehicles as GPs seek additional liquidity solutions for existing assets.
Read on for all the day’s fundraising news headlines.
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LP Sentiment Improves, Mega-Funds Return, and $312B in Deals Kick Off 2026
Private markets opened 2026 with improving LP sentiment, accelerating fundraising at the top end, and a meaningful pickup in transaction activity. CD&R is targeting $26B+ for Fund XIII, Francisco Partners is seeking $18B across flagship strategies, and Andreessen Horowitz raised $15B across venture platforms. Institutional allocations leaned toward credit and real assets, while Dakota tracked approximately 1,900 announced deals totaling $312B, including Calpine ($27B), Worldpay ($24B), and Penumbra ($14.5B), signaling liquidity is beginning to move again.
Download the full January 2026 Private Markets Review to see how capital is forming and where LPs and sponsors are positioning early in the year.