LA Fire and Police Eyes Faster PE Pacing After $6B Milestone

The Los Angeles Fire and Police Pension System's private equity portfolio surpassed $6B in net asset value for the first time at year-end 2025, according to advisor Future Standard, which reported a 12.2% net IRR since inception and said it expects to recommend a faster commitment pace given rising distributions and a growing plan size. A board commissioner disputed the performance framing, noting the portfolio's 10-year net IRR still trails its original policy benchmark of the S&P 500 plus 250 basis points, even as it outperforms private equity industry benchmarks.

In other LP activity, the Florida State Board of Administration is committing $500M to JPMorgan Asset Management's direct lending platform and promoted Clark Griffith to director of private equity fund investments. Elsewhere, Union Mutualiste Retraite launched a €350M thematic program, dubbed "Ogimi," targeting private markets opportunities tied to Europe's aging population, with roughly €250M earmarked for private markets investments.

On the GP fundraising side, Partners Group raised $16B in new client commitments in the first half of 2026, up from $12B a year earlier, lifting total AUM to $186B. The firm reconfirmed full-year fundraising guidance of $26B to $32B. Separately, NXT Capital raised $1.8B at the initial close of NXT Capital Senior Loan Fund VIII, while Five Point Infrastructure began marketing Five Point Infrastructure Fund V, targeting $2.5B – nearly double its predecessor's haul.

In people news, Brad Creighton left Mason Stevens to join arcpoint OCIO as partner and co-CIO alongside founding partner Jacqueline Fernley, and the Cleveland Foundation promoted Nick Mazzocca to manager of investments.