March 4, 2026
LA Water & Power Eyes Nearly $2B Across Private Markets
Los Angeles Water & Power Employees’ Retirement Plan is evaluating up to nearly $2B in private markets commitments following pacing studies from RVK and StepStone. The plan is considering as much as $400M in private credit, up to $775M in private equity plus $150M in healthcare strategies, and $350M to $650M across core and non-core real estate. It also disclosed $100M commitments to Vistria Housing Fund, Kayne Anderson Core Real Estate Fund, and Tree Line Direct Lending Fund IV.
The Boston Retirement System outlined its 2026 pacing plan, targeting $40M for private equity, $115M for private debt, and $100M for real estate. It approved $20M to Lexington Middle Market Investors Fund V, $15M to Capital Dynamics Global Secondary Fund VII, and $12.5M to Francisco Partners across its main and Agility strategies.
Elsewhere, the QinetiQ Pension Scheme appointed Insight as fiduciary manager for its £1.3B portfolio, Concord Retirement System retained Wellington for core fixed income and advanced an international equity RFP, and Mass General Brigham named Aaron Weisberg as director of investments.
On the GP side, Clessidra Capital Credit held a first close of more than €100M for Clessidra Private Debt II, including a €20M cornerstone from the European Investment Fund toward a €225M target and €300M hard cap. Ares closed an $850M continuation vehicle for Convergint Technologies led and underwritten by Leonard Green’s Sage Fund – with Vintage Strategies at Goldman Sachs Alternatives among investors – and made a new investment alongside LGP and Harvest Partners. Meanwhile, O2 Investment Partners closed Fund V at $670M, targeting lower middle-market North American businesses.
Read on for all the day’s fundraising news headlines.
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INVESTMENTS & SEARCHES
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.