LACERA Deploys $425M
Bain Capital Asia VI Closes at $10.5B
The Los Angeles County Employees' Retirement Association approved three investments totaling $425M through CIO-delegated authority, spanning private equity and real estate. LACERA committed $100M to a tech-focused growth equity fund from Dragoneer Investment Group, adding to an existing relationship with the firm, and made a $125M secondary add-on into IDR Core Property Trust alongside a $200M commitment to Principal Enhanced Property Fund, a core-plus open-end vehicle managed by Principal Real Estate Investors.
In other allocator news, the Teacher Retirement System of Texas committed $250M as the anchor investor in NISA Investment Advisors' newly launched Quantitative Equity Extension Strategy, an active extension strategy targeting systematic equity alpha; and SamCERA committed $20M to Ares Pathfinder Fund III, an opportunistic asset-based credit strategy spanning fund finance, GP finance, residential mortgages, and digital infrastructure assets. And in a consultant search, Mendocino County Employees Retirement Association shortlisted Cerity Partners, Meketa Investment Group, Segal Marco Advisors, and incumbent Callan ahead of a four-year contract award beginning July 1.
On the GP side, Bain Capital closed Bain Capital Asia Fund VI at $10.5B – well above its $7B target – with roughly $9.1B from external LPs and the balance from Bain partners and employees, who collectively form the fund's largest investor group. The fund invests across Japan, India, China, Australia, and Korea. Elsewhere, Citigroup and HPS Investment Partners – now part of BlackRock – launched a €15B private capital program to co-originate sub-investment grade debt across EMEA over a five-year term.
In people news, N.P. "Narv" Narvekar is said to have initiated succession discussions with the board of Harvard Management Company, which oversees the university's $56.9B endowment; Narvekar has led HMC since December 2016. Elsewhere, StepStone Group hired Taylor Benson as head of US defined contribution – a newly created role – as the firm develops a suite of retirement-focused collective investment trust structures spanning private equity, infrastructure, and private debt.
Read on for all the day’s fundraising news headlines.
Every Major Manager Is Building an Evergreen Product. Not All of Them Have Figured Out the Math.
The launches are accelerating. The filings are coming in faster than the industry can evaluate them.
But the frameworks most managers and allocators use were built for a different structure. Get the return comparison wrong and you're benchmarking against a number that doesn't mean what you think it means.
Dakota's Evergreen Market Landscape Report gives investment firms, allocators, and consultants the foundation to evaluate the category clearly — the mechanics, the key players, and performance data on 63 funds across multiple horizons.
In a market moving this fast, the edge isn't seeing more products. It's understanding which ones are actually built to perform.
| Investments & Searches |
| Private Fund Updates |
Private Equity
Venture Capital
Private Credit
Real Estate
Other
| People News |
| Other News |
|
dakotanews
ALL ARTICLES REQUIRE A
DAKOTA MARKETPLACE SUBSCRIPTION.
Did you receive this newsletter from a friend or colleague?
Sign up for a free 30-day trial here. |