LACERA to Issue RFP for PE Consultant; EQT Raises Fundraising Target to €140B

LACERA to Issue RFP for PE Consultant

EQT Raises Fundraising Target to €140B

Los Angeles County Employees’ Retirement Association will put its private equity consulting mandate out to bid in November, with a recommendation expected in mid-2027. StepStone has held the role since 2021. The board also voted to cut its regular meetings from 12 a year to six starting in 2027. Elsewhere, Los Angeles Fire and Police Pensions is still building out its private credit and infrastructure portfolios, with private credit at 1.2% of the portfolio against a 3% target and infrastructure at 0.89% against a 2% target. An updated private credit pacing plan is due in November, and CIO Bryan Fujita said the plan expects to reach its infrastructure target range next year and full target in 2028. Among other allocators, the Oregon Public Employees Retirement Fund disclosed $1.2B in commitments across seven funds made between June and August.

Among GPs, EQT lifted its guidance for the current cycle to €140B ($156.8B) from €100B following the addition of Coller Capital, with CEO Per Franzén saying the firm is taking market share even as global industry fundraising volumes have fallen 13% over the past year. EQT XI held its first close this summer at roughly €11.5B, about half its implied target, and EQT Infrastructure VII is targeting an early close in December. Separately, OrbiMed raised $3B across two new funds: OrbiMed Private Investments X, which raised over $1.9B for life sciences venture investments in the US and Europe, and OrbiMed Asia Partners VI, which raised over $1B for healthcare growth equity and venture investments in Asia.

Looking ahead, Kohlberg & Company registered Kohlberg Investors XI, its eleventh flagship buyout fund, after closing its predecessor at $4.3B in September 2024. NGP Energy Capital Management filed for NGP Natural Resources XIV with a $2.5B target, and Anthropic backer Greenoaks Capital filed for Greenoaks 7, its first fundraising disclosure since closing the $2.5B Greenoaks 6 in July 2025.