LAFPP Boosts Emerging Manager Program
StepStone Hits Record Fundraising
Los Angeles Fire and Police Pensions approved a $350M increase to its private equity emerging manager program and extended consultant Future Standard's contracts for both that program and its core private equity sleeve through 2031. The moves came alongside a semi-annual report showing LAFPP's overall Future Standard-advised private equity portfolio generating a 15% net return since inception, comfortably ahead of its benchmark.
Among other allocators, Korean fund Military Mutual Aid Association opened a domestic private equity and venture blind-pool search, aiming to commit approximately $213M across roughly 18 managers; and the Tennessee Valley Authority Retirement System approved Connor, Clark & Lunn and AllianceBernstein as new managers for a global equity mandate, following a strategic asset allocation change that combined its previously separate US and non-US equity targets into a single global equity allocation.
On the GP side, StepStone Group raised $10B in new capital during its fiscal first quarter, lifting trailing 12-month fundraising to nearly $40B, its strongest such stretch on record. The firm's private wealth platform generated a record $2.8B in quarterly subscriptions, led by its venture and growth evergreen fund SPRING. During the quarter, StepStone also posted a $1B first close for its newest venture capital secondaries fund and activated two private equity secondaries vehicles ahead of schedule, adding nearly $3B to fee-earning assets.
In people news, OMERS appointed Adam Buzanis, most recently head of private markets at CAAT Pension Plan, as managing director and head of funds within its private equity business; and the New Zealand Superannuation Fund named Alex Bacchus head of asset allocation, succeeding Charles Hyde, who is departing for a role abroad. And in distribution hires, QC Capital Group appointed Joe Hart, formerly of Fidelity Investments, as senior vice president of capital markets to lead its expansion into wealth management and institutional distribution.
Read on for all the day’s fundraising news headlines.
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New Catalyst's Jason Howard on "Fundability" and the GP Stakes Entry Point
Jason Howard, founder of New Catalyst Strategic Partners, joined Dakota Live! to unpack "fundability" — what separates managers who close funds from those who don't. With launches now costing $5M-10M and taking up to three years, strategic anchors are becoming critical credibility signals.
Howard breaks down what earns an anchor check: track record honesty, genuine edge, and grit. He also explains why GP seeding is emerging as an attractive entry point into GP stakes for RIAs and OCIOs.
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