Marin County Maps $720M Over 10 Years; Disruptive Targets $10B

Marin County Maps $720M Over 10 Years

Disruptive Targets $10B

The Marin County Employees' Retirement Association plans to commit $720M to private equity fund-of-funds vehicles over the next 10 years, starting with $80M in 2027, under a pacing analysis from Callan designed to bring the system to its 8% private equity target by 2031. Callan's options for the 2027 commitment include splitting it between Abbott Capital Management and a new fund-of-funds manager, which would require a search.

The Teacher Retirement System of Texas closed about $503M in private markets commitments across eight funds in September, spanning energy, infrastructure, real estate and private equity, and added two managers to its roster for the first time. More broadly, public pension commitment activity tracked by Dakota surged to $48.73B in September, more than four times August's total, with CalPERS and the North Carolina Investment Authority together accounting for 56% of tracked dollars.

On the fundraising side, Dallas-based venture firm Disruptive is reportedly raising a new fund targeting $10B, with roughly $7.5B already secured, marking a shift away from the deal-by-deal SPV structure it has historically used. Sheridan Capital Partners closed Sheridan Capital Partners Fund IV at its $1.1B hard cap, nearly twice the size of its predecessor, after a fundraising period of less than 60 days. And in legal finance, ASX-listed Omni Bridgeway held a final close on Funds 4 and 5 Series 2, reaching its full $1B target.

In people news, Border to Coast Pensions Partnership appointed Ellen Watson-Hicks as chief risk officer from Railpen, where she was chief risk and compliance officer, and named Aidan Fisher, a former MD at Wellington Management, as an independent non-executive director.