Maryland SRPS Building Out Leadership After $2.4B March Drop
Maryland SRPS is restructuring its investment division while filling three managing director roles across real assets, dynamic asset allocation, and a newly centralized emerging manager platform. The changes come as CIO Dianne Sandoval reported a roughly 3.1% decline in the system’s policy portfolio in March, equating to an estimated $2.4B impact, alongside a 22% vacancy rate within the investment team.
Other allocator activity included a mix of commitments and active searches. Kern County Employees’ Retirement Association disclosed $53M in recent commitments spanning Warren Equity Partners Fund V, a Sculptor real estate co-investment, and a Beach Point real estate debt co-investment, and Boston Retirement System is seeking proposals from investment managers for a US large cap equity mandate. In Europe, Italy’s Perseo Sirio Fund launched a search for an active global equity manager for a €180M mandate.
Elsewhere, Illinois Police Officers Pension Fund is preparing a private non-core real estate search sized at up to $450M, continuing its infrastructure manager selection process, and reviewing a shift in public equities exposure by consolidating passive small cap into large cap allocations while maintaining active small cap mandates.
GP fundraising activity remained active across strategies. Kingswood is targeting $2.25B for Fund IV, a step up from its $1.5B predecessor, with a first close expected in April. Nordic Capital is evaluating a continuation fund in the €2B to €2.5B range, and Accel disclosed $5B in new late-stage capital, including a $4B Leaders fund and a $650M sidecar vehicle focused on larger AI-driven opportunities.
$302 Billion in One Quarter — But Not the Whole Story
Venture capital posted a record quarter.
More than $302B was deployed across 2,000+ deals in Q1 2026, driven by unprecedented AI financings.
But remove a few outliers, and the picture changes.
The broader market deployed closer to $112B — still strong, but far more measured.
At the same time, deal counts fell while check sizes increased — pointing to a more selective, conviction-driven environment.
Dakota’s latest report breaks down where capital is actually flowing, from AI infrastructure to defense tech and robotics.
Because in venture today, concentration is the story.
Investments & Searches
CIO Turnover Is Creating a Window in the Endowment Market
Endowment portfolios don’t change often.
But when leadership does, everything gets reviewed.
Dakota has tracked a wave of CIO transitions across the endowment landscape — each triggering a 12–18 month window where manager relationships are reassessed and new allocations are considered.
For investment firms, these moments matter.
They represent one of the few times established portfolios are open to change.
Dakota’s latest report maps these transitions alongside broader trends in allocation, governance, and portfolio construction.
Because in institutional fundraising, timing can matter as much as access.
Private Fund Updates
Private Equity
Venture Capital
Other News
The Next Sports Investments Aren’t Always Obvious
Some of the most interesting opportunities in sports weren’t designed as investments.
They started as games people played for fun.
Pickleball. Flag football. Padel.
Today, those same sports are attracting institutional capital, with leagues forming, investors building platforms, and participation translating into revenue models.
Dakota’s latest Sports Investing report takes a closer look at this shift — how recreational sports are becoming investable, and what it means for investors looking beyond traditional franchises.
Because in this market, the edge often comes from seeing what others overlook.