Maryland SRPS Reviews Policy, PE Pacing
Maryland's State Retirement and Pension System reviewed proposed asset allocation policy ranges and a private equity portfolio, with both items scheduled for July 1 implementation if approved. Consultant Meketa formalized targets around the March 2025 board-approved allocation – growth/equity at 55%, real assets at 15% – while adding opportunistic and cash ranges not previously in the Investment Policy Manual. Consultant Hamilton Lane flagged the $15.7B PE portfolio as overallocated relative to policy and recommended tighter manager concentration and careful pacing going forward.
Among allocator commitments, Teachers Retirement System of Louisiana approved up to $100M to JFL Equity Investors VII – a re-up to a returning manager targeting $2.75B, its largest fund to date – and up to $125M to TA Realty Value-Add Fund XIV, also a re-up. Texas County & District Retirement System committed $90M to Water Street Healthcare Partners VI, a re-up to its $85M commitment to the predecessor fund.
On the GP fundraising side, Antares Capital held a final close on Antares Senior Loan Fund III at $8.5B, targeting senior secured loans to PE-backed middle-market companies. According to Dakota data, the Rhode Island State Pension and the San Diego City Employees' Retirement System each committed $50M. PSG Equity is targeting €3.4B for PSG Equity Europe III, its third Europe-focused vehicle, aiming for a final close in the first half of 2026; Dakota data shows New Jersey Division of Investment committed $150M and Pennsylvania SERS committed $108M. And Blackstone has reportedly begun preliminary preparations to raise a third iteration of its long-hold Core Equity Partners series, with a formal LP pitch expected sometime within the year – no target set yet.
In leadership developments, Indonesia's sovereign wealth fund Indonesia Investment Authority named Oki Ramadhana as CEO, Laksono Widodo as CIO, and Adhiputra Tanoyo as chief risk officer as it initiates a broader leadership transition.
Read on for all the day’s fundraising news headlines.
$271 Billion in Deals — and Record Fundraising to Match
April was another active month across private markets.
Dakota tracked 1,717 transactions and $271B in deal value, with large-scale acquisitions driving activity across industrials, technology, and energy.
On the fundraising side, the market set records.
KKR raised $23B for North America buyouts, EQT closed $15.6B for Asia-Pacific, and private credit vehicles from Blackstone and Ares surpassed expectations.
The takeaway isn’t just volume. It’s breadth.
Dakota’s latest Private Markets Review captures how capital is being deployed across strategies, sectors, and geographies.
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