February 24, 2026
McKinsey, Cambridge, BCG Review 2025 PE Data
A trio of recent reports from McKinsey, Cambridge Associates, and BCG underscored the tighter fundraising environment facing private markets managers. McKinsey’s 2026 Global Private Markets Report showed closed-end private equity fundraising down 17% year over year to roughly $616B, with distributions to paid-in capital falling to 6% of AUM versus a 2015 to 2019 average of 16%. Cambridge said fundraising volumes troughed in 2025 at roughly one-third of 2021 levels, and the firm expects the distribution slowdown to extend into 2026, while BCG highlighted increased LP scrutiny of operating value creation and attribution, alongside continued capital concentration in funds larger than $5B.
Against that backdrop, Washington State Investment Board disclosed a staff-delegated commitment of up to $400M to Francisco Partners VIII under its 2025 private equity plan and formally approved a $100M investment in Public Pension Capital for 2026. Oklahoma Police Pension & Retirement System is planning $140M of private equity commitments in 2026, with $40M earmarked for venture and growth equity and $100M for buyout and special situations, as its allocation sits slightly above its 15% target.
On the GP side, Frankfurt-based Prime Capital’s first infrastructure debt fund is expected to close below its €300M target in the €200M to €250M range following an extended raise, with additional interim closes anticipated before a July 2026 final close. In Asia, Azalea Investment Management secured around $270M at the first close of Altrium Private Equity Fund III, and BBK Capital reached the $262.5M hard cap for its inaugural SBIC-licensed critical technologies fund, pairing $87.5M in private capital with access to up to $175M in SBA leverage.
In people news, Evercore named Ben Hart head of Asia private capital advisory, while Schroders Capital appointed Sabrina Meng to lead capital business development in Asia.
Read on for all the day’s fundraising news headlines.
Have you ever stared at a blank report builder wondering “how do I even start this query?” — meet Dakota Joe.
Dakota Joe is your AI report builder inside Dakota Marketplace (he’s hiding behind the Joe button on your home page). Just click, type what you need in plain English, and let Joe do the heavy lifting. No filters. No guesswork. Just answers.
Ask things like:
“Show me US pensions with over $5B that invest in private equity.”
“Create a list of RIAs that allocate to real estate.”
“Run a report of family offices in Boston with their CIOs.”
Interested in learning more?
INVESTMENTS & SEARCHES
Europe’s MFO Market Has Institutionalized — Fast.
In a new overview by our Head of International, James Goodman, we break down how the $430B merger of Stanhope Capital Group x Stonehage Fleming x Corient reshaped the European multi-family office landscape.
2026 platforms to watch:
• Stanhope Capital Group / Corient ($430B, London) – Institutional-scale allocator; $29–$59M pooled tickets; structured co-invest as standard.
• Marcuard Family Office ($6.8B, Zurich) – Swiss fiduciary model; $18–$35M commitments.
• Crescendo Group ($3B, Geneva) – Endowment-style; $12–$29M tickets.
European MFOs now deploy larger pools, tighter underwriting, and long-term capital partnerships.