New Jersey SIC Cuts PE Target, Shifts to Private Credit; New Mexico SIC Commits $1.07B

NJ Cuts PE Target, Shifts to Private Credit

New Mexico SIC Commits $1.07B

New Jersey State Investment Council staff told the council at its October 28 meeting that the pension’s private markets portfolio is running more than 700 basis points under target, a gap described as intentional. The private equity target was cut to 11% from 13% and private credit raised to 9% from 8%, lowering the overall private markets target to 34.5% from 35%. The $8.1B private equity portfolio committed $2.3B across eight funds during the fiscal year, including Khosla, EQT Asia, and Lexington.

In other LP news, the British Business Bank received £1.4B in additional capacity to invest in equity funds under the UK’s Budget measures, part of a broader £5B uplift to its total financial capacity; and the New Mexico State Investment Council approved $1.07B across eight funds spanning private equity, private debt, real assets, and real estate, including a $225M re-up to Copenhagen Infrastructure Fund VI and new relationships with Advent International and Arcmont Asset Management.

On the GP fundraising side, Apax Partners is expected to hold a first close for its $12B twelfth flagship buyout fund by March 2027, matching its predecessor’s final size; Interlagos Capital, founded by former SpaceX executives Achal Upadhyaya and Tom Ochinero, disclosed plans to raise $400M for its second venture fund; and Copenhagen Infrastructure Partners filed to launch a new Luxembourg-domiciled credit vehicle, extending a platform that has raised more than €43B since 2012.

In people news, the Los Angeles City Employees’ Retirement System is searching for a CIO for its $28.8B fund following Rodney June’s retirement, with Wilkin Ly serving as acting CIO; Lead Edge Capital added Ryan Rathman as managing director, moving from the LP side after serving as head of private equity at the Pennsylvania Public School Employees’ Retirement System; and Pictet Asset Management named Rick Bisignano, from Allspring Global Investments, as US head of institutional distribution.