NJ Eyes PE Secondaries to Close Allocation Gap; Illinois Police Preps Private Credit RFP

NJ Eyes PE Secondaries to Close Allocation Gap

Illinois Police Preps Private Credit RFP

New Jersey Division of Investment is exploring private equity secondaries to close a gap in its PE allocation, which stood at 9% against an 11% target after the fund's long-term PE target was cut from 13% in an April asset allocation study. CIO Shoaib Khan called the secondaries effort "early days." The fund is reportedly set to meet next week with emerging private equity managers eligible for its Barings-run emerging manager program, which requires firms to manage under $3B and be raising no later than a third fund.

Among other allocators, Illinois Police Officers Pension Investment Fund is preparing an RFP for opportunistic private credit management, seeking up to two managers for as much as $250M to complement its existing Oaktree Blue Credit I commitment; and Ohio Bureau of Workers' Compensation is moving toward an RFP for active US aggregate core plus fixed income managers, aiming to add roughly $2B in mandates and push its core plus allocation toward a 33% target.

On the GP side, Blue Owl Capital raised $7.8B in new capital commitments during the second quarter, bringing its trailing-12-month total to $50.5B, with Real Assets now approaching 30% of firm AUM. Co-CEO Marc Lipschultz said the firm is considering launching a traditional drawdown fund for direct lending, a departure from its evergreen retail vehicles, citing rising institutional engagement in the strategy.

As private markets continue expanding into the wealth channel, Samir Kaji, co-founder and CEO of Allocate, said on a recent Dakota podcast that manager selection and portfolio construction are becoming as important as access itself, with the industry expected to grow from roughly $17T to $32T by 2030.

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