Norges Bank IM Flags US, AI Exposure; Border to Coast Commits £5B+ to Private Markets

Norges Bank IM Flags US, AI Exposure

Border to Coast Commits £5B+

Norway's Government Pension Fund Global returned 9.4% in the first half of 2026, pushing the world's largest sovereign wealth fund to a record $2.4T, but CEO Nicolai Tangen said the pace of gains is unlikely to repeat, pointing to concentration risk from a narrow band of technology and semiconductor holdings and to the roughly 55% of the fund now allocated to US assets – a weighting Norway is formally reviewing with an eye toward diversification.

In other allocator activity, UK local government pension pool Border to Coast committed an additional £5.2B to its private markets program through Series 3B, lifting total invested and committed capital to £23.2B since the program's 2022 launch. Separately, the Los Angeles City Employees' Retirement System's investment committee voted to recommend a three-year renewal of its active emerging markets debt mandate with PGIM, a $602M portfolio that has outperformed its benchmark since inception.

On the GP fundraising side, Accel raised a combined $8.5B across two initiatives –$3.5B spread across four new early-stage vehicles and $5B for its fifth Leaders Fund alongside a late-stage sidecar; Access Ventures raised $173.5M across two new AI-focused vehicles per SEC filings; and Team8 Capital closed its third fund at $265M, pushing the venture arm's AUM to nearly $2B across eight funds since 2014.

Elsewhere, a recent CFA Institute report found net private credit assets across US evergreen funds have reached almost $400B, nearly double the roughly $167B recorded in 2022, driven by feeder platforms like iCapital and CAIS that give smaller managers access to a retail channel long dominated by larger firms. The report cautions that the growth reflects a calibrated expansion into the upper tiers of retail wealth rather than broad democratization.

Read on for all the day’s fundraising news headlines.

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