NY Common Reports $1.5B in Commitments
New York State Common Retirement Fund reported approximately $1.5B in new fund commitments during March across private equity, real estate, and opportunistic strategies. In private equity, the pension committed $225M to two CVC Capital Partners vehicles focused on Western Europe, alongside $350M in opportunistic commitments to Patient Square and Capital Constellation. Its real estate allocations spanned $300M to a GID core-plus open-ended vehicle, $200M to Asana Partners Fund IV, and $400M to Blue Owl real estate vehicles. The CRF also committed $15M through its emerging manager program to Stride Consumer Fund II.
In other allocator activity, New Jersey Division of Investment is committing up to $105M across two funds managed by Philadelphia-based healthcare private equity firm 1315 Capital, and Queen's University Belfast appointed Legal & General's Delegated Solutions OCIO team to manage a combined mandate of over £300M covering its general reserves, endowment, and defined benefit pension plan.
On the fundraising side, Apollo Global Management closed its third hybrid value fund at $6.5B, targeting structured equity including preferred and convertible securities. Separately, Carlyle Group reportedly secured more than $5B in seed capital for its next flagship buyout fund, Carlyle Partners IX, through an $8.5B structured credit facility, and Audax Private Debt closed a $1B continuation vehicle for its Direct Lending Solutions Fund I through a Pantheon-led transaction. In other fundraising developments, Andreessen Horowitz launched Crypto Fund 5 with $2.2B in investment capacity, targeting founders building on blockchain infrastructure. The firm cited stablecoin adoption as a key indicator of network health and named the convergence of crypto and AI as a core thesis and regulatory clarity from the GENIUS Act as a driver of new founder activity.
In people news, Tufts University appointed Rishad Sadikot as CIO to oversee the university's $3.1B endowment. Sadikot joins from Cambridge Associates, where he has served as a managing director since 2014. Elsewhere, JPMorgan appointed Will Boyle as global head of secondary advisory; Boyle previously served as global head of private capital advisory at Morgan Stanley.
$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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CIO Turnover Is Creating a Window in the Endowment Market
Endowment portfolios don’t change often.
But when leadership does, everything gets reviewed.
Dakota has tracked a wave of CIO transitions across the endowment landscape — each triggering a 12–18 month window where manager relationships are reassessed and new allocations are considered.
For investment firms, these moments matter.
They represent one of the few times established portfolios are open to change.
Dakota’s latest report maps these transitions alongside broader trends in allocation, governance, and portfolio construction.
Because in institutional fundraising, timing can matter as much as access.