NYC Pensions Launch $127B Passive Equity Rebid

New York City Comptroller Mark Levine and the trustees of the city's five public pension systems launched a search for public equity passive indexing managers — the first competitive rebid of that mandate since 2017. The five systems collectively hold $127B in public equity investments, more than half in passive products. BlackRock currently manages approximately $65B in passively run equity funds for the plans, while State Street manages more than $27B. The search has a July 15 deadline for proposal submissions. 

Also on the search front, the Massachusetts Water Resources Authority Employees' Retirement System hired Evanston Capital Management to manage its approximately $47M hedge fund allocation following a competitive RFP, the New Hampshire Retirement System restructured its non-US emerging markets portfolio — retaining Wellington Management and ARGA Investment Management, adding JP Morgan Asset Management, and terminating two existing mandates — and the Falmouth Retirement System issued an RFP for a passive US mid cap growth equity manager covering a mandate for approximately $15M.

In people news, Callan appointed Pete Keliuotis to the newly created role of director of public and private markets research, overseeing global manager research, alternatives and real assets research, and research technology. Keliuotis joined Callan in 2019 from Cliffwater, where he was a senior MD specializing in alternatives for institutional clients.

On the GP fundraising side, Advent International is approaching the final close of its latest buyout fund targeting $26B after roughly 18 months in market. Muzinich & Co. has reportedly surpassed €1.3B ($1.5B) in commitments for its third pan-European private credit fund, with a final close expected this month, calling it the firm's largest such vehicle to date. And HSBC Asset Management closed a $1B anchor round for its NAV Financing Partnership Strategy, its first-vintage NAV lending vehicle, drawing commitments from insurers, pension investors, and HSBC Group entities.

Separately, Partners Group issued a statement rejecting what it called unfounded market rumors that the firm is considering additional liquidity restrictions or freezing its evergreen vehicles, citing healthy portfolios and sufficient liquidity — a response to a turbulent two weeks that began June 3 when it was reported to have capped withdrawals at 5% on an $8.6B private equity evergreen fund amid accelerating redemptions.

Read on for all the day’s headlines.

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Bain Capital closed at $10.5B against a $7B target. Kayne Anderson had to raise its hard cap. THL, Apollo, and Water Street all closed oversubscribed.

For managers with established track records, May wasn't difficult. It was constructive — almost unusually so.

Meanwhile, pension capital committed hit $25.1B, nearly 56% above April's $16.1B.

The capital is moving. The question is whether you're seeing it in time.

Dakota's May Fund Launches & Closes tracks where it went — and what's still in market.

Download the report →

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