NYSTRS Targets $2.7B PE Pacing
Apollo Highlights Deeper LP Ties
New York State Teachers' Retirement System mapped out its 2027 pacing plan, with StepStone Group recommending $2.3B–$2.7B in private equity commitments and $900M–$1.3B in private debt, both up from 2026 levels. Within private equity, StepStone called for raising the long-term growth equity target from 10% to 15% while trimming large/mega buyout exposure from 15% to 10%, as the pension's private equity portfolio already sits above its 9% target at 9.3% of plan assets.
Among other allocators, San Mateo County Employees' Retirement Association approved $45M in private equity commitments, including a re-up to Endeavour Capital Fund IX and a staple commitment to two Bessemer Venture Partners vehicles. Elsewhere, the Boston Retirement System issued an RFP for approximately $85M across infrastructure/energy and diverse manager fund-of-funds strategies; and Korea Post is reportedly seeking three managers for a $42M domestic venture capital mandate on behalf of its insurance unit, continuing a year of active outsourcing that has included real estate and private equity fund-of-funds appointments.
On the GP side, Apollo Global Management disclosed that its eleventh flagship private equity fund has raised more than $12B since launching earlier this year, with a $22B–$25B target and a first-quarter 2027 final close targeted, president Jim Zelter said on the firm's second-quarter earnings call. Apollo posted $60B in organic inflows for the quarter and finished with a record $82B in dry powder.
In other GP fundraising updates, Bridgepoint closed its fourth direct lending vintage at €5.1B, exceeding its €4B target, with roughly 35% of commitments from investors new to the firm; and Lotus Infrastructure Partners closed on approximately $1.8B in total commitments across its fourth flagship fund, related co-investment capacity, and a continuation vehicle, calling it the largest raise in the firm's history.
Read on for all the day’s fundraising news headlines.
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