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August Roundup: Core Real Estate & AI Infrastructure Capital Flows
Investors in August prioritized durable yield and scaled innovation, with over $2.7B committed to private real estate and $8.3B raised by OpenAI alone. The August 2025 Dakota Monthly Roundup tracks allocator moves across real estate, private credit, and venture capital; highlighting how institutions are positioning for late-cycle stability and long-term growth.
Institutional Investor News
Ohio STRS Post 1.8% August Gain
Ohio’s $102.5B teachers’ pension dipped $100M into private equity last month, backing Greenoaks VI, Lawnfield Investments, and Shore Capital Healthcare Partners Fund VI. August returns were modest but solid: 1.8% net gain, led by international (+2.8%) and domestic equities (+2.3%).
Asset allocations are being nudged toward long-term targets, while the securities lending program quietly earned $4.6M—small change in a $100B+ fund. Board members emphasized the program’s low-risk role: “if it’s under 1% of assets, treat it as immaterial.”
In short: measured moves, steady gains, and private equity on the rise.
Investment Activity & Allocations
NYSIF: Launches RFP for passive US equity managers covering large-, mid-, and small-cap benchmarks (Russell 1000/2000, S&P). Proposals due Nov 20; questions accepted until Oct 10.
KPN Pension: Triples commitment to ASR Dutch Science Park Fund from €15M to €45M ($52.9M), boosting fund AUM to €260M. Targets office and lab spaces near Dutch universities and research institutes.
EBRD / Templeton Türkiye Fund II: Approves €40M ($47M) equity commitment. Fund focuses on small- and mid-market companies in Türkiye; managed by Templeton Asset Management Ltd (Singapore).
LACERS: Approves three-year renewal with Oberweis Asset Management for active non-US small-cap equities portfolio.
Santa Barbara County ERS: Investment staff recommends hiring Fidelity Institutional Asset Management for ~$425M core fixed income mandate, replacing Garcia Hamilton; PGIM manages 40% of portfolio.
Mendocino County ERA: Shortlists Barings, LaSalle, and Principal Asset Management for core real estate manager search. Selection may replace or complement Barings.
Colorado PERA: Weighing four finalists—Aon, Meketa, NEPC, Verus Advisory—for investment consultant role. Board decision expected November.
Aviva / Fenwick Pension Buy-Ins: Completes £113M ($152.3M) buy-ins for Fenwick pension schemes. XPS advised trustees; DLA Piper provided legal counsel; LCP handled actuarial and investment support.
People Moves
Keva (Finland): Appoints COO Maaria Kettunen as CIO, effective Nov 1, succeeding Ari Huotari, who retires next year. Kettunen has been with Keva since 1998 in various investment roles.
Illinois TRS: Hires Janice Llereza as senior investment officer for diverse and emerging managers. Llereza joins from Boeing, where she managed a $4.4B real estate and real assets portfolio.
Other Headlines
US Retirement Assets: Total assets hit $45.8T at the end of Q2, up 6% from Q1. Breakdown: IRAs $18T, DC plans $13T, government DB $9.3T, private DB $3T, and annuity reserves $2.5T.
Korea NPS: Reports KRW 1,200T ($860B) in reserves and a 15% return on fund management. Marks its 38th anniversary and first pension reform in 18 years, focusing on diversification and risk management.
Temasek EMEA: Shifts strategy toward larger deals (€500M–€1B), phasing out sub-€200M assets. Already identified 22 smaller holdings for disposal, eight sold since last year, with focus on Europe, US, and India.
Wealth Channel News
Private Markets: The New Brunch
For younger ultra-wealthy investors, alternatives aren’t a luxury—they’re expected. Ariana Bhatia of Merrill Lynch puts it plainly: “
If you have that qualified next-gen client and you don’t offer them private investments, it’s like taking them to a restaurant where everyone else gets the lavish brunch, but you’re serving them the continental breakfast.”
Millennials and Gen Z see portfolios as lifestyle tools, funding entrepreneurial pivots, career breaks, or relocations. Private equity has soared since 2000, while private credit now captures a bigger slice of returns. Evergreen fund structures with quarterly liquidity are making alternatives more accessible than ever.
The takeaway: for next-gen clients, private markets are table stakes.
People & Advisor Moves
RIAs:
Three ex-Custos Family Office advisors—Michele Camp, Juan Ignacio Creixell, and Herbert Gaylon Boyd—have launched Beacon Advisors Holdings, an independent RIA in Austin, TX, operating under a multi-custodial model with Schwab, Fidelity, and Pershing.
Advisors:
Boston Wealth Advisory Group (Diversify) launched by Marcus Papajohn & Kevin O’Sullivan - $170M AUM
Mishler Financial Planning (Raymond James) - $130M AUM team from Edward Jones.
Private Wealth/Banking:
Bernstein promotes Stephen Lewis (Sr. National Director) & Adam Geist (MD).
City National Bank (RBC Unit) names Brandon Williams EVP & Head of Private Banking/Wealth.
BNP Paribas GCC head Roula Ali joining J Safra Sarasin (Abu Dhabi).
JPMorgan hires Selim Elgen (ex-Citi MEA head) as UAE Market Head.
Private Fund News
Macquarie’s Energy Transition Fund Blows Past $3B Mark
Macquarie Asset Management has flipped the switch on its first dedicated energy transition fund, Macquarie Green Energy Transition Solutions (MGETS), closing at over $3B—well above its $2B target. Investors included pension funds, sovereign wealth funds, insurers, and global asset managers, with a $300M commitment from the Texas Permanent School Fund.
The fund is 65% committed, completing 12 investments across energy storage, sustainable fuels, clean transportation, carbon capture, and circular economy sectors. Portfolio highlights include Eku Energy, SkyNRG, Calibrant Energy, and Verkor.
“The significant investment requirements of the global energy transition present an opportunity to build the infrastructure of tomorrow while delivering attractive risk-adjusted returns for our investors,” said Chris Archer, MAM Green Investments Executive Director.
Macquarie now manages $17B in green assets globally, leveraging its expertise to scale proven technical solutions and support the businesses powering the energy transition.
Other Private Market Activity
Private Equity
Nexus Capital Management closed Nexus Special Situation IV at $1.4B, surpassing its prior fund’s $1.25B close in 2020. Lazard served as placement agent and Kirkland & Ellis as legal counsel.
Point 41 Capital Partners’ debut fund Point 41 Capital Partners I closed oversubscribed at $400M (vs $300M target), targeting founder- and family-owned specialty industrial and service businesses.
Boathouse Capital is seeking $125M for Fund IV, following its oversubscribed $300M Fund III, focusing on SaaS, tech services, and healthcare IT.
Double Barrel Capital held its initial close for its first fund while recapitalizing logistics firm Envoy Source, backed by family offices and HNW investors.
Venture Capital
India Quotient closes $130M Fund V, its largest to date, supporting early-stage startups including Sharechat, Sugar, Lendingkart, Vyapar, Dhiwise, and Frnd.
OCTAVE Capital & Katapult Ocean target $75M for the Asia Ocean Fund, aiming to back 20+ early-stage ocean startups across the Asia-Pacific region. Focus areas include maritime decarbonization, green shipping, ocean biodiversity, and sustainable aquaculture.
Polish VC vastpoint launches €18M debut fund with PFR Ventures, targeting early-stage AI, B2B SaaS, and health tech startups in Central and Eastern Europe.
Private Credit
Blue Owl Capital raises $850M for its Alternative Credit Fund, an interval fund giving retail investors exposure to alternative credit assets with monthly distributions and quarterly liquidity.
Silver Point Capital hits $229M first close for CLO Equity Fund II, with a $100M allocation from Texas County & District Retirement System; fund invests across US and European syndicated loans.
MNK Partners launches MNK Real Estate Bond I, a Europe-focused private debt fund targeting bonds linked to real estate developments, with minimum €100K ($117.6K) commitments; first deal finances Polish property refurbishments.
Real Assets
HarbourVest Partners has wrapped its Infrastructure Opportunities Fund III with $865M in commitments, including 18 new investors. The fund targets infrastructure secondaries in North America and Western Europe, aiming to capitalize on growing demand for liquidity.
Key commitments: $183M from Fresno County, City of Manchester, and Ventura County retirement systems.
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