PSERS Commits $190M; LA F&P Opens $250M Equity Search

Pennsylvania Public School Employees' Retirement System approved two private markets commitments totaling about $190M: $75M to TPG's wireless communications infrastructure strategy and €100M to PAI Partners' second European mid-market buyout fund. The $40B+ pension also moved on its public markets book, hiring BNY Investments to run a $20B passive equity mandate spanning US and developed markets ex-US, and selected Cerity Partners as its new general investment consultant, replacing incumbent Verus following the two firms' merger earlier this year. Separately, PSERS granted its CIO standing discretionary authority to commit to LLR Partners funds, capped at 10% of total private markets exposure in aggregate.

Among other US allocators, Los Angeles Fire and Police Pensions formally opened a search for at least one active domestic small cap value equity manager, with an expected mandate of $150M to $250M structured as a separately managed account; and the Falmouth Retirement System, a $235M Massachusetts municipal plan, issued three passive US equity RFPs targeting small cap growth, small cap value, and mid cap value mandates totaling up to $60M.

On the GP fundraising side, Bpifrance is seeking to raise Blue Sea, a new private equity fund targeting large minority stakes in unlisted French and European companies, with a €4B target; CapMan Real Estate held the first close of CapMan Nordic Real Estate IV, a Nordic value-add fund with a €750M target; and AVP and Earlybird launched E2D, a €500M European dual-use and defense technology growth fund.

In firm expansion news, London-based alternative asset manager Fasanara Capital opened its first US office in New York, appointing Cameron Arrington from Goldman Sachs as head of US capital formation to lead institutional and wealth channel outreach across North America; and Partners Capital Investment Group opened a Zürich office, its third in Europe, led by Jean-Claude Garo, who joins after 15 years at Swiss single-family office Spectrum Value Management.

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

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GP stakes — acquiring minority equity interests in alternative asset management firms — has evolved from a niche institutional strategy into one of the most active corners of private markets.

Transaction volume has grown significantly, and the target universe has broadened from household-name platforms to the middle market. And for the first time, wealth channel investors are gaining access through semi-liquid and evergreen vehicles.

Dakota’s new report covers how the strategy works, who the major players are, why GPs sell stakes, and what the return profile actually looks like.

Download the full report →

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