San Jose Police & Fire Sets $380M Pacing Plan; Goldman Hits Record $59B Quarter

San Jose City's Police and Fire Department Retirement Plan approved a $380M private markets pacing plan for fiscal year 2026-2027, with the largest allocations directed to buyouts ($125M) and private debt ($80M), alongside smaller commitments to real assets and venture capital. The pension left its broader strategic asset allocation unchanged for the year, aside from consolidating its bond sleeve into a new multi-sector bonds target spanning high-yield, emerging-market, and investment-grade debt.

In other LP news, the University of Wisconsin System's Long Term Fund continues to operate under a rebalancing policy that bars new private markets commitments, leaving Terrace Holdings II – a StepStone-administered fund of funds – as its only private markets exposure until it self-liquidates through distributions. The $649.5M fund remains otherwise invested passively in BlackRock index strategies across public equities, fixed income, and inflation-sensitive assets.

On the GP fundraising side, Goldman Sachs raised a record $59B in third-party alternatives commitments during the second quarter, led by $31B into private credit, pushing its first-half total to $85B and prompting the firm to lift its full-year fundraising guidance to more than $125B. Carlyle AlpInvest closed its second single-asset continuation vehicle fund, AlpInvest Atom Fund II, at its $1.7B hard cap; and ICG said its flagship European structured capital vehicle, Europe IX, has reached €11B in commitments and remains on track for a €12B final close this fiscal year.

In people news, Josh Reiss joined Taconic Capital Advisors as head of capital formation from LibreMax Capital, following a restructuring that saw Taconic close its multi-strategy Opportunity Fund and spin off its European credit team as independent firm Dolomite Capital. And in other appointments, Hays Financial Group named Kevin Hannon director of investments from Mercer, while the University of Georgia Foundation named Christopher Terrazzano director of investments from the San Francisco Employees' Retirement System.

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

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Dakota tracked $296.5bn in private capital transactions in June, up sharply from May on the back of MGX's ~$50bn AI infrastructure raise and SpaceX's $60.0bn acquisition of Anysphere. Clearlake, Blackstone, Crescent, and Ares all closed flagship funds well above target.

Get the full breakdown in this month's Private Markets Review.

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