San Jose Police & Fire Weighs Cutting Growth Allocation; NIIF Hits $2B First Close on Infra Fund II

San Jose Police & Fire Weighs Cutting Growth Allocation

The City of San Jose Police and Fire Department Retirement Plan disclosed $418M in commitments across 21 funds since November 2025, including roughly $300M across 13 vehicles this year – the largest a $125M allocation to a strategic partnership vehicle managed by Neuberger Berman. The plan also terminated four public equity managers and restructured its core real estate exposure into an IDR Investment Management index fund. Separately, staff and consultant Meketa recommended cutting the plan's growth allocation to 65.5% from 69.5% and raising its "other" bucket to 22.5% from 17%, with a board vote expected in September.

Among other allocators, the New Hampshire Retirement System approved $100M to Pemberton Asset Management's Mid-Market Debt Fund V and $75M to I Squared Capital's Global Infrastructure Fund IV, and separately approved a $1B customized US equity mandate with Acadian, funded by exiting a BlackRock S&P 500 index strategy. Elsewhere, the Louisiana State Employees' Retirement System committed $100M to Brookfield's Infrastructure Fund VI, extending a relationship spanning the manager's prior two infrastructure funds and multiple flagship PE vehicles.

On the GP fundraising side, India's National Investment and Infrastructure Fund held a first close of $2B for NIIF Infrastructure Fund II, against a $3.2B target, anchored by the Government of India with commitments from AustralianSuper, CPP Investments, an Abu Dhabi Investment Authority subsidiary, Ontario Teachers', and Temasek; General Atlantic filed to raise its GAPCO Wavebreak Secondaries Fund I, with earlier reports pointing to a $1B goal; and HOF Capital's Strategic Opportunities Fund II has raised $708.5M toward a $1.5B hard cap, with Saudi Arabia's Derayah Financial among its investors via a $65M commitment.

In leadership moves, Daniel Spencer joined UK-based People's Partnership as co-head of fixed income from Brunel Pension Partnership, where he spent eight years as a portfolio manager. And Union Bancaire Privée is moving Geoffroy Troesch to Hong Kong to lead its Asia private markets business, succeeding Steven Xia, who left for Franklin Templeton, as UBP also loses investor relations head Michael Ostro and former global private markets chief Brice Thionnet.