SCERS Signals Tighter Re-up Criteria; QHP Closes $1.1B Continuation Fund
Sacramento County Employees’ Retirement System signaled a more selective posture toward private markets re-ups, emphasizing that future commitments will increasingly depend on distributions, consistent performance, and alignment with portfolio pacing. The system indicated it continues to favor existing manager relationships, but only where liquidity and realized outcomes support renewed allocations. The comments provide a clear, near-term framing of how at least one public pension is evaluating re-up decisions in the current environment.
Allocator activity elsewhere was active. New Mexico PERA approved a $100M top-up to IFM Global Infrastructure and awarded Payden & Rygel a $380M US high yield SMA mandate, while also exiting its remaining EnCap Flatrock Midstream Fund III stake at a 6% discount to NAV. Los Angeles Fire & Police disclosed $130.5M in February commitments across private equity, private credit, and real estate, including Truelink Capital II, Kennedy Lewis Capital Partners Fund IV, Harpoon Ventures Fund IV, and Lofts at Atlantic Wharf, and it’s preparing a high yield manager search ahead of a mandate expiration.
GP fundraising activity spanned multiple strategies. QHP Capital raised a $1.1B continuation fund for Azurity Pharmaceuticals with backing from HarbourVest Partners, Pantheon Ventures, and Audax Strategic Capital, offering existing LPs a liquidity option. Adenia Partners closed an Africa-focused entrepreneurial fund at a $180M hard cap, BNP Paribas Asset Management Alts held a $722M first close for its inaugural infrastructure secondaries strategy, Lone Star raised over $1B for Residential Mortgage Fund IV, and Marcus Partners closed Fund V at $875M, above its target and hard cap.
Fundraising-related platform expansion also continued, with HighVista Strategies hiring to build a GP-led secondaries capability, Border to Coast adding senior coverage across climate, private equity, and private credit, and Alto partnering with Decile Group to expand IRA access to venture funds.
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TAMPs Have Become the Gatekeepers of RIA Distribution
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