SFERS Commits $520M; NEST Launches $268M VC Sleeve with Schroders

San Francisco Employees' Retirement System approved roughly $520M in commitments across 11 private funds spanning private equity, private credit and real assets, while terminating a public equity mandate with Select Equity Group and reviewing its $3.4B private credit portfolio with a target of about $900M in annual commitments going forward.

Among international allocators, Temasek Holdings plans to more than double its artificial intelligence exposure to as much as 15% of the portfolio by March 2031, alongside targets to scale core-plus infrastructure and private credit to 5% each over the same period. CEO Dilhan Pillay said the bulk of value creation would come from AI adoption across the portfolio rather than direct AI investment. In the UK, National Employment Savings Trust launched a dedicated venture capital sleeve managed by Schroders Capital, committing an initial £200M that could grow to around £1B by 2030 as part of NEST's push to raise private markets exposure to 30% of its portfolio by decade's end.

On the GP fundraising side, EQT began raising its second pan-Asia mid-cap buyout fund with a $2.5B target, following the April close of its $15.6B flagship Asia vehicle; Quinbrook held the final close of Quinbrook Renewables Impact Fund II at £587M, topping its £500M target; and Institutional Investment Partners Denmark launched three new funds, raising around $3B from Danish institutions and family offices anchored by pension fund PKA and Lars Larsen Group.

In people news, EIG appointed Maarten Freeriks vice president and European head of capital development from Asper Investment Management; B Capital added Taylor Horty as director of capital formation from Sagard; and DW Healthcare Partners named Taylor Carmola head of capital formation from Connaught.

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

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A monthly report tracking new fund launches, Form D activity, and notable fund closes across private equity, private credit, real assets, and venture capital. June saw $33.2B in Form D capital closed, $36.9B in new pension commitments, and a $14.8B flagship close from Clearlake Capital — alongside a widening gap between top-tier managers closing in weeks and mid-tier funds still stuck mid-raise.

This report covers the month's largest closes, key filings, and the allocators behind them.

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Professional sports franchises have crossed from passion-driven assets into a documented institutional allocation. Across the NFL, NBA, MLB, and English Premier League, franchise values now exceed $500B across 112 teams, driven by limited supply, accelerating media rights revenue, and a growing wave of institutional capital. The Ross-Arctos Sports Franchise Index delivered 16.0% annualized returns over the trailing 10 years through Q1 2026. KKR's $1.4B acquisition of Arctos Partners in February 2026 — the firm that holds positions in 15 institutional sports franchises — is the clearest signal yet that the largest alternative asset managers now view sports as a core allocation category.

This report covers the investment case for sports as a discrete asset class, ownership structures and valuation trends across all four leagues, the 16 institutional platforms actively deploying capital, the nine funds currently in market, which LP categories are committing and why, and where the market is heading over the next decade.

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