SFERS Sets $900M Private Credit Target; Goldman Lands $70B in OCIO Mandates

San Francisco Employees' Retirement System (SFERS) is consolidating its roster of private credit managers and shifting new capital toward separately managed accounts rather than commingled funds, director of private credit Eunice McHugh told the board, as the $5.7B program sets a $900M annual deployment target – up from last year's $590M close – while citing a desire to avoid the redemption pressure hitting retail-oriented evergreen vehicles industrywide.

In other LP news, Connecticut Retirement Plans and Trust Funds (CRPTF) is eyeing $750M in commitments across infrastructure and private credit, including up to $250M each to IFM Global Value Add Infrastructure Fund and Fortress Lending Fund V and its co-invest vehicle, while moving to retain Hamilton Lane as its private equity and credit consultant. Separately, Goldman Sachs Asset Management secured a combined $70B in new OCIO mandates from Verizon Communications and Lockheed Martin, covering $30B in defined benefit assets and $40B in Verizon's defined contribution plan.

On the GP fundraising side, Serent Capital closed its sixth flagship fund, Serent Capital VI, at $1.3B – its largest to date – in under 90 days from launch. Avant Natural Resources closed Avant Natural Resources Fund II at its hard cap with more than $1B in commitments, continuing its Permian Basin upstream strategy. And MBV Investments has raised $3B toward a $10B target for a fund investing in precious colored gemstones, anchored by a $2.5B commitment from UAE-based Al Mazroui Group.

In people news, VBV-Pensionskasse named Christian Reiss chairman of its management board, succeeding Günther Schiendl, while South Korea's Teachers' Pension has reportedly selected Baek Joo-hyun, currently CIO of the Government Employees Pension Service, as its next CIO. And in other appointments, NYU named Makayla Baker director of investments from the Andrew W. Mellon Foundation.

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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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.

Download the full report →

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