South Carolina RSIC Commits $575M; Cook County Real Estate RFP

South Carolina RSIC disclosed seven delegated investments totaling $575M across private equity and private credit. The bulk of the capital went to private credit, with $250M committed to the Barings Blue Ridge Fund, while the private equity commitments spanned four vehicles across Brookfield, Kingswood Capital and Unity Partners. As of March 31, RSIC's private markets allocation stood at 31.3% — just below its 32% target, with private credit at 7.7% and real assets at 10.8%.

On the manager search front, the Fresno County Employees' Retirement Association approved splitting its 6% liquid credit allocation between Brandywine Global Investment Management and incumbent PGIM, each receiving approximately $235M. NEPC assisted in the review; staff and consultant recommended the split to reduce single-manager concentration risk and improve downside protection across credit cycles. Separately, the Cook County Annuity and Benefit Fund launched an active core/core-plus commingled real estate RFP for a combined mandate of up to $165.3M, with proposals due June 26 and finalist presentations to the investment committee scheduled for November.

In GP fundraising, Norvestor held the final close of Norvestor X at its €2B hard cap, above its €1.8B target, with all existing investors re-upping at a rate exceeding 100%. The close came three months after launch. Benchmark Capital closed $2B across two new vehicles including its first-ever $1.25B growth fund dedicated to later-stage investments, a departure from the firm's longstanding early-stage-only model. HSBC Asset Management also held a final close of its second UK direct lending vintage at $2B, above target, approximately twice the size of the first vintage.

In people news, CPP Investments promoted Shauna Miller to MD for private equity funds, and Ray Higgins, executive director of the Public Employees' Retirement System of Mississippi for the past eight years, was appointed executive director of the School Employees Retirement System of Ohio, succeeding Richard Stensrud upon his retirement.

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

Barings closed over $19B for a single direct lending strategy. Antares finalized $8.5B more. Both in the same month.

Private credit isn't competing for LP allocations — it's becoming a core sleeve alongside public fixed income.

The shift is structural. Insurance, institutional, and wealth channels are all moving in the same direction, at scale.

Dakota's May 2026 Private Markets Review tracked 1,419 transactions totaling $194.5B in disclosed value — with private credit leading fundraising headlines by a wide margin.

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