StanCERA Eyes $250M Pacing Plan; Crescent Direct Lending Fund Closes at $10.8B

Stanislaus County Employees' Retirement Association is targeting $250M in new private markets commitments for 2026, with private credit and real estate carrying the largest allocations at $75M and $95M respectively, and infrastructure and private equity each budgeted at $40M. The pacing plan, presented by consultant Meketa, reflects a current underweight in private credit – the program stood at 5% of total assets against an 8% target – with new commitments focused on diversified lending and non-US strategies to close the gap. Separately, StanCERA disclosed a $25M commitment to Ares Pathfinder Fund III, an asset-based credit strategy, as part of its direct lending program.

Among other allocator developments, New Hampshire Retirement System approved $100M in new private markets commitments: $50M to Five Arrows Principal Investments V, a European middle market buyout fund, and an additional $50M to Crescent Direct Lending Fund IV, bringing its total commitment to that vehicle to $100M. NHRS also approved a restructuring of its non-US emerging markets equity portfolio to a core-satellite structure, with a manager search expected to follow. Elsewhere, Boston Retirement System issued an RFP for approximately $50M across real estate debt and opportunistic strategies with consultant NEPC, with proposals due June 26. And in a notable strategic partnership, Japan's Nippon Life signed an MOU with Blackstone covering about $9.4B in planned capital deployment into private credit and structured credit over five years, alongside value-creation initiatives across roughly a dozen of Nippon Life's Japanese properties.

In GP fundraising news, Crescent Capital Group closed Crescent Direct Lending Fund IV at $10.8B in investable capital – exceeding its initial target by more than $2.5B – with equity commitments above $5.5B drawn from more than 100 global institutions. Kotak Alternate Asset Managers reportedly closed its 14th real estate fund at nearly $1B, anchored by an Abu Dhabi Investment Authority subsidiary commitment of over $675M, alongside a first-time allocation from National Pension Service of Korea, marking NPS Korea's inaugural investment in Indian alts. And London-based Fasanara Capital launched a secured private credit strategy originating loans backed by Ferrari automobiles, with roughly $75M in seed capital and a reported $500M fundraising target over two years.

In people news, Aberdeen Investments named Shelley Morrison as head of private credit and fund finance, succeeding Marianne Zangerl, who was promoted to lead multi-asset and alternative investment solutions, and Rest Super appointed Andy Moser, formerly CFO of Qantas Super, to the newly created role of head of CIO office, reporting to CIO Michael Clancy.

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

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