Texas ERS Approves $1.95B Private Markets Plan; New Mexico SIC Commits $1B Across Four Managers

Texas ERS Approves $1.95B Private Markets Plan

New Mexico SIC Commits $1B

Employees Retirement System of Texas approved $1.95B in new private markets commitments for fiscal 2027, holding pacing roughly flat across private equity, real estate, infrastructure, and private credit. Private equity remains the largest sleeve at a $800M target, with staff planning 12 to 15 new primary fund commitments focused on buyout and growth equity in aerospace, industrials and financial services. Infrastructure staff are exploring new power-and-utilities exposure as part of a $300M target for the year ahead.

In other LP news, the New Mexico State Investment Council is committing roughly $1B across four existing managers, including a $450M up-size to Sixth Street's TAO platform that brings its aggregate exposure there to $800M, alongside additional allocations to Bessemer Venture Partners, Macquarie Infrastructure Partners and Aermont Capital. Separately, the Fire and Police Pension Association of Colorado approved more than $800M in commitments and manager hires, headlined by a $250M passive global equity mandate awarded to BNY Mellon Asset Management that replaces a terminated State Street mandate, alongside a new $225M core-plus fixed income mandate with Merganser Capital Management.

On the GP fundraising side, CVC Capital Partners registered CVC Private Credit Secondaries, targeting $500M as the debut fund on its new credit secondaries platform; and StepStone Group closed its Secondaries Infrastructure Fund at $1.7B in total commitments, with the main vehicle hitting its hard cap at $1.5B: the firm's first commingled fund dedicated to infrastructure secondaries.

In leadership developments, Australia's Future Fund said CEO Raphael Arndt will depart at year-end after six years in the role, with a successor search underway; the Universities Superannuation Scheme has reportedly hired Robert Ross from CalSTRS to lead its private equity program, succeeding Geoffrey Geiger; and Team Super added Daniel Cheang, formerly of Colonial First State, as executive manager for private markets.