February 25, 2026
Texas PSF Lifts Private Credit Target to 9.5%
Texas Permanent School Fund is repositioning its $60B portfolio, increasing its target to private credit from 8% to 9.5% and doubling absolute return to 6% while holding private equity flat at 20%, as it tightens liquidity controls to protect its AAA rating. The board also approved shifts across public equities, infrastructure, real estate, and bonds, and signaled a redesign of its venture program following underperformance.
In other allocator activity, LACERS disclosed roughly $430M in new commitments across private equity, private credit, and real estate, including re-ups with Quantum Energy Partners, Hg, OceanSound, and Wolff, alongside new manager relationships with BDT & MSD, Sound Point, CapVest, and Square Nine.
On the GP side, Peak XV Partners raised $1.3B across its India Seed, India Venture, and APAC vehicles. TruAmerica Multifamily completed fundraising for its $708M Workforce Housing Fund II, with $320M already deployed across 14 properties. Breakwall Capital and Vitol closed Valor Upstream Credit Partners II, following more than $1B deployed in the prior fund. Elsewhere, DPI secured a first close for African Development Partners IV with $42M from Proparco and up to $75M from IFC plus $50M for co-investments, toward a $1B target.
In personnel news, SummitTX Capital promoted Neilson Arbour to co-CIO, and the Illinois Municipal Retirement Fund said executive director Brian Collins will retire in April.
Read on for all the day’s fundraising news headlines.
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INVESTMENTS & SEARCHES
Europe’s MFO Market Has Institutionalized — Fast.
In a new overview by our Head of International, James Goodman, we break down how the $430B merger of Stanhope Capital Group x Stonehage Fleming x Corient reshaped the European multi-family office landscape.
2026 platforms to watch:
• Stanhope Capital Group / Corient ($430B, London) – Institutional-scale allocator; $29–$59M pooled tickets; structured co-invest as standard.
• Marcuard Family Office ($6.8B, Zurich) – Swiss fiduciary model; $18–$35M commitments.
• Crescendo Group ($3B, Geneva) – Endowment-style; $12–$29M tickets.
European MFOs now deploy larger pools, tighter underwriting, and long-term capital partnerships.