Texas PSF Scales Emerging Managers, Flags Credit Shift

At its recent board meeting, Texas Permanent School Fund said it has committed about $1.5B to 19 emerging managers since adopting a new investment plan in early 2024 – roughly four times the prior program's deployment – bringing emerging managers to approximately 3% of its $60B+ portfolio. CEO and CIO Robert Borden also flagged a deliberate tilt in the fund's private credit portfolio away from direct lending toward opportunistic strategies, special situations, and asset-backed finance. The fund recently hired Chris Eckerman as head of co-investments and direct investments from the State of Wisconsin Investment Board, and is preparing a competitive RFP for its global custodian relationship, currently held by BNY Mellon.

Among other allocators, Louisiana State Employees' Retirement System committed $100M to KKR Asian Fund V, targeting $15B — consistent with its predecessor, which closed at $15B in 2021. Fairfax County Educational Employees' Supplementary Retirement Plan disclosed $35.6M in private markets commitments across four asset classes and confirmed two public equity managers remain on its watch list for underperformance. On the search front, LD Pensions of Denmark launched a mandate for an active European equities manager to oversee approximately $233M, with a prequalification deadline of June 2.

In fundraising, BlackRock's Global Infrastructure Partners is reportedly targeting $10B for a new infrastructure fund anchoring a $30B investment platform being established with three partners – the Abu Dhabi government's sovereign investment platform L'IMAD, ADNOC, and Singapore's Temasek – focused on GCC and Central Asia. London-based secondaries firm Clipway, founded by three former Ardian managing partners, is nearing a final close on its debut fund having surpassed its $3B target and on track for its $4B hard cap this summer. Elsewhere, Latin America Real Assets Capital Management filed for two parallel debut fund vehicles – an onshore and offshore pair each targeting $1B – led by founder Jessica Bedoya, formerly chief strategy officer at the Inter-American Development Bank, and Mauricio Claver-Carone, former IDB president and NSC senior director for Western Hemisphere Affairs.

In people news, May Vang stepped down as VP of treasury and CIO at Blue Cross and Blue Shield of Minnesota, with CFO John Uribe assuming an interim treasurer role while a permanent search is underway.

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

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