TRS Texas Deploys $970M; TJC Targets $8.5B for Fund VII

The Teacher Retirement System of Texas approved approximately $970M in private markets commitments across seven funds in May, with the activity spanning real estate, energy infrastructure, private equity, and co-investments. The real estate allocation included $200M each to BDT & MSD Real Estate Capital Partners and Berkeley Partners' Amperage Industrial, while the energy infrastructure sleeve received $200M each to Blackstone's Energy Transition Partners V and a supplemental account vehicle. The private equity commitment was $65M to Littlejohn Altitude Fund, rounded out by two co-investments totaling $105M. Berkeley Partners and Avant Infrastructure represent new relationships for the pension.

In other LP activity, the Washington State Investment Board is weighing up to $550M in tangible assets investments following a recommendation from its private markets committee and consultants: up to $250M to Babcock & Brown Aircraft Management's Incline III Aviation fund, and up to $300M to LS Power Equity Partners VI, targeting the US power sector across conventional generation, renewables, battery storage, and electrification infrastructure. Separately, the Teachers' Retirement System of Louisiana approved approximately $350M in new private markets commitments, anchored by $200M to Kayne Anderson Core Real Estate and $75M each to two vehicles in Intermediate Capital Group's North American Credit Partners Fund III series.

On the GP fundraising side, TJC is targeting $8.5B for Resolute Fund VII, a roughly 24% step-up from the predecessor vehicle's $6.85B close; Future Standard held a final close for PA Secondary Fund V at approximately $3B; and Pictet Alternative Advisors closed Monte Rosa Co-Investments VI at $1.53B, above a $1.0B initial target and the largest vehicle in its co-investment series to date.

In people news, Panama's sovereign wealth fund, Fondo de Ahorro de Panamá, appointed Víctor Mojica Caballero as chief executive, succeeding founding secretariat Abdiel A. Santiago M. Mojica Caballero brings more than 25 years in capital markets and investment management, with prior roles at UBS, Bladex, Multibank, and Banco Pichincha.

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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