VCERA Targets 2027 VC, Buyout Re-ups; Advent Closes $27B Flagship Fund

Ventura County Employees’ Retirement Association (VCERA) will direct its remaining 2026 private equity commitments to existing managers while lining up venture capital and North American buyout re-ups for 2027, with the asset class running near its 18% target allocation. The pension has committed $196M of its roughly $300M 2026 private equity target across 10 managers, including GTCR Fund XV — the sixth GTCR vehicle VCERA has backed through adviser Abbott Capital Management — and new manager Blue Sea Capital Fund IV. Abbott noted distributions have trailed earlier pacing models even as capital calls are expected to rise heading into 2027.

In other LP activity, Santa Barbara County Employees’ Retirement System is weighing a pullback from private assets, with consultant RVK modeling a portfolio that would cut the sleeve to 33% from 36% and shift the difference into core fixed income; a formal study is expected back in April 2027. Plymouth County Retirement Association, meanwhile, received 17 responses to the private equity search it launched in August, with six – including vehicles from BharCap Partners and Kohlberg Investors – rated highly advantageous by consultant Meketa Investment Group.

On the GP fundraising side, Advent International disclosed $30B in total commitments across its fund complex, anchored by a $27B final close for its eleventh flagship buyout fund, Advent International GPE XI, above its $26B target. The firm also raised more than $3B so far for a newly launched mid-market strategy. Separately, SemiAnalysis Capital, the venture arm of chip and AI-infrastructure research firm SemiAnalysis, fully placed its debut fund at $500M from 120 investors, up from an original $400M target. And in European fund formation, 33N Ventures registered a new €200M cybersecurity, AI and defense tech growth fund with Portugal’s securities regulator.

In leadership developments, Glenn Harris joined Marsh as endowments and foundations investment director, arriving from PGIM, where he spent three and a half years as senior institutional relationship manager; and CAAT Pension Plan named Peter Lindley, currently president and CEO of OPTrust, as its next CEO and plan manager effective January 6, 2027, succeeding Derek Dobson. CIO Kevin Fahey, who had served as acting CEO, will remain in that role.

Separately, BlackRock’s latest insurer survey found 76% of respondents expect to increase private markets allocations over the next 12 months, down from 94% in 2025, with private debt and infrastructure equity drawing the most planned increases.

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

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