CalPERS hires PGGM's Mascha Canio for debt portfolio

The SC Retirement System Investment Commission's improved liquidity position has allowed the plan to tilt its portfolio towards unlisted asset classes, including private equity and private credit. The fund grew fast thanks to funding reform, improved salaries, and positive investment returns and is now looking to boost long-term performance. Michael Hitchcock, Bryan Moore | #investment #privateassets #assetowner https://lnkd.in/g3tq-VMT

PENSION FUND NEWS: The $122.8 billion Virginia Retirement System has allocated $250 million to a credit strategy managed by Barings. In August, the pension fund invested in Barings Infrastructure Debt SMA, a separately managed account that will invest in public and private infrastructure debt. https://lnkd.in/d5CVCTUg

A pension fund will join the EBRD and EU Modernisation Fund in investing around €16 million (US$18.5 million) in a project on Croatia pairing large-scale BESS and a VPP. #energystorage

Pension funds are rethinking portfolio construction. Instead of piling into bonds, they’re learning from endowments by building portfolios that blend equities, real assets, and alternatives to stay strong through inflation and uncertainty. Read more👇️ https://bit.ly/4nLLXg2

Pension funds are rethinking portfolio construction. Instead of piling into bonds, they’re learning from endowments by building portfolios that blend equities, real assets, and alternatives to stay strong through inflation and uncertainty. Read more👇️ https://bit.ly/4nLLXg2

Key Highlights of the Revised Regulation on Investment of Pension Fund Assets. This revision allows PFAs to invest pension funds in additional investment instruments which broadens the range of permissible instruments to enhance diversification and improve returns. Read more in the link below https://lnkd.in/dbJgy6q3

📆 The dakota Daily - 10/20/25 📆 🚨 Institutional Investor News 🚨 🎯 School Employees Retirement System is leaning deeper into middle-market private equity. Co-investments now make up 8% of its $2.6B PE portfolio ($200M total), boosting returns and cutting fees. The PE program has delivered 16.3% annual returns over 10 years, outpacing benchmarks and public markets. FY2026 plans call for $350–$400M in new commitments with fees around 1%. 📍 Recent commitments: Bridgepoint Group Dev. Capital V, Great Hill Partners IX,The Riverside Company Value Fund II. 💼 Investments & Searches 📍 Fondo Pensione Cometa launched a €1.2B RFP for bond (€900M) and equity (€300M) mandates (due Nov. 5). 📍 LACERS moving ahead on its infrastructure RFP with manager onboarding by March 2026. 📍 APG (for ABP) invested €300M for a minority stake in battery firm Return. 📍 Illinois Police Officers' Pension Investment Fund allocated $437M to Hood River & Reinhart Partners; PE and bond searches to follow. 📍 LAFPP - Los Angeles Fire & Police Pensions committed $240M across alts (Charlesbank Capital Partners, Meridiam, Realty Income Corporation, The Carlyle Group). 📍 Cook County Pension Fund restructured equities, committed $140M to Mesirow PE FoF 2026, and hired Citi to manage $450M in transitions. 🏛 Other Institutional News 🏛 📍 Harvard University Endowment rose 7% to $56.9B, earning 11.9%, though the university posted a $113M deficit. 📍 Korea Investment Corporation (KIC) launching its first domestic PE program, allocating $100–$200M each to 2–3 local firms. Saudi PIF issued its first €1.65B green bond, 6x oversubscribed. 🆕 New RIAs & M&A 🆕 📍 Hermitage Wealth Management, Inc. launched in Richmond, VA (custodians: Schwab, Fidelity, Pershing). 📍 Canaccord Genuity Group Inc. exploring a £1B sale of its UK wealth arm; CVC & Advent circling. 🏗 Private Fund News 🏗 EQT Group will debut a US-focused evergreen infra fund by year-end — extending its €267B AUM platform. Its evergreen channel has already raised 📍 📍 €1.2B and expects €2B+ by year-end. 💼 PE & VC Highlights 💼 📍 Blackstone targeting $5.5B for Tactical Opportunities Fund V; total expected $9–$10B. 📍 Advantage Partners prepping ¥250B ($1.67B) Fund VIII (Japan). 📍 Asymmetric closed Fund II at $137M for early-stage tech. 🏢 Real Assets & Credit 🏢 📍 StepStone Group RE Partners V up to $5.3B after an $800M top-up. 📍 Patria Investments Infra Fund raised $2.9B, its largest ever. 📍 Swiss Life & UBS nearing CHF 1B+ close for Clean Energy Infra Switzerland 3. 📍 Castlelake closed $2.3B Asset-Based Private Credit Fund III. 📍 SaaS Capital raised $100M Fund V for growth debt to AI & SaaS firms. ⚡ Other Funds & People News ⚡ 📍 Arthur Hayes' Maelstrom seeking $250M for crypto infra. 📍 Vista Equity Partners planning $1B CFO for liquidity. 📍 Blue Owl Capital appointed Greg Porteous as Head of DC Retirement Solutions.

Pension funds back infrastructure The UK's largest pension funds and insurers have launched "Sterling 20", an initiative to boost infrastructure investment, starting with a £2.6bn pledge. Members include Legal & General, which will invest £2bn including in 10,000 affordable homes, Australia's largest pension fund AustralianSuper - with a £500m pledge for rental homes - Aviva, M&G and the Universities Superannuation Scheme. The initiative also aims to work with the government and City of London Corporation to channel pension savings into fast-growing sectors such as artificial intelligence and fintech.

This Snippet has been written in collaboration with Lora Froud and Tiffany Cox of Macfarlanes. Post-Brexit, the Financial Conduct Authority (𝐅𝐂𝐀) introduced the Long-Term Asset Fund (𝐋𝐓𝐀𝐅), a UK-authorized open-ended fund structure which bears several similarities to the ELTIF. Unlike ELTIFs, which primarily target the private wealth space, LTAFs were initially designed to help defined contribution (𝐃𝐂) pension schemes access long-term, illiquid asset classes such as private equity and real estate: assets that were previously difficult for these schemes to access. There is currently £5bn of DC pension scheme money invested in LTAFs, but the market is approximately between £66bn and £132bn. The FCA expanded the permissible investor base to include retail investors categorized as either high-net-worth individuals (𝐇𝐍𝐖𝐈𝐬), sophisticated investors or “restricted investors”. Restricted investors are retail clients who commit to capping their exposure to “high-risk investments” (such as LTAFs) at 10% of their net assets. To protect retail investors, additional safeguards are required, including the provision of risk warnings, and documented appropriateness or suitability assessments to ensure the investor understands the risks associated with the LTAF. While adoption within the private wealth sector remains in its early stages, the size of the market is roughly between £95bn to £190bn, numbers which have sparked significant interest among private capital managers seeking to develop products for private banks and wealth managers wishing to offer their clients a broader range of investments. This aligns closely with the focus of open-ended Part 2 UCIs (with or without the ELTIF label), which have historically been used in the private wealth space to provide HNWIs with exposure to alternative assets. Following Brexit, fund managers can no longer rely on EU marketing passports under the Alternative Investment Fund Managers Directive (AIFMD) or ELTIF rules to market funds in the UK. As a result, Part 2 UCIs are currently promoted under UK national private placement rules, which limit marketing to professional investors, or retail investors categorized as sophisticated investors or HNWIs subject to (i) (for both types of investors) a knowledge test, and (ii) HNWIs meeting specific financial thresholds (at least GBP 100K annual income or GBP 250K investible net assets). Without an LTAF feeder, Part 2 UCIs cannot easily reach DC pension schemes and are confined to a relatively narrow subset of private wealth clients. Expanding access to certain categories of retail investors and DC pension schemes presents a significant market opportunity for fund managers. LTAFs, when structured as feeder vehicles into Part 2 UCIs, provide a highly efficient mechanism for fund managers to access this growing pool of UK capital. For further details or to explore opportunities, please contact Sebastiaan Hooghiemstra, Marco Loria, Mathilde Scheirlinck, or me.

CPP Investments’ Manroop Jhooty and OMERS’ Brandon Weening outlined how Canada’s top pension funds are adapting to global uncertainty. Jhooty emphasized CPP’s long-term focus while leveraging AI-driven opportunities, while Weening detailed OMERS’ disciplined debt strategy across global markets. https://hubs.la/Q03MPTfv0