LP Allocator

NYS Common commits $1.76B across private markets, including $100M to captive fofs The New York State Common Retirement Fund committed $1.76 billion to private equity, real estate and opportunistic investments in June, including $100 million to a captive fund of funds, according to new disclosures. The pension allocated $637 million to private equity, $620 million to real estate and $500 million to opportunistic and absolute-return strategies.

Money manager Wingspan Capital, founded by former Heinz Family Office CIO Andrew Eberhart, has raised at least $73.1 million for its “Navigator” private equity fund of funds. The New York City-based firm, with approximately $94.5 million AUM, has secured backing from 79 investors for Wingspan Navigator Fund LP, according to a new SEC filing.

The single family office of a former Tesla and Google executive Matt Severson by year-end expects to close its debut sustainability fund of funds targeting $25 million. San Francisco-based Englewood Capital has raised roughly half of the target for Englewood Capital Fund I LP from 55 outside commitments, LP Allocator News has learned.

Florida SBA commits $4.26B to alternatives The Florida State Board of Administration committed $4.26 billion to alternative assets during the second quarter, according to new pension documents. Florida SBA allocated $1.73 billion to four active credit investments, $993.5 million to 16 private equity investments, $800 million to four strategic investments and $736.9 million to real estate investments.

Kern County pension commits $275M to alternatives The Kern County Employees’ Retirement Association has committed $275 million to hedge funds, private credit, private real assets and real estate funds, according to new documents. The largest share went to core real estate, which received $160 million, followed by $60 million for hedge funds, $40 million for private credit and $15 million for private real assets.

Money manager RCP Advisors has raised at least a combined $130.6 million for its first dedicated independent sponsor fund and the 21st iteration of its flagship PE fund of funds. The Chicago-based firm, with some $18.7 billion AUM, has raised at least $38.1 million of a targeted $225 million from 52 investors for RCP Independent Sponsor Fund LP, according to a new SEC filing. It appears to be its first fund dedicated to independent sponsor deals.

Two Massachusetts pensions launch private equity searches Two Massachusetts public pension systems have launched RFPs for managers of buyout, growth equity and venture capital strategies, according to a notice board. The approximately $1.7 billion Plymouth County Retirement Association intends to commit between $10 million and $15 million each to North American middle-market buyout managers.

Financial services giant Morgan Stanley is actively seeking emerging managers after quietly deploying billions of dollars to next-generation private equity firms over the past decade, LP Allocator News has learned. In an exclusive interview, Neha Markle, managing director and head of Morgan Stanley Private Equity Solutions, said her team has allocated roughly half of its capital over the past 10 years to first, second and third-time funds.

Two tax concepts cause more structuring headaches for private fund managers than almost any others: Effectively Connected Income (ECI) and Unrelated Business Taxable Income (UBTI). They frequently arise from the same investments, drive many of the same structuring decisions, and often determine whether a fund needs blocker corporations, parallel vehicles, or separate feeder funds.

Texas TRS allocates $334.5M to alternative assets; adds three new relationships The Teacher Retirement System of Texas last month committed $334.5 million to seven private equity and real asset fund managers, including to three for the first time.