Senior reporter @pensionsnews covering PE/CalPERS/CalSTRS | Go Gauchos
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Articles by Ryan Prete
LACERS allocates $50 million to real estate
Los Angeles City Employees’ Retirement System committed up to $50 million to Kayne Anderson Real Estate Partners VII.
Private equity megafunds attract LPs despite weaker historical returns
Institutional investors continue concentrating capital with the industry’s largest buyout managers despite evidence that smaller private equity funds have generally produced stronger long-term performance. The shift reflects investors’ need to deploy increasingly larger commitments, diversify across strategies and partner with established firms during a period of fundraising uncertainty.
Massachusetts Pension Reserves Investment Management (PRIM) Board Request for Proposals (RFP)
August 10, 2026 08:00 AM EDT The Commonwealth of Massachusetts Pension Reserves Investment Management (PRIM) Board, a $130 billion public pension fund, is requesting proposals for Audit and/or Tax Services. The purpose of this Request for Proposals (RFP) is to solicit proposals from qualified firms interested in providing Audit and/or Tax Services.
What Anton Orlich’s CalPERS private equity strategy reveals about a changing industry
Four years after overhauling CalPERS’ private equity portfolio, Anton Orlich is turning his attention from rebuilding the program to refining it.
2026 P&I Convergence - MetLife
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North Carolina Investment Authority: Risk Investment Analyst
The North Carolina Investment Authority is excited to share that we are recruiting to fill a Risk Investment Analyst on the Risk Management team! The North Carolina Investment Authority (NCIA) is a separate and independent state agency, governed by a Board of Directors chaired by the State Treasurer, tasked with investing North Carolina’s $144 billion in pension assets.
CalSTRS posts 13.9% return for fiscal year, beats benchmark
CalSTRS reported a 13.9% net investment return for the fiscal year ended June 30, outperforming its 13.5% policy benchmark and growing total assets to $415.4 billion.
Wall Street bonuses reveal private markets pain - and a ‘barbell’ divide
Year-end incentive compensation across Wall Street underscores a widening divide across financial services: Although bonuses are set to rise in 2026 overall, private market firms continue to struggle with weak exits and fundraising.
Why Private Equity is Investing Beyond Data Centers and into AI’s Power Infrastructure
July 28, 2026 02:36 PM CDT Private equity firms are increasingly directing capital beyond data centers and into the energy infrastructure needed to power artificial intelligence as electricity availability emerges as one of the biggest constraints for AI development.
2026 P&I Convergence - Morgan Stanley Investment Management
From rocketing costs to surging investment returns, from funding ratios to alternatives allocations — there’s a story to be told about the public pension system of each of the 50 U.S. states.
Why private equity is investing beyond data centers and into AI’s power infrastructure
July 27, 2026 01:00 PM EDT Private equity firms are increasingly directing capital beyond data centers and into the energy infrastructure needed to power artificial intelligence, as electricity availability emerges as one of the biggest constraints on AI development.
KKR adds former Manulife CEO as adviser as private equity firms deepen Asia-Pacific push
July 24, 2026 02:30 PM EDT Former Manulife President and CEO Roy Gori has joined KKR as a senior adviser focused on financial services and insurance opportunities across Asia-Pacific. His appointment is the latest sign that global private equity firms are continuing to build their presence in the region as they pursue growth opportunities beyond U.S. and European markets.
TPG’s Coulter urges CalSTRS to get ‘really curious’ as AI reshapes investment landscape
July 23, 2026 05:02 PM EDT Institutional investors risk falling behind as artificial intelligence, geopolitical fragmentation and infrastructure buildouts create an investment environment that rewards speed and adaptability over steady execution, TPG co-founder and Executive Chairman Jim Coulter told the board of the $417.3 billion California State Teachers’ Retirement System, West Sacramento.
CalSTRS defines AI standards centered on fiduciary duty, human judgment
July 23, 2026 09:12 AM EDT CalSTRS is moving from planning artificial intelligence oversight to defining the principles that will govern its use, with board members reviewing five draft standards centered on fiduciary duty, human accountability, public trust, human judgment and fairness.
Private equity’s add-on bet: why smaller deals at lower valuations became the dominant strategy
Private equity firms haven’t stopped chasing deals despite a tougher buyout market. Instead, they’ve made add-on acquisitions the centerpiece of their playbook.
Blackstone deepens APAC infrastructure presence as private equity’s Asia pivot continues
July 16, 2026 01:51 PM EDT As global alternative asset managers deepen their presence across Asia, Blackstone is expanding its investment footprint in the region with the launch of a dedicated Asia-Pacific infrastructure platform. The firm also named longtime investor Ami Momaya to lead its India infrastructure business.
Clearlake turns to Databricks to build investing platform as PE firms deepen AI adoption
July 14, 2026 02:49 PM EDT Clearlake Capital announced a partnership with artificial intelligence and data analytics company Databricks to build an AI-powered investment platform designed to improve deal sourcing, due diligence and portfolio management, the latest sign that private equity firms are making AI a strategic priority.
CalSTRS commits up to $2 billion to Nuveen infrastructure credit partnership
July 14, 2026 07:00 AM EDT Institutional investors are increasingly turning to private infrastructure credit to finance the buildout of the energy and digital infrastructure needed to support artificial intelligence, electrification and domestic manufacturing, and CalSTRS is the latest to make a major bet on the strategy.
CalPERS’ private equity portfolio extends post-overhaul gains with 17% return
July 13, 2026 01:14 PM EDT CalPERS’ private equity portfolio returned a preliminary net 17% for the fiscal year ended June 30, extending the gains from a 2022 overhaul that shifted the pension fund toward lower cost co-investments, a more selective manager lineup and greater exposure to venture, growth and middle-market companies.
Nest launches £200 million venture capital allocation with Schroders Capital, targets £1 billion by 2030
July 10, 2026 08:26 AM EDT National Employment Savings Trust, London, is expanding its push into private markets with a dedicated £200 million ($268 million) venture capital allocation managed by Schroders Capital, as the U.K. master trust seeks greater exposure to high-growth private companies.
Record $6.2 billion Arctos fund highlights growing demand for GP financing
July 07, 2026 03:31 PM EDT Arctos closed a record $6.2 billion fund to provide capital directly to alternative asset managers, marking the largest first-time fundraise in the GP solutions market and signaling intensifying competition among institutional investors seeking exposure to the private markets industry itself.
Firemen’s Annuity & Benefit Fund of Chicago Requests Proposals for Investment Consulting, Performance and Risk Measurement Services
The RFP is available at https://fabf.org/Investments. Responses must be submitted no later than 3:00 pm CDT on August 28, 2026.
Public Safety Personnel Retirement System (PSPRS)
The key milestones behind CalPERS’ historic shift to a total portfolio approach for managing its $625.7 billion pension fund.
The road to total portfolio: Inside CalPERS historic overhaul of its $625.7 billion fund
When Stephen Gilmore joined CalPERS as chief investment officer in 2024, he took the helm of a pension fund that, like nearly every other U.S. public plan, managed its assets through a traditional strategic asset allocation framework. Over the next two years, he and his leadership team would lead one of the most significant transformations in the $625.7 billion pension fund’s history.
Oregon Investment Council allocates $1.2 billion to alternatives
June 24, 2026 04:30 PM EDT Oregon Investment Council, which manages the $103.3 billion Oregon Public Employees Retirement Fund, Tigard, allocated $1.24 billion across private equity, private debt, real estate and real assets.
A 13,000-company backlog is redefining success in private equity
Despite elevated redemptions in business development companies, the majority of institutional investors are staying the course with private credit, but manager selection is more important than ever before, according to a new survey.
LACERA allocates $1.2 billion to private equity, real estate
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CalPERS adopts TPA-based incentive metrics for staff and CEO
June 16, 2026 04:42 PM EDT CalPERS approved new incentive compensation metrics for executive and investment management staff and a revised annual incentive plan for CEO Marcie Frost on Tuesday, raising investment performance hurdles used in its compensation program as the $625.7 billion pension fund prepares to launch its total portfolio approach July 1.
CalPERS’ PE bet paid off. Now it looms larger under TPA.
June 16, 2026 06:00 AM EDT CalPERS’ private equity portfolio has grown to more than $119 billion and is now large enough to “meaningfully influence total fund outcomes,” Deputy CIO Anton Orlich told the board ahead of the pension fund’s July 1 launch of its total portfolio approach.
Money managers, pension funds extend AI hiring as adoption accelerates
The explosive growth of private credit in recent years as well as the current scrutiny over redemptions in business development companies have had a knock-on effect to another rapidly growing segment: private credit secondaries.
CalPERS names deputy CIO of private markets, total fund management director ahead of TPA launch
June 11, 2026 05:39 PM EDT Anton Orlich has been named the deputy chief investment officer for private markets and Derek Walker has been named the managing investment director for total fund portfolio management at CalPERS, as the $627.7 billion pension fund is set to launch its total portfolio approach on July 1.
CalPERS allocates $20.1 billion across asset classes in fourth quarter
June 11, 2026 12:00 PM EDT CalPERS allocated $20.1 billion across public and private equity, fixed income, private debt and real assets in the fourth quarter of 2025, according to materials prepared for its upcoming June 15 investment committee meeting.
Why private equity’s buyout and exit slowdown is changing LP-GP relationships
June 10, 2026 07:00 AM EDT Private equity buyout fundraising continues to command big pools of capital, but beneath investors’ hearty appetites, LPs are increasingly focused on a different metric: how quickly managers can return capital.
Apollo, Blackstone commit $35 billion to Broadcom AI platform — signaling alt managers’ infrastructure pivot
June 09, 2026 03:21 PM EDT Apollo and Blackstone committed $35 billion to a Broadcom-led AI infrastructure platform targeting more than 20 gigawatts of compute capacity by 2028. The platform is designed to help fund computing infrastructure for leading AI developers including Anthropic and OpenAI. Blackstone's president called AI infrastructure the top deployment priority for the firm right now.
CalSTRS taps Stanford’s Ashby Monk, global peers to shape AI governance approach
June 03, 2026 12:57 PM EDT Rather than expand board responsibilities, CalSTRS aims to integrate AI considerations into existing governance processes. Trustees will work in July to develop AI governance principles and a risk framework to guide oversight of the technology.
Athene taps former Apollo Asia head as new president
Matthew Michelini has been appointed the president of Athene, the retirement services and insurance arm of Apollo Global Management.
Blackstone closes $13.1 billion Asia fund as capital continues to flow east
Blackstone closed its largest-ever Asia-focused fund at $13.1 billion, as investors increasingly turn to Asia in search of higher-growth opportunities.
Inside CalSTRS’ case for maintaining alternatives as equity concentration climbs
May 27, 2026 04:58 PM EDT Chan said concentration around the “Magnificent Seven” reinforces CalSTRS’ need for private market diversification. Roughly 45%-50% of CalSTRS’ portfolio is allocated to private markets and alternative assets, Chan said. CalSTRS CIO Scott Chan said the pension’s private market exposure remains critical despite a nearly 10% YTD rise in the S&P 500.
CalPERS board to decide on incentive changes ahead of TPA rollout
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Private equity races to integrate AI as hold periods hit 6-plus years
May 22, 2026 12:02 PM EDT Private equity firms are partnering with AI companies to deploy proprietary models across portfolio companies and drive value creation. VSS Capital’s David Fann said AI could benefit nearly every portfolio company, from scheduling patients to improving insurance data collection. Anthropic recently partnered with KPMG to launch the “Digital Gateway,” aimed at helping PE firms deploy AI across portfolio companies.
3 pension funds join lawsuit accusing Apollo of downplaying Epstein ties
Three pension funds have joined a lawsuit accusing Apollo Global Management of downplaying its ties to disgraced financier Jeffrey Epstein.
AustralianSuper taps Microsoft exec as first head of AI and automation
Sarah Carney was named the first head of AI and automation at the A$367.3 billion ($293.5 billion) AustralianSuper, Australia’s largest superannuation fund.
Asset owners plan to increase co-investments as access becomes manager selection factor — Cerulli
Investment silos are continuing to break down between public and private market opportunities and institutional investors are increasingly debating the merits of taking a total portfolio approach.
Private equity activity in Asia accelerates as firms pursue growth beyond U.S., Europe
May 11, 2026 03:26 PM EDT Private equity firms are pouring more capital into Asia as investors seek growth opportunities beyond U.S. and European markets. Japan’s aging founders and India’s rapid economic expansion are driving a surge in Asia-focused private equity dealmaking. U.S. pension funds are increasing commitments to Asia-focused PE funds as deal and exit values continue to climb across the region.
Carlyle secures $5 billion for next buyout fund through financing that also delivers LP liquidity
Carlyle Group CEO Harvey Schwartz announced the firm secured a $5 billion commitment for its next flagship buyout fund through a “first-of-its-kind” financing structure that also delivers liquidity to investors in its older funds.
San Diego City Employees commits $65 million to real estate, private debt
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Anthropic, OpenAI launch separate AI services firms backed by private equity giants
Anthropic and OpenAI rolled out competing AI services firms May 4, each backed by consortiums of private equity and asset management giants to deploy their models across a range of companies.
Private credit executives close ranks around ‘idiosyncratic, not systemic’ defense
May 01, 2026 03:17 PM EDT Glenn R. August, CEO of alternative asset manager Oak Hill Advisors, a unit of T. Rowe Group, said challenges in credit markets are 'idiosyncratic, not systemic.' August also assured that market fundamentals generally remain positive and economy has shown that it can weather macro and geopolitical shocks. August’s assurance was echoed by Jarrod Phillips, partner and CFO at Ares, and other large private markets managers.
LACERS CIO Rodney June to retire in July — successor search begins in May
April 28, 2026 04:37 PM EDT Rodney June, chief investment officer of the Los Angeles City Employees’ Retirement System, will retire in July after serving as CIO for the $27 billion pension fund for nearly 14 years.
LACERS seeks passive and active infrastructure managers
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