Managers

A new state law now allows the $26.2bn system to allocate up to 25% of its total fund to alternatives.

Because of its greater market supply role today, private credit is likely to be front-and-center in helping sponsored businesses find solutions as capital structures come due.

More LPs are considering secondary sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.

Stellex Capital Partners III, launched last year, is set to bring in $1.5bn of a $2.5bn target in a first close sometime later this year, sources told Buyouts.

Cove Hill earlier this year invested in Incident IQ, a workflow management platform for K-12 school districts.

The manager specializes in lower mid-market media and communication companies.

Recently rolled out by the New York manager, Kinderhook Capital Fund 8 is expected to wrap up by the end of this year, sources said.

The Mumbai-based manager, which closed a $700m continuation fund in April, will begin fundraising for its 10th flagship this year, PEI understands.

Alex Gorsky has been named a general partner at Iconiq Growth.

As secondaries activity accelerates, more traditional buyout shops are exploring adding these capabilities.