US

Truelink Capital II is expected to hold a first, and possibly final, closing in the first quarter of next year, according to pension documents.

The pension plans to double the amount of capital it committed this year to private debt funds in 2026.

Positive cashflows have kept the California-based pension fund from hitting its target allocation to private equity.

Fund VII exceeds WindRose’s previous fund, which closed at $1.4 billion.

The pension fund will see its private equity pacing jump significantly next year, following several years of high distributions.

An LP has received a re-investment option and a liquidity option, with the latter offered at a discount to current valuation.

The pension fund will increase its pacing to the asset class for the first time in three years.

Research provided to Buyouts by TREO indicates the global volume of AUM of tail-end funds, or TEFs, hit $829bn in 2024, up 24% from 2023.

CalPERS CIO Stephen Gilmore signaled that investments under a governance model that prevents teams working in isolation in asset allocation would have a private markets tilt.

Rolled out in September, O2 Investment Partners Fund V is expected to hold a first close before the end of the year, a source told Buyouts.