North America

LPs are writing big checks for AI-focused funds managed by the industry’s largest players while turning away smaller players or funds that aren’t all-in with AI.

LPs in the firm’s earlier funds include California Public Employees’ Retirement System, Children’s Hospital Corporation Pension Plan, Adams Street Partners and Kaiser Permanente Washington Defined Benefit Plan.

LPs in past funds include San Francisco Employees Retirement System, Denver Employees Retirement Plan, State of Wisconsin Investment Board, University of Hawaii Foundation and UPMC Master Trust.

Among the LPs that have signed on to the new vehicles are New Mexico State Investment Council and San Mateo County Employees' Retirement Association.

Gordian will focus on LP-led deals and will opportunistically look at GP-leds, especially in venture, says founder Yangge Seaman.

The Chicago-based firm closed on $200m for its sophomore fund, with LPs including state retirement funds, funds of funds, endowments and large family offices.

While the firm's venture capital and growth equity team favors re-ups with existing fund relationships, it spends a disproportionate amount of time with new managers to learn what's emerging in the market.

Venture is lifting returns in the $41bn San Francisco pension’s private equity program, but staff stress narrowness of recovery.

Growing familiarity with AI and machine learning is helping break down investors’ natural resistance to category-defying technologies.

The $23bn public pension is mulling commitments to two funds from Capricorn Investment Group and two funds from JSL Health Capital.