Texas’ $44.6 billion Employees’ Retirement System (ERS) has amended its investment policy to prohibit private markets investments in its defined contribution (DC) plan. The pension, holding significant unlisted assets elsewhere, believes private markets products for DC remain in early stages due to operational hurdles like illiquidity in daily-valued participant-directed environments. This decision underscores the ongoing struggle to integrate private capital into mainstream DC savings vehicles, despite significant PE industry efforts to unlock retirement savings, particularly 401(k)s. ERS will continue reviewing private markets, leaving potential future inclusion open.

European private equity (PE) leaders are urging EU policymakers for intervention to address a liquidity drought. Over 120 GPs, including EQT and Eurazeo, co-signed a letter to the European Commission ahead of a March council meeting. They demand a policy framework to ease cross-border investing, attract more capital for strategic sectors like green tech and defense, and bridge an estimated €800 billion annual investment gap. The GPs argue fragmentation and regulatory inertia weaken Europe's competitiveness, stressing the need for agile, coherent policies aligned with supporting European companies' global scaling.

CVC Capital Partners reported record private equity realizations but emphasized caution regarding continuation vehicles (CVs). While the firm used strategic sales and sponsor buyouts for 46% and 35% of its $640 million PE cash returns, it only executed three CVs, calling itself a "cautious user." The firm's successful $1.5 billion CV for Ahlsell and its $640 million CV for Good Choice Company in Asia-Pacific illustrate its selective approach, prioritizing conflict clearance despite market proliferation.